Mendus: Momentum gathering across the pipeline - Edison

Mendus recapped highlights of the positive clinical readouts from its ADVANCE II study in acute myeloid leukaemia (AML) in an investor update in conjunction with its annual filing. Management intends to continue focusing on the development of vididencel (DCP-001) and broaden its positioning as an AML maintenance therapy with two additional studies in AML, a Phase I study in AML patients post-hematopoietic stem cell transplantation (HSCT) and a Phase II trial in combination with standard-of-care azacitidine. We expect updates on the timing of these studies in FY23. In our view, a key operational development in FY22 was the optimisation of the production process for Mendus’s second clinical asset, ilixadencel, providing a robust manufacturing protocol that ensures consistent supply for future clinical trials. Mendus is now preparing a Phase II study to establish clinical proof of concept in gastrointestinal stromal tumours (GIST), initiation of which we view as the next clinical milestone for ilixadencel. Our valuation of Mendus remains virtually unchanged at SEK1.8bn or SEK9.07/share (previously SEK1.8bn or 9.31/share)

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