Mendus: Planning the route forward for vididencel in AML - Edison

Mendus’s Q123 report provided an insight into the strategic next steps for its lead cancer vaccine, vididencel (DCOne), as the company pursues a clinical path in the acute myeloid leukaemia (AML) maintenance setting. Following the positive results from the Phase II ADVANCE II study, Mendus intends to initiate a follow-on Phase II study in H223, investigating the combination of vididencel with oral azacitidine (current standard of care, SoC) as an AML maintenance treatment regime. It had previously been reported that Mendus may look to explore vididencel as a maintenance treatment in patients post-hematopoietic stem cell transplantation (HSCT). However, with no maintenance therapy indicated in post-HSCT, to date, and the potential for synergistic efficacy enhancements with SoC oral azacitidine, we view Mendus’s prioritisation of the combination study as a sensible strategic decision. We have adjusted our forecasts, but our valuation of Mendus remains largely unchanged at SEK1.8bn or SEK9.19/share (previously SEK1.8bn or SEK9.07/share).

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