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Currency in USD
Last close As at 07/06/2023
USD1.97
▲ −0.07 (−3.43%)
Market capitalisation
USD30m
Research: Healthcare
Immix Biopharma continues to share encouraging data from the Phase Ib/II open-label NEXICART-1 trial. This study is investigating NXC-201, a CAR-T therapy, for the treatment of multiple myeloma (MM) and light chain amyloidosis (ALA). At the European Society for Blood and Marrow Transplantation 49th Annual Meeting in Paris, Immix announced positive results for the 58 patients enrolled so far. An overall response rate (ORR) of 92% was reported for patients with MM, and an ORR of 100% for patients with ALA. The therapy has also continued to show a favorable safety profile, building on a comprehensive data package to support NXC-201 as the first potential outpatient CAR-T therapy, offering significant market differentiation, in our view. Management plans to submit a biologics license application (BLA) for FDA approval in MM once 100 patients have been treated, and in ALA once 30–40 patients have been treated.
Immix Biopharma |
CAR-T treatment continues to show promise |
Clinical update |
Pharma and biotech |
28 April 2023 |
Share price performance
Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
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Immix Biopharma continues to share encouraging data from the Phase Ib/II open-label NEXICART-1 trial. This study is investigating NXC-201, a CAR-T therapy, for the treatment of multiple myeloma (MM) and light chain amyloidosis (ALA). At the European Society for Blood and Marrow Transplantation 49th Annual Meeting in Paris, Immix announced positive results for the 58 patients enrolled so far. An overall response rate (ORR) of 92% was reported for patients with MM, and an ORR of 100% for patients with ALA. The therapy has also continued to show a favorable safety profile, building on a comprehensive data package to support NXC-201 as the first potential outpatient CAR-T therapy, offering significant market differentiation, in our view. Management plans to submit a biologics license application (BLA) for FDA approval in MM once 100 patients have been treated, and in ALA once 30–40 patients have been treated.
Year |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/21 |
0.0 |
(1.31) |
(0.36) |
0.0 |
N/A |
N/A |
12/22 |
0.0 |
(7.70) |
(0.55) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(15.44) |
(1.11) |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(16.03) |
(1.15) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.
The NEXICART-1 trial (NCT04720313) is an ongoing Phase Ib/II open-label study to investigate the safety and efficacy of NXC-201, a B-cell maturation antigen (BCMA) targeting CAR-T therapy, in adults with relapsed or refractory MM and ALA. The Phase Ib portion of the study demonstrated favorable safety and tolerability, while identifying the recommended Phase II dose (RP2D) of 800m cells. The Phase II portion of the study is evaluating the safety and efficacy of NXC-201 at the RP2D.
Immix has shared positive data from the 58 patients treated so far. In MM (n=50), where patients had not undergone prior treatment with BCMA targeting therapies, an ORR of 92% was observed, and with a median progression free survival of 12.3 months, as of the 9 February 2023 data cutoff. The current standard of care for MM typically includes a combination of chemotherapy (such as proteasome inhibitors), immunomodulatory agents and steroids, however, more targeted therapies are emerging to address relapses. These technologies range from monoclonal antibody therapies (such as Darzalex) to CAR-T therapies (such as Carvykti and Abecma). However, we note that toxicity remains a limitation of these approved approaches, offering a significant opportunity for NXC-201, in our view, provided that the therapy continues to show a desirable safety profile.
Immix recently also shared an update on the patients with ALA (n=8), which showed an ORR of 100%. Further details on this can be found in our previous note covering this study. Patient enrolment is ongoing for the NEXICART-1 trial (expected n=100) and management has communicated that it plans to submit a BLA for FDA approval in MM once 100 patients have been treated with NXC-201, and in ALA once 30–40 patients have been treated.
As a reminder, NXC-201’s clinical development is currently being independently financed by a subsidiary of Immix (Nexcella, of which Immix owns 98%).
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Research: TMT
Vantiva’s Q1 trading update shows the group is on track to meet FY23 guidance, with a strong performance from the larger Connected Home (CH) segment (80% of Q123 revenue), and a more difficult trading backdrop for Supply Chain Solutions (SCS). CH’s revenue was up 8.7% on Q122 at constant currency (ccy), with good growth in North America and double-digit progress in Europe and Latin America driven by improved supply conditions and growing market share. SCS’s revenue retrenched 25.4%, weighed down by delays in releases by the major studios. Our forecasts are unchanged, and the shares still sit well below our DCF valuation.
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