immuno-oncology weekly, page-27

Theoc, big pharma are shying away from takeovers that still require

extensive clinical trials and ensuing expenses on top of T/O expenditure....

Hence Macenroc's licensing suggestion ala BMS and NKTR should not

be dismissed lightly and IMO something similiar is a distinct possibility....

I just don't know how how you'd value Immutep ATM.....

We have a case in point in our own backyard......

Prima Biomed T/O of Immutep SA for $28m is the buy of the century,

as I have said many times.......We essentially only have Immutep SA

aligned products that have progressed further under PRR and IMM.....

Purchase price $28m 2014, people suggesting t/o value$1/2B 2018 but that's

up to the individual......The question is what could it be worth in 2020 or

2022.....How do you factor projected value into a t/o of a non productive

research company with outstanding potential?....Too many questions

pop up immediately for an accurate valuation......