SAN JOSE, Calif. – Anixa Biosciences, Inc. (NASDAQ: NASDAQ:ANIX), a biotech company specializing in cancer treatment, has started treating the fourth patient in its phase 1 clinical trial for a novel ovarian cancer therapy. The trial, conducted in partnership with Moffitt Cancer Center, is testing a chimeric antigen receptor T-cell (CAR-T) therapy designed for patients with recurrent ovarian cancer who have not responded to at least two prior treatments.
This first-in-human trial has safely completed the initial phase with three patients, allowing the company to progress to a higher dosage for the new cohort. The fourth patient received a triple dose of the CAR-T cells compared to the first cohort. Anixa's technology targets the Follicle Stimulating Hormone Receptor (FSHR) on ovarian cells, which is also present in tumor vasculature, potentially offering a more precise treatment approach.
Dr. Amit Kumar, Anixa's CEO, expressed optimism about the trial's progression, noting the absence of safety issues in the initial cohort and the potential efficacy of their cell therapy in solid tumors. Dr. Robert Wenham, the trial's Principal Investigator, highlighted the specificity of the target and the intraperitoneal administration method, which could help direct the engineered T-cells to the tumor sites and reduce potential adverse effects such as cytokine release syndrome.
Anixa's CAR-T technology, known as CER-T, involves autologous T-cells engineered to target FSHR. This receptor is found on ovarian granulosa cells and is not typically present in other tissues, which may help in minimizing off-target effects.
The company's broader mission includes developing therapies and vaccines for various cancers, with a vaccine for triple negative breast cancer and ovarian cancer in its pipeline.
The information presented is based on a press release statement from Anixa Biosciences, Inc.
InvestingPro Insights
As Anixa Biosciences (NASDAQ: ANIX) advances its innovative CAR-T therapy through clinical trials, investors and industry watchers are closely monitoring the company's financial health and market performance. According to InvestingPro data, Anixa has a market capitalization of $143.02 million, indicating a moderate level of investor interest in this niche biotech player. The company's Price to Book (P/B) ratio stands at 5.88 as of the last twelve months ending Q4 2023, which is relatively high, suggesting that the stock is trading at a premium compared to the company’s book value.
Despite the challenges of profitability in the biotech sector, particularly for companies focused on research and development like Anixa, InvestingPro Tips highlight that the company holds more cash than debt on its balance sheet, which is a positive sign for its financial stability. Furthermore, liquid assets exceed short-term obligations, providing Anixa with a cushion to fund ongoing operations and research efforts. However, analysts do not anticipate the company will be profitable this year, and it's trading at a high revenue valuation multiple, reflecting the speculative nature of investing in a company at this stage of development.
On the bright side for investors, Anixa has experienced a strong return over the last three months, with a price total return of 53.92%. This could be indicative of growing investor confidence as the company progresses through its clinical trials. It's important to note that Anixa does not pay a dividend, which is common for companies that are still in the development phase and not yet generating significant revenues or profits.
For those interested in digging deeper into Anixa Biosciences' financials and market performance, InvestingPro offers additional insights and metrics. There are currently 6 more InvestingPro Tips available for ANIX, which can provide a more comprehensive understanding of the company's potential and risks. Interested readers can take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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