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Last close As at 08/06/2023
USD1.97
▲ −0.07 (−3.43%)
Market capitalisation
USD30m
Research: Healthcare
Immix Biopharma has announced additional data from the ongoing Phase Ib/II open-label NEXICART-1 trial investigating the company’s CAR-T therapy, NXC-201, for the treatment of multiple myeloma (MM) and light chain amyloidosis (ALA). The latest data from the study are related to a subset of the trial population with ALA (n=8) in which all patients have demonstrated a 100% complete hematologic response and 100% organ response rate. NXC-201 also continues to demonstrate a favorable safety profile, which management believes provides the therapy with potential to be used as an outpatient treatment. In our view, this could be an advantage compared to existing CAR-T therapies, which require specialized dosing centers and diligent patient monitoring post treatment.
Immix Biopharma |
Positive data from CAR-T treatment continues |
Clinical update |
Pharma and biotech |
24 March 2023 |
Share price performance Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
Immix Biopharma has announced additional data from the ongoing Phase Ib/II open-label NEXICART-1 trial investigating the company’s CAR-T therapy, NXC-201, for the treatment of multiple myeloma (MM) and light chain amyloidosis (ALA). The latest data from the study are related to a subset of the trial population with ALA (n=8) in which all patients have demonstrated a 100% complete hematologic response and 100% organ response rate. NXC-201 also continues to demonstrate a favorable safety profile, which management believes provides the therapy with potential to be used as an outpatient treatment. In our view, this could be an advantage compared to existing CAR-T therapies, which require specialized dosing centers and diligent patient monitoring post treatment.
Year |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
0.0 |
(0.56) |
(0.51) |
0.0 |
N/A |
N/A |
12/21 |
0.0 |
(1.31) |
(0.36) |
0.0 |
N/A |
N/A |
12/22e |
0.0 |
(5.91) |
(0.43) |
0.0 |
N/A |
N/A |
12/23e |
0.0 |
(8.77) |
(0.63) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.
To date, NXC-201 has generated encouraging initial clinical data, demonstrating a 90% overall response rate (ORR), including a 59% complete response (CR) in relapsed or refractory MM patients. The study (NCT04720313) has so far recruited 58 patients, 50 with MM and eight with ALA. ALA is one of five main types of amyloidosis where there is a current lack of suitable treatment options.
ALA is often linked with MM (15% of MM cases) and, hence, potential treatments for addressing the disease are typically based on those used for MM. The current standard of care for ALA is a four-drug combination of subcutaneous Darzalex with bortezomib, cyclophosphamide and dexamethasone. Alternative treatment approaches include CAR-T cell therapies; however, a key challenge with this approach lies in the toxicity of the therapies for ALA patients. We therefore view NXC-201’s safety profile, as demonstrated to date, as a key attribute in terms of market differentiation.
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: Investment Companies
FY22 was the first year since its inception that CVC Income & Growth (CVC IG) saw a negative NAV total return (TR). Its euro and sterling share classes produced NAV total negative returns of c 8.3% and 6.8%, respectively, which compares with 3.3% and 1.9% negative TRs by the Credit Suisse Western European Leveraged Loan Index (CS WELLI) in euro and sterling terms, respectively. This was primarily the result of downward mark-to-market valuation adjustments (resulting in unrealised losses for CVC IG), driven by price declines in the European loan market amid higher risk aversion. Meanwhile, defaults in the European loan market remained low at 0.4% in 2022, based on the Morningstar European Leveraged Loan Index (with no defaults in CVC IG’s portfolio). Subsequently, European loan markets rebounded strongly in January and February 2023, leading to 6.7% and 6.9% returns for CVC IG’s euro and sterling share classes, respectively (therefore allowing CVC IG to almost fully recoup the 2022 loss).
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