Roth Capital Keeps Prima BioMed (PBMD) at 'Buy' Following Receipt of IMP731-Related European Patent

Roth Capita affirms its Buy rating and $6 price target on Prima BioMed (Nasdaq: PBMD) after the company announced the granting of patent number 2142210 entitled “Cytotoxic anti-LAG-3 monoclonal antibody and its use in the treatment or prevention of organ transplant rejection and autoimmune disease” by the European Patent Office.

Analst Joseph Pantginis commented, We believe this patent award is an important milestone for Prima, which partnered the product with GSK, as the patent is broad for multiple indications for the targeting of LAG-3. While visibility is somewhat limited with "big pharma" products, we believe we may receive an update from the Phase I later this year and plans to initiate a Phase II in either or both, psoriasis and IBD. Current focus remains on the Prima internal programs with IMP321. The TACTI-mel Phase I trial for melanoma is progressing with 1) six clinical centers activated and 2) the recruitment of three patients in the first cohort of study.

Progress in recruitment of patients for the AIPAC trial has been made where three individuals have been enrolled in the second cohort of the safety run-in phase. The TACTI-mel study is an open label Phase I study where patients with unresectable or metastatic melanoma are being dosed with IMP321 in combination with a checkpoint inhibitor. Three patients of 24 have been recruited in the first cohort. No dose limiting toxicity has been reached. The first data are expected in 4Q16. AIPAC is a Phase IIb trial in metastatic breast cancer. The Phase IIb study of IMP321 is a randomized, double-blind, placebo controlled trial with the goal of recruiting over 200 patients of which 15 patients will participate in a safety run-in phase. Results of all 15 patients from the safety run-in phase are expected in the 4Q16.

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