Mendus: Funding to see through key inflection points - Edison

Mendus has drawn down its first loan of SEK10m as part of the company’s binding commitment with its largest shareholder group, Van Herk Investments. The raise will help capitalise the company past key inflection points which include trial readouts from its ADVANCE II study in acute myeloid leukaemia and ALISON study in ovarian cancer, expected in Q422 and October 2022, respectively. Both studies are investigating the use of Mendus’ lead cancer vaccine candidate, DCP-001. The SEK10m two-year loan comes with a 6% cumulative interest and is intended to be repaid in cash at the end of the loan period. Additionally, Mendus has finalised its financing agreement with Negma Group, which has committed to subscribe up to SEK200m in convertible bonds. With a H122 cash position of SEK84.9m and H122 burn rate of SEK70.7m, we estimate a cash runway into Q123; however, assuming Mendus fully exercises the committed financing, we believe this could extend our runway estimates to H224. We value Mendus at SEK1.87bn or SEK9.35 per share.

Länk till analysen i sin helhet: https://www.edisongroup.com/publication/funding-to-see-through-key-inflection-points/31504/