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About goetzpartners

Formed by the combination of CEA (Communications Equity Associates), the corporate finance advisory - and TransConnect Consulting Group, the management consultancy.

goetzpartners Headquarter Location

Prinzregentenstraße 56

Munich, 80538,

Germany

49 89 290 72 50

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Immutep : Goetzpartners securities - Efti combos move towards centre stage at ASCO

Jun 6, 2021

06/05/2021 | 10:51pm EDT Message : FLASH NOTE KEY TAKEAWAY Data presented at the ASCO further supports the use of eilagimod alpha ("ei") in PD-1  PD-L1 immune checkpoint inhibitor ("ICI") combinaons. These include data in 1st line NSCLC (non-small cell lung cancer) and 2nd line HNSCC (head and neck cancer). The new Phase 2 TACTI-002 interim results show that 7 paents have now seen complete responses to the ei-pembrolizumab ("pembro") combo (2 in 1st line NSCLC and 5 in 2nd line HNSCC). Treatment was well tolerated in the total 127 paents. With 48.4% of evaluable paents responding, the 1st line NSCLC ei-pembro data compares well to an-PD-L1-chemo; but more sustained and without the toxicity. Striking data in normally PD-1  PD-L1 unresponsive 2nd line HNSCC revealed double the ORR expected from ICI alone, including 5 complete responses. With the efficacy and safety of LAG-3 targeted mAbs highlighted in BMS's Relavity047 trial, the Immutep pipeline looks increasingly posioned at the centre of cancer immune-therapy. We reiterate our OUTPERFORM recommendaon and increase our target price to AUD$ 1.24 (from AUD $ 0.90). Strong basis for HNSCC Phase 2b - The ORR in 2nd line HNSCC was 30% in intenon- to-treat and 36% in evaluable paents; twice that in KEYNOTE-12 using pembro alone (ORR 36% vs. 18%). All responses were durable with no responders progressing within 6 months; five were complete responders. This is a firm basis to move to the TACTi-003 Phase 2b. Efficacy of chemo-PD-L1 combo in NSCLC without the toxicity - The PFS in 1st line NSCLC for ei-pembropaents was 8.2 compared to 11.2 months in high PD-L1expressors and 4.1 in low. Two paents had a complete response with no responders progressing within 6 months. These responses compare favourably with the currently most potent NSCLC therapy PD-L1-chemo; but without the toxicity. Early promise in other non-responsive solid cancers - Data from the Phase 1 TACTI-004,released at ASCO, suggests that ei can also have benefit with other solid tumours such as cervical or gastroesophageal that are normally not responsive to an-PD-L1.This suggests that ei could bring benefits to paents where treatment opons remain limited. Ei potenal in mulple combinaons - We believe growing evidence of safety and sustained efficacy will put LAG-3 targeted therapies and parcularly ei increasingly at the centre of cancer therapy. Shown effecve in combinaon with an-PD-L1, ei also looks to have benefit in combinaon with chemotherapy. Data from the AIPAC breast cancer study published the end of 2020 indicated ei-chemo combinaon has benefits in large paent subgroups. These benefits could be extended by simple modificaons to the treatment protocol. Ei may also have benefits when combined with novel therapies, The Phase 1  2a TACTI-005 aims to test in combinaon with Merck KGaA's bintrafusp alfa (M7824) in the treatment of solid tumours. Further upside from increasingly de-risked pipeline - Our risk adjusted sum-of-the-parts valuaon of ei and other pipeline assets, indicates that, despite significant recent increases, there is sll substanal upside. We believe Immutep's in-houseand out- licensed pipeline have been substanally de-risked.Ei as a result of TACTI-002and LAG525 out-licensedto Novars as a result of BMS's posive an-LAG-3Relavity047 trial. Increasing success probability suggest significant upside from current levels. OUTPERFORM chris.redhead@goetzpartners.com This is a markeng communicaon. For professional investors and instuonal use only. The informaon herein is considered to be an acceptable minor non-monetary benefit as defined under FCA COBS 2.3A19(5).GPSL is authorised and regulated by the Financial Conduct Authority (FRN 225563). GPSL does and seeks to do business with companies  issuers covered in its research reports. As a result, investors should beaware that GPSL may have a conflict of interest that could affect the objecvity of this research report. Investors should consider this research report as only a single factor in making their investment decision. GPSL has a formal client relaonship with Immutep Limited. Please see analyst cerficaons, important disclosure informaon, and informaon regarding the status of analysts on pages 3-5 of this research report. Page 2 COMPANY DESCRIPTION Immutep (known as Prima BioMed unl November 2017) is an Australian clinical-stage biotechnology company that develops immunotherapies for cancer and autoimmune diseases. Immutep is the global leader in the understanding of and in developing therapeucs that modulate Lymphocyte Acvaon Gene-3("LAG-3").LAG-3 was discovered in 1990 at the Instut Gustave Roussy by Dr Frédéric Triebel, Immutep's Chief Scienfic Officer and Chief Medical Officer. The company has three assets in clinical and one asset in preclinical development. The lead product candidate is eilagimod alpha ("ei"), a first-in- class angen presenng cell ("APC") acvator being invesgated in combinaon with chemotherapy or immune therapy for advanced breast cancer and melanoma. Immutep is dual-listed on the Australian Stock Exchange ("IMM") and on the NASDAQ Global Market ("IMMP") in the US (American Depository Receipts), and has operaons in Europe, Australia, and the US. The company has licensing deals with Novars, GSK and EOC (China only), and clinical trial collaboraon and supply agreements with Merck & Co. and Merck KGaA  Pfizer, the laer for lead asset ei. SCENARIOS Bluesky Scenario N/A next 12 - 18 months. Downside risk Company is unable to generate further posive data on ei and fails to achieve licensing deal. SWOT INDUSTRY EXPECTATIONS Strengths: Increasing data supports use of ei in oncology combos. Leader in the understanding of LAG-3; broadest LAG-3 focused pipeline; validaon from large pharma partners (Novars, GSK, Merck & Co.); funded for >12 months. Weaknesses: One single asset (eilagimod alpha) accounts for the lion share of value; ei has not demonstrated convincing efficacy in monotherapy sengs; ei is protected mainly by use and formulaon patents, as the composion of maer patent has already expired. Opportunies: LAG-3 could become the third pillar in immune checkpoint therapy and ei is the most advanced LAG-3 focused asset; ei could be the first immuno-oncology drug to be approved for metastac breast cancer; oncology drugs addressing high unmet needs oen enjoy shorter development and approval melines than therapeucs in other disease areas; significant M&A acvity in the immuno- oncology space. Threats: EMA and FDA raise the hurdles for immunotherapy drugs. Immutep is developing immunotherapies for cancer, with a focus on the immune checkpoint LAG-3. The immune checkpoint inhibitor ("ICI") class has experienced rapid adopon since the launch of BMS's Yervoy (ipilimumab) in 2011, owing to their ability to elicit durable responses in 20 - 50% of paents for up to 10 years. The global ICI market was worth $16.8bn in 2018 and is expected to nearly triple by 2022E, driven largely by expanding use of exisng therapies both in approved and new indicaons. The race is on to develop novel compounds with complementary mechanisms of acon for combinaon therapy able to augment response rate without increasing toxicity, which, if successful, are expected to enjoy rapid uptake. This is a markeng communicaon. For professional investors and instuonal use only. The informaon herein is considered to be an acceptable minor non-monetary benefit as defined under FCA COBS 2.3A19(5).GPSL is authorised and regulated by the Financial Conduct Authority (FRN 225563). GPSL does and seeks to do business with companies  issuers covered in its research reports. As a result, investors should beaware that GPSL may have a conflict of interest that could affect the objecvity of this research report. Investors should consider this research report as only a single factor in making their investment decision. GPSL has a formal client relaonship with Immutep Limited. Please see analyst cerficaons, important disclosure informaon, and informaon regarding the status of analysts on pages 3-5 of this research report. Page 3 Analyst Cerficaon I, Dr. Chris Redhead, hereby cerfy that the views regarding the companies and their securies expressed in this research report are accurate and are truly held. I have not received and will not receive direct or indirect compensaon in exchange for expressing specific recommendaons or views in this research report. Meaning of goetzpartners Research Rangs goetzpartners securies Limited ("GPSL") publishes investment recommendaons, which reflect the analyst's assessment of a stock's potenal relave return. Our research offers 4 recommendaons or 'rangs': OUTPERFORM - Describes stocks that we expect to provide a relave return (price appreciaon plus yield) of 15% or more within a 12- month period. NEUTRAL - Describes stocks that we expect to provide a relave return (price appreciaon plus yield) of plus 15% or minus 10% within a 12-month period. UNDERPERFORM - Describes stocks that we expect to provide a relave negave return (price appreciaon plus yield) of 10% or more within a 12-month period. NON-RATED - Describes stocks on which we provide general discussion and analysis of both up and downside risks but on which we do not give an investment recommendaon. Companies Menoned in this report (BRISTOL MEYERS SQUIBB) Valuaon Methodology GPSL's methodology for assigning recommendaons may include the following: market capitalisaon, maturity, growth  value, volality and expected total return over the next 12 months. The target prices are based on several methodologies, which may include, but are not restricted to, analyses of market risk, growth rate, revenue stream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF), free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/average group EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net asset value, dividend returns, and return on equity (ROE) over the next 12 months. Frequency This research will be reviewed at a frequency of 3 months. Any major changes to the planned frequency of coverage will be highlighted in future research reports. Conflicts of interest GPSL is required to disclose any conflicts of interest which may impair the firm's objecvity with respect to any research recommendaons contained herein. Please click on the link to view the latest version of our Conflicts of Interest policy . We are also required to disclose any shareholdings of the firm or our affiliates in any relevant issuers which exceed 5% of the total issued share capital or any other significant financial interests held: GPSL shareholdings in relevant issuers >5% - None. GPSL wishes to disclose that it is party to a formal client agreement with Immutep Limited relang to the provision of advice and equity research services. To avoid potenal conflicts of interest arising, restricons on personal account dealing are placed on analysts and other staff. The firm's personal account dealing policy expressly prohibits staff and  or relevant connected persons from dealing in the securies of a relevant issuer. Analysts must not trade in a manner contrary to their published recommendaon or deal ahead of the publicaon of any research report. If our contractual relaonship with a client ceases, then please be advised that GPSL will no longer publish equity research on the specific client and any recipients of our equity research publicaons should not rely on our forecasts  valuaon that have previously been published in the last full company research publicaon. Please note that GPSL will not publish a cessaon of coverage noce to the market. Also, in accordance with the provision of MiFID2 - if any of our clients are not contractually paying GPSL to write and publish equity research, then we will not publish any future equity research publicaons to the market on the issuer unl all of our unpaid fees have been fully paid. To comply with the regulatory requirement to disclose. We disclose the monthly proporon of recommendaons that are OUTPERFORM, NEUTRAL, UNDERPERFORM and NON-RATED. We also disclose a summary of the history of our analysts' investment recommendaons (in accordance with EU MAR rules effecve 3rd July 2016). goetzpartners publishes this informaon on the following link: Research Summary . This is a markeng communicaon. For professional investors and instuonal use only. The informaon herein is considered to be an acceptable minor non-monetary benefit as defined under FCA COBS 2.3A19(5).GPSL is authorised and regulated by the Financial Conduct Authority (FRN 225563). GPSL does and seeks to do business with companies  issuers covered in its research reports. As a result, investors should beaware that GPSL may have a conflict of interest that could affect the objecvity of this research report. Investors should consider this research report as only a single factor in making their investment decision. GPSL has a formal client relaonship with Immutep Limited. Please see analyst cerficaons, important disclosure informaon, and informaon regarding the status of analysts on pages 3-5 of this research report. Page 4 Country-Specific Disclosures United Kingdom: goetzpartners securies Limited ("GPSL") is authorised and regulated by the Financial Conduct Authority ("FCA"); registered in England and Wales No. 04684144; Registered Office  Address: The Stanley Building, 7 Pancras Square, London, N1C 4AG, England, UK; telephone +44 (0)20 3859 7725. GPSL's FCA Firm Reference Number is: 225563. In the United Kingdom and European Economic Area, this research report has been prepared, issued and  or approved for distribuon by GPSL and is intended for use only by persons who have, or have been assessed as having, suitable professional experience and experse, or by persons to whom it can be otherwise lawfully distributed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. This markeng communicaon is classed as 'non-independent research' and, as such, has not been prepared in accordance with legal requirements designed to promote the independence of investment research. GPSL has adopted a Conflicts of Interest management policy in connecon with the preparaon and publicaon of research, the details of which are available upon request in wring to the Compliance Officer or on the web link above in the Conflicts of Interest secon above. GPSL may allow its analysts to undertake private consultancy work. GPSL's conflicts management policy sets out the arrangements that the firm employs to manage any potenal conflicts of interest that may arise as a result of such consultancy work. Other EU Investors: This research report has been prepared and distributed by GPSL. This research report is a markeng communicaon for the purposes of Direcve 200439EC (MiFID). It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibion on dealing ahead of the disseminaon of investment research. GPSL is authorised and regulated in the United Kingdom by the FCA in connecon with its distribuon and for the conduct of its investment business in the European Economic Area. This research report is intended for use only by persons who qualify as professional investors or eligible counterpares (instuonal investors) in the applicable jurisdicon, and not by any private individuals or other persons who qualify as retail clients. Persons who are unsure of which investor category applies to them should seek professional advice before placing reliance upon or acng upon any of the recommendaons contained herein. U.S. PERSONS: This research report has been prepared by GPSL, which is authorised to engage in securies acvies in England and Wales and to conduct designated investment business in the European Economic Area. GPSL is not a registered broker-dealer in the United States of America and therefore is not subject to U.S. rules regarding the preparaon of research reports and the independence of research analysts. This research report is provided for distribuon in the United States solely to "major U.S. instuonal investors" as defined in Rule 15a-6 under the Securies Exchange Act of 1934. Other countries: Laws and regulaons of other countries may also restrict the distribuon of this research report. Persons in possession of research publicaons should inform themselves about possible legal restricons and observe them accordingly. Immutep Limited Rating History as of 04/06/2021 powered by: BlueMatrix Risks This is a markeng communicaon as defined by the Financial Conduct Authority ("FCA"). The informaon herein is considered an acceptable minor non-monetary benefit as defined under FCA COBS 2.3A19(5). Informaon relang to any company or security is for informaon purposes only and should not be interpreted as a solicitaon to buy or sell any security or to make any investment. The informaon in this research report has been compiled from sources believed to be reliable, but it has not been independently verified. No representaon is made as to its accuracy or completeness, no reliance should be placed on it and no liability is accepted for any loss arising from reliance on it, except to the extent required by the applicable law. All expressions of opinion are subject to change without noce. Opinions, projecons, forecasts or esmates may be personal to the author and may not reflect the opinions of goetzpartners securies Limited ("GPSL"). They reflect only the current views of the author at the date of the research report and are subject to change without noce. GPSL's research reports are not intended for Retail Clients as defined by the FCA. This research report is intended for professional clients only. Research reports are for informaon purposes only and shall not be construed as an offer or solicitaon for the subscripon or purchase or sale of any securies, or as an invitaon, inducement or intermediaon for the sale, subscripon or purchase of any securies, or for engaging in any other transacon. The analysis, opinions, projecons, forecasts and esmates expressed in research reports were in no way affected or influenced by the issuer. The authors of research reports benefit financially from the overall success of GPSL. The investments referred to in research reports may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate invesgaons. Any loss or other consequence arising from the use of the material contained in a research report shall be the sole and exclusive responsibility of the investor and GPSL accepts no liability for any such loss or consequence. In the event of any doubt regarding any investment, recipients should contact their own investment, legal and  or tax advisers to seek advice This is a markeng communicaon. For professional investors and instuonal use only. The informaon herein is considered to be an acceptable minor non-monetary benefit as defined under FCA COBS 2.3A19(5).GPSL is authorised and regulated by the Financial Conduct Authority (FRN 225563). GPSL does and seeks to do business with companies  issuers covered in its research reports. As a result, investors should beaware that GPSL may have a conflict of interest that could affect the objecvity of this research report. Investors should consider this research report as only a single factor in making their investment decision. GPSL has a formal client relaonship with Immutep Limited. Please see analyst cerficaons, important disclosure informaon, and informaon regarding the status of analysts on pages 3-5 of this research report. Page 5 regarding the appropriateness of invesng. Some of the investments menoned in research reports may not be readily liquid investments which may be difficult to sell or realise. Past performance and forecasts are not a reliable indicator of future results or performance. The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in research publicaons may have a high level of volality. High volality investments may experience sudden and large falls in their value which may cause losses. Some of the informaon or data in this research report may rely on figures denominated in a currency other than that of GBP (the currency should be stated), the return may increase or decrease as a result of currency fluctuaons. Internaonal investment includes risks related to polical and economic uncertaines of foreign countries, as well as currency risk. To the extent permied by applicable law, no liability whatsoever is accepted for any direct or consequenal loss, damages, costs or prejudices whatsoever arising from the use of research reports or their contents. GPSL record electronic and phone communicaons in accordance with FCA and MiFID2 regulaons, they are monitored for regulatory and training purposes. Compensaon GPSL has received compensaon from Immutep Limited for the provision of research and advisory services within the previous twelve months. IMM-AU Tel: +44 (0)203 859 7725 This is a markeng communicaon. For professional investors and instuonal use only. The informaon herein is considered to be an acceptable minor non-monetary benefit as defined under FCA COBS 2.3A19(5).GPSL is authorised and regulated by the Financial Conduct Authority (FRN 225563). GPSL does and seeks to do business with companies  issuers covered in its research reports. As a result, investors should beaware that GPSL may have a conflict of interest that could affect the objecvity of this research report. Investors should consider this research report as only a single factor in making their investment decision. GPSL has a formal client relaonship with Immutep Limited. Please see analyst cerficaons, important disclosure informaon, and informaon regarding the status of analysts on pages 3-5 of this research report. Attachments

goetzpartners Investments

1 Investments

goetzpartners has made 1 investments. Their latest investment was in BioVersys as part of their Series B on September 9, 2020.

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goetzpartners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/1/2020

Series B

BioVersys

$20.94M

Yes

1

Date

9/1/2020

Round

Series B

Company

BioVersys

Amount

$20.94M

New?

Yes

Co-Investors

Sources

1

goetzpartners Team

3 Team Members

goetzpartners has 3 team members, including current Founder, Managing Partner, Stefan Sanktjohanser.

Name

Work History

Title

Status

Stefan Sanktjohanser

Founder, Managing Partner

Current

Dr Stephan Goetz

Managing Partner

Current

Jose Cabrera-Kabana

Managing Director

Former

Name

Stefan Sanktjohanser

Dr Stephan Goetz

Jose Cabrera-Kabana

Work History

Title

Founder, Managing Partner

Managing Partner

Managing Director

Status

Current

Current

Former

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