Currency in USD
Last close As at 09/06/2023
USD2.03
▲ 0.06 (3.05%)
Market capitalisation
USD31m
Research: Healthcare
Immix Biopharma has announced the in-licensing of NXC-201, a novel chimeric antigen receptor T-cell (CAR-T) therapy, which has shown high response rates in multiple myeloma and AL amyloidosis. The newly formed company, Nexcella, a subsidiary of Immix, will progress NXC-201 through a Phase Ib/II trial in multiple myeloma (MM), which contains a subset with AL amyloidosis (ALA). MM and ALA are diseases with serious unmet medical needs, hence this deal, in our view, could present opportunities for Immix. The company believes NXC-201 has the potential to be the first and only out-patient CAR-T therapy. The drug trial had been sponsored by Hadassah Medical Organization; however, Immix will now assume sponsorship of the study. We await communication from management on the full terms of the deal. As such, our valuation and financial estimates for Immix are under review.
Immix Biopharma |
Potential upside with expansion into CAR-T |
In-licensing announcement |
Pharma and biotech |
19 December 2022 |
Share price performance Business description
Analysts
Immix Biopharma is a research client of Edison Investment Research Limited |
Immix Biopharma has announced the in-licensing of NXC-201, a novel chimeric antigen receptor T-cell (CAR-T) therapy, which has shown high response rates in multiple myeloma and AL amyloidosis. The newly formed company, Nexcella, a subsidiary of Immix, will progress NXC-201 through a Phase Ib/II trial in multiple myeloma (MM), which contains a subset with AL amyloidosis (ALA). MM and ALA are diseases with serious unmet medical needs, hence this deal, in our view, could present opportunities for Immix. The company believes NXC-201 has the potential to be the first and only out-patient CAR-T therapy. The drug trial had been sponsored by Hadassah Medical Organization; however, Immix will now assume sponsorship of the study. We await communication from management on the full terms of the deal. As such, our valuation and financial estimates for Immix are under review.
Year end |
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 |
Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.
NXC-201 is a CAR-T therapy (a type of cell-based immunotherapy which uses modified patient immune cells to target cancers) that targets a protein called B-cell maturation antigen, which is overexpressed in MM. MM is the second most common haematological malignancy after lymphoma. NXC-201 has already demonstrated an 85% overall response rate (ORR), including a 71% complete response rate from the first 20 patients dosed in the Phase Ib/II open-label NEXICART-1 trial (NCT04720313) in Israel, which is assessing the safety and efficacy of the therapy in adults with relapsed or refractory MM. Immix will continue to enrol patients into NEXICART-1 (anticipated enrolment n=48). MM is the second most common haematological malignancy, for which relapse after initial remission is still a common problem. Immix believes NXC-201 could address this unmet medical need.
In addition, NXC-201 has also shown a 100% ORR and 100% organ response rate in four relapsed/refractory ALA patients in the NEXICART-1 study. ALA is a rare but serious multisystem disease that can be fatal and is currently incurable. Given the indication for which NXC-201 has already demonstrated activity (albeit in small patient populations), we believe the in-licensing may present considerable opportunities for Immix. We expect management to communicate the full terms of the deal and its development plans soon. For now, our financial estimates and valuation are under review.
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Research: Healthcare
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