SeeThruEquity maintains price target of $6.97 per share and reiterates compelling valuation based on a number of factors including positive interim data on its Phase I clinical trial of folate receptor alpha antigens in ovarian and breast cancer
New York, NY / ACCESSWIRE / September 18, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued an update note on TapImmune Inc. (OTCQB: TPIV).
"On September 16, 2014, TapImmune released positive interim data on its Phase I clinical trial of folate receptor alpha antigens in ovarian and breast cancer. Interim data from the first 13 patients in the clinical trial show that each of the patients treated have raised specific T-cell immune responses against a set of five naturally processed folate receptor alpha Class II antigenic epitopes. All five of the constituent peptides were found to be immunogenic and all patients developed immune responses to at least one and in most cases more than one of the vaccine peptides. This is the first positive endpoint that TapImmune has reported for the clinical study, and the company also reported that in general, the vaccine has been well tolerated. This promising data on safety and immune responses provide a clear scientific rationale for progressing to a phase II clinical trial. We are maintaining our price target of $6.97 per share, given that company has a strong pipeline and will have two phase 2 drug candidates progressing in Q4 14 or Q15 and a peer group with much higher valutations." stated Ajay Tandon, Chief Executive Officer of SeeThruEquity.
Additional highlights of the note are as follows:
- Positive interim data keeps company on track for phase II. On September 16, 2014, TapImmune released positive interim data on its Phase I clinical trial of folate receptor alpha antigens in ovarian and breast cancer. Interim data from the first 13 patients in the clinical trial show that each of the patients treated have raised specific T-cell immune responses against a set of five naturally processed folate receptor alpha Class II antigenic epitopes. All five of the constituent peptides were found to be immunogenic and all patients developed immune responses to at least one and in most cases more than one of the vaccine peptides. The trial, being carried out at the Mayo Clinic, Rochester, MN, is fully accrued and as of August 26, 2014, all 22 patients had completed their vaccinations. Eight women with HER2-negative breast cancer, thirteen with ovarian cancer and one with fallopian tube cancer were enrolled. This is the first positive endpoint that TapImmune has reported for the clinical study, and the company also reported that in general, the vaccine has been well tolerated. This promising data on safety and immune responses provide a clear scientific rationale for progressing to a phase II clinical trial, which we would expect would be initiated in the next 6 months.
- Solid cost containment in 2Q14, story remains phase II trials. On August 18, 2014, TapImmune announced 2Q14 results. The company reported net income of $753k, or $0.05 per share, compared with a net loss of ($866k), or ($0.87) per share in 2Q13. Average shares outstanding for 2Q14 were 15.5mn, compared to 1mn in 2Q13. The positive net income was the result of a $920k gain on the settlement of debt and a $353k change in the fair value of derivative liabilities. TapImmune reported $488k in total non-R&D operational expenses in 2Q14, compared with $112k in 2Q13 but down sequentially from $1.2mn in 1Q14. We would expect to see operating expenses rise in 2H14 as the company prepares to initiate phase II clinical trials.
The note is available here: TPIV Update Note. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack's. The report will also be available on these platforms.
Please review important disclosures on our website at www.seethruequity.com.
About TapImmune Inc.
TapImmune Inc. is an immunotherapy company specializing in the development of innovative vaccine technologies for the treatment of cancer and infectious disease. The Company's vaccine compositions, peptide or nucleic acid-based, comprise one or multiple naturally processed epitopes (NPEs) designed to comprehensively stimulate a patients' killer T-cells, helper T-cells and to restore or further augment antigen presentation by the modulation of TAP (Transporter associated with Antigen Processing). The Company believes that its vaccine compositions may be used as stand-alone medications or in combination with current treatment modalities. Please visit the Company's website at www.tapimmune.com for details.
About SeeThruEquity
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.
Contact:
Ajay Tandon
SeeThruEquity
(646) 495-0939
SOURCE: SeeThruEquity