Immix Biopharma’s lead asset, IMX-110, is being investigated in a Phase Ib/IIa study for the treatment of soft tissue sarcoma and a Phase Ib trial in advanced solid tumors in combination with tislelizumab. Its pre-clinical pipeline is based on tissue-specific therapeutics (TSTx) technology.
With IMX-110 Immix is targeting the soft tissue sarcoma market, a rare cancer with c 13,000–16,000 new cases reported in the United States each year and limited safe and effective treatment options. IMX-110’s combination study may further expand the drug’s offering into new indications.
Healthcare |
Flash note
Healthcare |
Flash note
Healthcare |
Update
Healthcare |
Flash note
Dr Ilya Rachman
CEO
Gabriel Morris
CFO
Forecast net debt (US$m)
15.1
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 46.5 | 13.4 | 100.7 |
Relative | 48.8 | 13.7 | 70.9 |
52 week high/low | US$3.5/US$0.8 |
Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for amyloid light chain amyloidosis (ALA). This occurred approximately a month after the announced ODD for multiple myeloma (MM), the other indication that Immix is pursuing with NXC-201. The benefits of ODD include seven years of US market exclusivity post approval, tax credits for qualified clinical trials and exemption from the Prescription Drug User Fee (c $3m for a new drug). ODD is issued to drugs/biologics intended for the safe and effective treatment, diagnosis or prevention of rare diseases/conditions that affect fewer than 200k people in the US. Achieving ODD in both MM and ALA marks an important development for the progress of NXC-201, which has shown encouraging signs on both the clinical and regulatory fronts. We believe that the next readout (expected in September 2023) from the ongoing NEXICART-1 trial could be a significant catalyst for the company.
Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2021A | 0.0 | (1.4) | (1.3) | (35.91) | N/A | N/A |
2022A | 0.0 | (8.2) | (7.7) | (55.49) | N/A | N/A |
2023E | 0.0 | (12.7) | (12.3) | (83.87) | N/A | N/A |
2024E | 0.0 | (16.2) | (15.8) | (97.28) | N/A | N/A |