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Overview
Immunovia AB (symbol: IMMVF) is a diagnostic technology company specializing in the early detection of pancreatic cancer through innovative, blood-based testing. Leveraging breakthrough advancements in diagnostic technology and clinical validation studies, Immunovia is positioned to address a critical unmet need in the healthcare industry. The company focuses on detecting proteins and antibodies that signal the onset of pancreatic cancer, thereby enabling detection at Stage I and II—an approach that distinguishes it from conventional imaging-based surveillance methods.
Core Business and Operational Model
At its core, Immunovia is dedicated to developing and commercializing simple, yet highly effective blood tests that improve early cancer detection. Its test is designed to achieve high sensitivity and specificity, outperforming traditional biomarkers and imaging techniques, which often lead to delayed diagnosis. The company operates through a model that integrates extensive R&D, clinical partnerships, and strategic collaborations with healthcare providers and diagnostic experts. By engaging with leading clinicians and patient advocacy groups, Immunovia ensures that its diagnostic solutions are closely aligned with market needs and current clinical practices.
Clinical Validation and Technological Advancements
Immunovia has demonstrated its technical expertise through rigorous clinical validation studies that underpin the efficacy of its next-generation test. The company has validated its approach in controlled studies, showing that its blood test meets and even exceeds industry benchmarks in sensitivity and specificity. This is achieved by focusing on the detection of biomarkers relevant to pancreatic cancer, an area where traditional methods such as imaging (MRI, CT, and endoscopic ultrasound) often fall short. The clinical data suggest that Immunovia's test reduces false positives and enhances early detection rates, which is critical for improving patient outcomes.
Market Positioning and Competitive Landscape
Positioned within the highly specialized market of pancreatic cancer diagnostics, Immunovia distinguishes itself with a focused and innovative approach. Its business model capitalizes on the growing demand for early detection tools in the healthcare sector. The company’s agile operational structure, following a significant internal transformation, enables it to adapt quickly to the dynamic market environment. In comparison with traditional imaging techniques and existing biomarkers, Immunovia's blood test is not only more accurate but also more convenient and cost-effective. Its strategy includes leveraging strong clinical results to foster key partnerships in major markets, particularly in the USA, which remains a critical region for pancreatic cancer diagnostics.
Research and Development Focus
Investing robustly in research and development, Immunovia continues to extend its technological capabilities to refine its diagnostic platform further. The emphasis on clinical studies for analytical validity and clinical utility underlines the company’s commitment to providing scientifically substantiated products. Although not delving into specifics that may become outdated, the company underscores its strategic shift from solely product development to rigorous proof-of-concept clinical studies. This approach not only verifies the value of the test in real-world settings but also establishes a solid foundation for gaining regulatory approval and payer reimbursement, which are essential for widespread clinical adoption.
Operational Highlights and Strategic Collaborations
The company’s operational evolution includes a streamlined team focused on agility and precision in diagnostic test development. Notably, Immunovia has set in motion the transition from research to commercialization by targeting high-risk groups in clinical settings. This is supported by active business development efforts and upcoming strategic collaborations with established diagnostics companies, ensuring that the expertise in regulatory affairs and market penetration is robustly augmented. The emphasis on partnership extends to collaborations with top pancreatic cancer specialists, which bolsters confidence among healthcare providers regarding the efficacy and reliability of the test.
Expertise, Experience, and Industry Impact
Immunovia's approach integrates precise scientific innovation with practical clinical application. Every facet of its operations—from laboratory research and clinical trials to operational restructuring and strategic partnerships—demonstrates a balanced blend of expertise, experience, authoritativeness, and trustworthiness. This comprehensive strategy not only advances the technology behind early cancer detection but also redefines how high-risk pancreatic cancer is surveilled, ensuring that the benefits of early diagnosis are more accessible.
Conclusion
In summary, Immunovia AB represents a sophisticated blend of innovative diagnostic technology and strategic operational restructuring. Its focus on developing a highly sensitive and specific blood test for early detection of pancreatic cancer sets it apart in a challenging and competitive market. With a commitment to robust clinical validation and strategic market collaborations, Immunovia continues to build a strong foundation based on science, operational agility, and industry expertise, all of which are pivotal in reshaping the landscape of pancreatic cancer diagnostics.
Immunovia AB has announced the exercise price for its warrants series TO 3 at SEK 0.24 per share. The exercise period runs from April 1-15, 2025, with trading available until April 11, 2025. The warrants were issued as part of a Rights Issue in August-September 2024, where each unit consisted of two shares, two TO 2 warrants, and one TO 3 warrant.
If all 62,211,989 warrants are exercised, Immunovia will raise approximately SEK 14.9 million before costs. The subscription price was set at 70% of the volume-weighted average price during March 14-27, 2025. Upon full exercise, the company's share capital will increase by SEK 1,866,359.67 to SEK 9,723,625.56, with total outstanding shares rising from 261,908,863 to 324,120,852, representing a dilution of approximately 19.2%.
Immunovia has announced additional positive results from its VERIFI study for its next-generation pancreatic cancer blood test. The test demonstrated 77% sensitivity in detecting stage I and II pancreatic cancer, exceeding the target of 65% and outperforming the CA19-9 biomarker's 69% sensitivity.
The test showed 88% specificity, slightly below the 90% target but comparable to CA19-9's 89%. Combined data from VERIFI and CLARITI validation studies demonstrated consistent accuracy across various high-risk groups, including individuals with family history, genetic mutations, diabetes, and pancreatic cysts.
The company plans to launch the test commercially in Q3 2025, with additional clinical studies planned throughout the year to support regulatory submissions and payer reimbursement efforts. Immunovia is also seeking commercial partners to accelerate market adoption.
Immunovia (IMMNOV: Nasdaq Stockholm), a pancreatic cancer diagnostics company, announced it is searching for a new Chief Financial Officer as it prepares to commercialize its test in the USA in the second half of 2025. The company seeks a CFO with diagnostics or med tech operating experience, US industry contacts, and expertise in communicating with global capital markets.
Current CFO Karin Almqvist Liwendahl will step down at the end of Q1 2025, after contributing to streamlining the organization, lowering operating costs, and reducing cash burn over the past three years. In the interim, CEO Jeff Borcherding and the finance team will assume financial leadership responsibilities.
Immunovia focuses on developing blood-based testing for early pancreatic cancer detection. The company estimates that 1.8 million high-risk individuals in the USA could benefit from annual surveillance testing, making it the world's largest market for pancreatic cancer detection.
Immunovia AB has announced the exercise price for its TO 2 warrants at SEK 0.46, with an exercise period from January 2-16, 2025. The company has secured approximately 65% (SEK 37.2 million) of the warrant programme through subscription intentions from management (SEK 0.8M) and guarantee commitments from external investors (SEK 36.3M). The proceeds will fund the launch of their next-generation test in the US market in H2 2025 and support clinical studies for test reimbursement. Upon full exercise of all 124,423,978 warrants, the share capital could increase by SEK 3.7M, resulting in a 42.3% dilution. A potential directed share issue may be needed, which could lead to an additional 31.7% dilution.
Immunovia reported significant achievements in 2024 and outlined plans for 2025. The company successfully developed and validated its next-generation pancreatic cancer detection test, achieving 94% specificity and 78% sensitivity in a large clinical validation study of 1,066 blood samples. The test outperformed CA19-9 biomarker by 14 percentage points and showed even better results (83% sensitivity, 96% specificity) in more recent samples.
For 2025, Immunovia plans to launch the test in the US during the second half of the year, targeting medical centers with high-risk pancreatic cancer surveillance programs. The company is seeking strategic partnerships with large diagnostics companies to accelerate commercialization and will conduct additional clinical studies to secure reimbursement.
Immunovia, Inc. has secured Clinical Laboratory permits from the Pennsylvania and Maryland Departments of Health, enabling physicians in these states to order the IMMray™ PanCan-d test for early pancreatic cancer detection. This permits expansion, now allowing the test to be offered in 48 US states. CEO Jeff Borcherding noted the importance of enhancing pancreatic cancer surveillance. The IMMray™ PanCan-d test is the only blood test available specifically for this purpose and aims to improve survival rates in high-risk patients.
Immunovia is set to launch the IMMray™ PanCan-d test in the US as a Laboratory Developed Test (LDT) in Q2 2021. The company is pursuing a positive Medicare coverage determination via the Local Coverage Determination (LCD) process, aiming for coverage that aligns with existing surveillance imaging modalities for high-risk pancreatic cancer patients. Immunovia anticipates securing agreements with a majority of U.S. payers by year-end 2022, supported by ongoing clinical studies, including PanFAM-1. This innovative test targets early diagnosis of pancreatic ductal adenocarcinoma.
Immunovia announced enhanced performance of its IMMray™ PanCan-d test in detecting early-stage pancreatic cancer among high-risk patients with non-specific symptoms. The clinical study demonstrated a 92% specificity and 81% sensitivity for detecting pancreatic cancers across all stages. The study analyzed 433 samples, including 202 PDACs (89 at stages I/II). The results support the commercialization strategy, targeting a potential market of 1-2 million patients in the USA and Europe. This development is pivotal for improving diagnosis and patient outcomes.
Immunovia's PanFAM-1 study, the largest of its kind for early diagnosis of familial/hereditary pancreatic cancer, has successfully enrolled 1,265 subjects and collected over 3,000 blood samples. The study, aimed at validating the IMMray™ PanCan-d blood test, concluded new enrollment on October 30, 2020, and will finalize blood sample collection by April 2021. Results will be analyzed in the latter half of 2021. This multicenter study includes 23 partners from the USA and Europe, focusing on improving early detection and clinical performance data for at-risk individuals.