Ultimovacs - Staying alive with UV1 in NIPU and INTIUM

Ultimovacs' Q323 update recapped an active period, including the recently announced positive data from the NIPU trial evaluating lead cancer vaccine UV1 for the treatment of malignant pleural mesothelioma (MPM). As previously noted, the key observation was reduced risk of death by 27% with UV1 treatment compared to control. Although overall survival (OS) is the secondary endpoint of the NIPU Phase II trial, OS is regarded as the gold standard of cancer treatment endpoints and a critical consideration in MPM, an aggressive type of cancer with a high mortality rate and few therapeutic options. We believe the next key catalyst for Ultimovacs will be results from the INITIUM trial in malignant melanoma, which, after an agreement with regulatory authorities to enable an earlier analysis, are now confirmed for H124. At end-Q323, the company had net cash of NOK300.3m, which management estimates provides a cash runway to H224 and through topline readouts from the INITIUM and FOCUS trials.

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