MERSANA THERAPEUTICS, INC. (MRSN)

[jaybe]

Notes from JPM: Moving forward on all fronts...

XMT-1522 - 6th dose cohort enrolling, more than needed for efficacy but will dose to MTD. Likely first data at AACR, abstracts publish March 14. Still presenting all 4 cohorts as accelerated opportunities, increased target population for NSCLC to 90K. Takeda to fund 50% of developement post Phase 1.

XMT-1536 - starting 3rd dose cohort - identified addl. indications in basket cohort, enrolling faster than 1522 (likely due to CRO) so will establish MTD by YE.

New platform - new payload, customized linker - likely a PDB per recent patent apps, DAR of 24 is unprecedented, likely presentation at AACR.

XMT-XXXX - New ADC TBA in 2018, colorectal identified in study, likely presentation at AACR.

Takeda ADC - advanced to pre-IND, eligible for milestones in 2018 of $1-2M.

So 4 drugs in clinic by end of 2018.