presentación de powerpoint - proactiveinvestors uk · the securities of the company have not been...
TRANSCRIPT
Disclaimer
THIS PRESENTATION MAY NOT BE COPIED OR REPRODUCED IN ANY FORM, FURTHER DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. IN PARTICULAR, THIS PRESENTATIONAND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. ANY FAILURE TO COMPLYWITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.
This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or berelied on in connection with, any contract commitment or investment decision in relation thereto.
The information contained in this presentation has been prepared by Midatech Pharma plc ("Midatech" or the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. This presentation has not been approvedby an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who haveprofessional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or are high net worth companies within themeaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this presentation should not rely or act upon it. By accepting this presentation and not immediately returning it, the recipient represents andwarrants that they are a person who falls within the above description of persons entitled to receive the presentation. This presentation is not to be disclosed to any other person or used for any other purpose.
Please note that the information in this presentation has yet to be announced or otherwise made public and as such constitutes inside information for the purposes of Article 14 of the Market Abuse Regulation (596/2014/EU) and the Criminal Justice Act 1993. Youshould not therefore deal in any way in the securities of the Company until after the formal release of an announcement by the Company as to do so may result in civil and/or criminal liability.
Panmure Gordon (UK) Limited ("Panmure Gordon") is acting in the provision of corporate finance business to the Company, within the meaning of the Financial Conduct Authority’s Conduct of Business Sourcebook (“COBS”), and no-one else in connection with theproposals contained in this Presentation. Accordingly, recipients should note that Panmure Gordon is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded toclients of Panmure Gordon under the COBS nor for providing advice in relation to the proposals contained in this presentation.
While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express orimplied) as to, or in relation to, the accuracy, reliability or completeness of the information in this presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all suchinformation being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liabilitywhether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss,howsoever arising, from the use of this presentation. In particular, unless expressly stated otherwise, the financial information contained in this presentation relates to the Company and its subsidiary undertakings. To the extent available, the industry and marketdata contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state the data contained therein have been obtained from sources believed to be reliable, but that there is noguarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition,certain of the industry and market data contained in this presentation come from the Company’s internal research and estimates based on the knowledge and experience of the Company’s management in the market in which the Company operates. While theCompany believes that such research and estimates are reasonable and reliable, their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly,undue reliance should not be placed on any of the industry or market data contained in this presentation.
Neither the issue of this presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospectiveinvestors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this presentation, the Company does not undertake or agree to any obligationto provide the recipient with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation which may become apparent.
This presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this presentation does not constitute an offer or invitation to subscribe for orpurchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this presentation is made available must make its own independent assessment of theCompany after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions andeach recipient should satisfy itself in relation to such matters.
This presentation and the information contained herein are not an offer of securities for sale and are not for publication and or distribution in the United States or to any US person (within the meaning of Regulation S under the United States Securities Act of 1933,as amended (the “Securities Act”)) or in Canada, Australia, South Africa or Japan or any jurisdiction where such offer or distribution is unlawful. Any failure to comply with this restriction may constitute a violation of United States securities laws.
The securities of the Company have not been registered under the Securities Act and may not be offered or sold in the United States or to any US person unless the securities are registered under the Securities Act or an exemption therefrom is available.
Certain statements in this presentation may constitute “forward-looking statements” within the meaning of legislation in the United Kingdom and/or United States. In some cases, you can identify forward-looking statements by the use of words such as “may,”“could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “potential,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statementsbecause they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, the acquisition, levels of activity, performance, or achievements. Any forward-lookingstatements are based on currently available competitive, financial and economic data together with management’s views and assumptions regarding future events and business performance as of the time the statements are made and are subject to risks anduncertainties. We wish to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Referenceshould be made to those documents that Midatech shall file from time to time or announcements that may be made by Midatech in accordance with the London Stock Exchange AIM Rules for Companies (“AIM Rules”), the Disclosure and Transparency Rules(“DTRs”) and the rules and regulations promulgated by the US Securities and Exchange Commission, which contains and identifies other important factors that could cause actual results to differ materially from those contained in any projections or forward-lookingstatements. These forward-looking statements speak only as of the date of this presentation. All subsequent written and oral forward-looking statements by or concerning Midatech are expressly qualified in their entirety by the cautionary statements above. Exceptas may be required under the AIM Rules or the DTRs or by relevant law in the United Kingdom or the United States, Midatech does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future eventsor otherwise arising.
2
Highly Experienced Pharma Management Team
Rolf StahelNon-executive Chairman
Dr. Jim Phillips, MB, ChB, MBAChief Executive Officer
Nick Robbins-Cherry, ACA, MBAChief Financial Officer
Dr. Craig Cook, MD, MBAChief Operating Officer
Rob Rainey, FCA, MBA, MAHead of Corporate Development
David BenharrisPresident, Midatech Pharma US
3
A rapidly growing international specialty pharmaceutical company
UK-based public company (LON: MTPH / Nasdaq: MTP)• >100 employees across Europe and the US
• Diversified strategy and sources of revenue with innovative R&D pipeline
• Highly experienced pharma management team
Established US commercial presence (40 team members)• Six marketed products: potential aggregate peak sales of $50 million
• Double-digit top-line growth expected over the next 12 months
• Plan for lead product Q-Octreotide to be filed for marketing authorisation in 2018
Fully integrated R&D capabilities with two platform technologies: “right time, right place”• CAD “printed” sustained-release particles (Q-Sphera)
• Glycan coated gold nanoparticles (GNP)
• Drives a novel, low risk development pipeline based on known therapeutic agents
• 3-4 clinical trials planned in 2017
Organisation
CommercialForce
R&D
4
2016 operational highlights
• Successful integration and strong sales performance from our recently acquired US commercial business• Total revenue for 2016, £9.2m, growth of 510% vs. 2015 (£1.5m)
• Launch of anti-nausea product Zuplenz in the US• Approved for use in multiple indications in a $10bn US market
• Bolsters marketed oncology product portfolio and leverages US commercial infrastructure
• Preparation for final development & commercialisation of Q-Octreotide• Manufacturing scale up in H1 – successful regulatory inspection
and final process validation completed at the Bilbao manufacturing facility
• Good in vivo data achieved
• Planned pilot study to start Q3 2017, followed by a pivotal study commencing at the end of the year
• Filing for first marketing authorisations anticipated in 2018
• Product candidate testing in-vivo for hepatocellular carcinoma (HCC) and glioblastoma (GBM) • Dana Farber testing Midatech’s targeted nanomedicines
against glioblastoma
• Lead product selected for both GBM and HCC programmes
• Dosing commenced in first immunotherapy Phase I study for type I diabetes
• Further positive progress seen in the period in the Company’s OpsiSporin and MTX110/111 (DIPG) programmes
Midatech Pharma continues to executeagainst all key areas of its business model
5
*Pro forma revenue for Midatech plus DARA BioSciences, Inc. for 2015 was £4.9m
Midatech’s international R&D, manufacturing and sales facilities
6
Midatech Pharma USRaleigh, North CarolinaUS commercial HQ36 staff, including 20 reps
Midatech Pharma HQOxford, UKCorporate HQ and R&D labs22 staff
Midatech Pharma WalesCardiff, UKR&D labs16 staff
Midatech Pharma cGMP facilityBilbao, SpainLicenced manufacturing facility30 staff
Midatech Pharma US (MTPUS): fully integrated commercial platform
MTPUS commercial operations
• MTPUS has an effective and established commercial platform to sell and market our current oncology supportive care portfolio (6 products)
• 25 representatives with access and established relationships in the highest prescribing oncology markets
• Established through acquisition of DARA BioSciences, Inc. for $24 million and of the complementary product Zuplenz for $3.75 million
MTPUS commercial strategy
• Leverage oncology platform and access to acquire complementary products that enhance portfolio and increase revenues
• Utilise commercial operations to:
• Acquire additional products and launch internally developed pipeline products
• Fund on-going R&D programmes from long-term cash flows
8
Zuplenz
• Post-chemo radiotherapy anti-nausea and vomiting product
• Acquired for $3.75m (plus back-end milestones based onexcess over forecast sales)
• Entrant into $10bn / 20m prescription per annum US 5HT3 market • 0.25% market share would give sales of $25m/pa
• 0.5% market share would give sales of $50m/pa
• Covered by 11/13 commercial insurers (>250m population)
• Competitive pricing $500/pack (range of competition $250-$1,800)• Superior support and presentation
• Zero patient co-pay program
• May be taken with or without water and dissolves in seconds
• No stickiness from a patch or gritty sensation from a tablet
9
Gelclair
• Acquired via DARA BioSciences acquisition
• Indicated for oral mucositis (caused by chemotherapy or radio therapy), with approx. 400,000 annual sufferers in the US• Expansion study starting in 2017
• Lead product in uncompetitive environment (compounded magic mouthwash)
• Covered by 11/13 commercial insurers (>250m population)
• Superior support and mechanism of action vs. magic mouthwash• Zero patient co-pay program
• 3rd year of sales in 2016
• Estimated peak annual sales potential c.$10m
10
Oravig
• Buccal tablet for treatment of oral “thrush” associated with radio/chemo therapy and in HIV patients
• Launched in October 2015
• Covered by 11/13 commercial insurers (>250m population)
• Over 4m rx written annually for localised treatment
• 0.1% market share = c.$3m annual sales (targeting 0.3%-0.5% market share)
• Superior support and presentation• Zero patient co-pay program
• Once-daily, local treatment
• Does not interrupt eating or drinking
• Revised annual sales potential c.$10m
11
Development pipeline: 3 programmes entering clinic in 2017
13
RESEARCH PRECLINICAL CLINICAL / REGULATORY PHASES
Immunotherapy
Cancer
Ophthalmology
Q-Octreotide carcinoid/acromegaly MTD201
Glioblastoma MTR103
Opsisporin to be out-licensed
Liver hepatocellular carcinoma MTR104
Immuno-oncology vaccine
Immuno-oncology TAM
Type 1 diabetes vaccine MTX102
Development of multiple high-value, targeted therapies for major diseases with unmet medical need
DIPG pontine glioma MTX110/111 named patient basis + clinical trials
Uses gold nanoparticle technology
Uses polymer microsphere technology Uses nano-inclusion technology
Q-Octreotide (MTD201)
14
Currently in final stages pre-clinical development• Formulation complete• Entering human studies 2017• Planned US marketing submission in 2018/9 followed by launch
Manufactured in-house with terminal sterilisation• Saves time (c.6 months from CMO)• Investing now in preparation of full commercialisation• Enable other projects using Q-Sphera technology (e.g. Opsisporin), to
capture more value
Peak market potential c$100m p.a. (c5% market share)• Self-commercialisation planned in the USA• Centurion out-licence achieved for Turkish rights
Long-acting formulation of Octreotide acetate for chronic treatment of carcinoid (cancer) and acromegaly
Market worth over $2bn (Sandostatin LAR $1.6bn)
1
2
3
4
5
Uses Midatech’s polymerMicrosphere technology
Q-Octreotide (MTD201)
15
Positive pre-clinical data• Compares favourably with Sandostatin
LAR• Pharmacokinetic data correlates well
with PD effects• Injections well tolerated with no site
reactionSteps to commercialisation• Pilot human studies planned 2017,
followed by pivotal studies in H2 2017• Marketing authorisation submission
anticipated in the period 2018
Advantages• Significantly faster to reconstitute than
Sandostatin• Self administration with smaller needle vs. IV
in clinic
Market entry plan• Product could be commercially available in
2019/20 with (internal) estimated peak sales of $100m
• Representing c.5% of $2bn a year market
Uses Midatech’s polymerMicrosphere technology
DIPG: Diffuse Intrinsic Pontine Glioma (MTX110)
16
Direct administration of Midatech Nanotherapeutics into the tumour through Convection Enhanced Delivery (CED):• Delivers therapeutic constructs via a series of catheters fixed directly into
the substance of the tumours
Ultra-high unmet need, potential orphan indication• No treatment options currently available
Compassionate use/named patient programme: MTX110 • Five patients treated with MTX110 to date UK and US• First patient continues to be infused monthly (10 infusions to date)
Ultra rare childhood brain tumour• c.1,000 cases / year worldwide• Median survival 9 months; universally fatal
1
2
3
4
Uses Midatech’s nano-inclusion technology
DIPG: Diffuse Intrinsic Pontine Glioma (MTX110)
17
Uses Midatech’s nano-inclusion technology
Research & Development next steps:• Regulatory interactions throughout
2017 – high level of support for program by regulatory agencies
• MTX110: planning for main US and EU studies at advanced stage –estimated start H2 2017
• MTX111: follow-on programme
MTX 111• Other DIPG constructs in R&D:
Maytansinoids (AT), Doxorubicin (TPI2), Irinotecan (TPI1), HDACi’s
Market entry plan• FDA study requirement TBC• File for pivotal study in Europe• Product could be commercially
as early as 2019• Market entry plan via CED
Centres of Excellence in USA/EU/RoW – c.5 in each region
Midatech GNPs targeted for HCC (MTR104)
18
Currently in pre-IND development• Particle construction & targeting complete• Two step targeting – passive to liver and active to tumour cell receptors• Plan to file for FIH study in Q4 2017
Significant progress to date• Manufacturing scale up underway to GMP• Orphan Designation applied for • Clear dose responses• Very significant tumour suppression seen at 450μg/kg
Peak market potential >$500m p.a.• Co-promote / Midatech own sales force in the USA• Global partner sought to co-develop this program
Compelling data to date shows animals thrive on targeted chemo, at a dose level (450μg/kg) that is lethal without the GNP
HCC market forecast to be worth $550m by 2024• Sorafenib only current approved product but limited efficacy and too
toxic for most patients
1
2
3
4
5
Uses Midatech’s gold nanoparticle technology
GNP conjugation improves tolerance to an otherwise lethal dose of DM1
MTR104 – MTC 100038 arrests tumour growth
19
Uses Midatech’s gold nanoparticle technology
Tumour volume in NOD/ SCID mice hosting Hep3B Human HCC cells
2016 financial highlights
• Total gross revenues for the year up 510% to £9.21m (2015: 844% to £1.51m)
• Statutory revenue for the year up 718% to £6.38m (2015: 2,500% to £0.78m)
• £17.61m cash and deposits at 31 December 2016 (2015: £16.18m)
• Net loss after tax of £20.16m (2015: £10.10m) with net cash inflow in the year of £0.97m (2015: £14.17m outflow)
• Tax credit receivable of £1.44m (2015: £1.20m)
• Entered into a senior secured £6 million loan agreement with Silicon Valley Bank in Q1 2017
• October 2016 Gross £16.7m Equity Raise completed in London
21
2017 possible news flow
22
• Q-Octreotide human pilot study to commence in Q2/Q3 2017 with pivotal study in Q4 2017
• Further updates on brain tumour cancer therapy programme (DIPG) for compassionate use patients
• Lead candidate selected for HCC - orphan status and possible IND submission
• Further preclinical data across multiple programmes
• Licensing of Bilbao facility to GMP manufacture Q-Sphera based products like Q-Octreotide
• Expansion (Ph4) study for Gelclair in bone marrow transplant in USA
• Filing for potential pivotal studies in the USA and Europe for MTX110
Summary
23
On-track for execution of three-pronged strategy for growth and value creation• Continue to invest in products and technology to drive value for stakeholders in the business• Developing novel pre-clinical and clinical portfolio pipeline• Seeking attractive acquisition targets, products and technology• Strong cash position to drive towards profitability
Leading proprietary platform technologies
• Gold nanoparticles• Sustained-release delivery• Targeted delivery and release of existing therapeutics to the “right place” at the “right time”
Midatech Pharma an international specialty pharma company• Focused on development and commercialisation of multiple high-value, targeted therapies for
major diseases with unmet medical needs• US commercial arm has six products in oncology treatment and supportive care, driving revenue
growth• Own product launches from 2018-19 at high margin
Photograph of section through needle showing microspheres
Representation of a gold nanoparticle
Glioblastoma (GBM) (MTR103)
25
Combined targeting and therapeutic
• Development in conjunction with Dana Farber institute
• Candidate selection planned Q3 2016
• IND enabling to commence by end of 2016
• Filing for marketing authorisation anticipated by 2018
Survival typically 12 to 15 months
• Less than 5% surviving greater than five years
Orphan indication – Orphan Drug Designation application to be submitted
• GNP’s targeted to bind tumour specific receptors on GBM cells; internalised GNPs developed to release therapeutic payload intracellularly
• GNP design customised to maximise uptake for specific GBM indication
Worldwide estimated 240,000 cases of brain and nervous system tumours per year
• GBM is most common, and most lethal, of these tumours
Systemic and intra-tumoural administration
01
02
03
04
05
OpsiSporin (MTD202)
26
Development pathway
• IND enabling to commence approx. Q4 2017
• Toxicology program will complete approx. Q4 2018
• Phase I to commence approx. Q4 2018 or Q1 2019
Successful PoC completed in several animal models
• Clear dose response established in prophylactic model
• Efficacy to be established in therapeutic model
• Terminal sterilisation study underway
Intravitreal injection via 27-30G needle directly to vitreous and posterior eye, with minimal transfer to the blood
Orphan indication. Orphan Drug Designation application to be submitted September 2016
Advantages• Product will be steroid and
immunosuppressant sparing• Delivered intravitreal at 1000 fold lower
doses than oral cyclosporine• Currently no approved intravitreal
cyclosporine or other immunosuppressant treatment option available
OpsiSporin is injectable sustained release formulation of cyclosporine for treatment of non-infective uveitis
Uveitis growing rapidly ~$1.3bn market, current treated by eye drops, immuno-suppressives or systemic
01
02
03
04
05
27
Consolidated income statement
(audited) Year ended 31 Dec 2016
Year ended31 Dec 2015
£'000 £'000
Gross revenue 8,659 914Grant revenue 547 600
_______ ________Total revenue 9,206 1,514
_______ ________
Total net revenue 6,923 1,375
Cost of sales (667) (70)_______ ________
Gross profit 6,256 1,305
Research and development costs (6,684) (5,920)Distribution costs, sales and marketing (9,523) (374)Administrative costs (9,222) (7,929)Impairment of intangible asset (11,413) -
_______ ________Loss from operations (30,586) (12,918)
Finance income 1,337 1,691Finance expense (73) (5)
_______ ________
Loss before tax (29,322) (11,232)
Taxation 9,160 1,133_______ ________
Loss after tax attributable to the owners of the parent (20,162) (10,099)________ ________
Loss per share Basic and diluted loss per ordinary share – pence (56p) (36p)
(audited) As at31 Dec 2016
As at31 Dec 2015
£’000 £’000Non-current assetsProperty, plant and equipment 2,766 1,984Intangible assets 31,172 41,339Other receivables due in greater than one year 448 425
_______ _______
34,386 43,710_______ _______
Current assetsInventories 817 459Trade and other receivables 2,439 2,496Taxation 1,439 1,201Cash and cash equivalents 17,608 16,175
_______ _______
22,303 20,331_______ _______
Total assets 56,689 64,041_______ _______
Non-current liabilitiesBorrowings 1,620 1,508Deferred tax liability - 6,547
_______ _______
1,620 8,055_______ _______
Current liabilitiesTrade and other payables 8,407 7,084Borrowings 538 442Derivative financial liability – equity settled 400 1,573
_______ _______
9,345 9,099_______ _______
Total liabilities 10,965 17,154_______ _______
28
Consolidated balance sheet
29
Consolidated cash flow statement
(audited) Year ended 31 Dec 2016
Year ended31 Dec 2015
£’000 £’000
Cash used in operations (14,736) (13,067)
Taxes received 1,650 646_______ _______
Net cash used in operating activities (13,086) (12,421)_______ _______
Investing activitiesPurchases of property, plant and equipment (1,347) (922)Purchase of intangibles (19) (3)Acquisition of subsidiary, net of cash acquired - 1,867Acquisition of business - (2,528)Interest received 164 53
_______ _______Net cash used in investing activities (1,202) (1,533)
Financing activitiesInterest paid (74) (5)Payments to finance lease creditors (69) (49)Repayment of borrowings (235) (165)Issue of borrowings 65 -Loan finance raised - -Share issues net of costs 15,568 -
_______ _______Net cash (used in)/generated from financing activities 15,255 (219)
Net (decrease)/increase in cash and cash equivalents 967 (14,173)
Cash and cash equivalents at beginning of year 16,175 30,325
Exchange gains on cash and cash equivalents 466 23_______ _______
Cash and cash equivalents at end of year 17,608 16,175_______ _______
GNP ASI immunotherapy vaccine (MTX102)
30
• Combination of Midatech GNP technology and Antigen Specific Immunotherapy (ASI) • 20% of population suffer from autoimmune disease
• Current autoimmune treatments suppress whole immune system which increases risk of infection and cancer
• GNP ASI stimulates a disease-regulating response without affecting the rest of the immune system
• Initial focus is largest autoimmune disease, diabetes, however the programme also has broad potential applicability in oncology
• Positive pre-clinical data• GNP ASI substantially enhances disease-regulating response
• Preferentially targets specific immune cells
• Clinical and commercial production• Manufactured in-house with fill and finish by CMO
• Development • Phase I study due to commence in Q3 2016 and meeting
will be held in Q4 2016, completing in 2017
• Regulatory approvals for studies obtained in UK and Sweden
Immunotherapy ‘pipeline’
Antigen Specific Immunotherapy (ASI):• GNP ASI data suggests enhanced tolerogenic response in autoimmune disease
Dendritic or Peptide Vaccine• GNP peptide conjugates enhance proliferation of cytotoxic antigen-specific CD8+ T cells
Tumour Associated Macrophages• GNP conjugates activate M2 macrophages towards a classical M1 cancer killing phenotype
31