We are initiating coverage on Cellular Bi (NASDAQ:CBMG), a trans-Pacific cell therapy company developing products in China and the US. It has two ongoing Phase I clinical trials of CD19 chimeric antigen receptor T-cell (CAR-T) therapies for blood cancers in China. Additionally, it is adapting its knee osteoarthritis (KOA) treatment ReJoin as an allogeneic product, AlloJoin, which it hopes to develop in the US after a 2017 or 2018 IND. We arrive at an initial valuation of $191.6m or $13.58 per share.
Chinese CAR-T trials ongoing
CBMG has two ongoing Phase I studies using its CD19 CAR-T therapy for the treatment of diffuse large B-cell lymphoma (DLBCL) and adult acute lymphoblastic leukemia (ALL). The major Western CAR-T developers Kite and Juno have a have licensed the technology in China, but have not started trials to our knowledge. Data are expected for the CBMG trials around year end 2017.
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