Company
ASX:CHM
Chimeric Therapeutics Ltd, a clinical stage cell therapy company and an Australian leader in cell therapy, is focused on bringing the promise of cell therapy to life for more patients with cancer. The company's world class team of cell therapy pioneers is focused on the discovery, development, and commercialisation of today's most innovative solutions, and has shown a consistent ability to deliver on its objectives.
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Chimeric is offering more than 106.5 million ordinary shares at $0.17 each to raise in excess of $18 million before costs. Funding will be used to support payments under the company’s licence and sponsored research agreements as well as Pha
Chimeric is focused on developing and commercialising a range of chimeric antigen receptor T (CAR T) cell therapies targeting haematological cancers and solid tumours.
The dose levels in the current study cohort were well tolerated, with disease stability also observed in some patients.
Kelly Thornburg has been advising the company as a consultant and will now serve in a leadership role to develop Chimeric’s quality systems and oversee all quality functions.
The company continues to make excellent progress towards a phase 1 clinical trial for CHM 2101 in neuroendocrine tumours and gastrointestinal adenocarcinomas.
“The granting of this key US patent continues the momentum for the intellectual property portfolio underpinning our CLTX CAR pipeline assets, following the recent patent grant in Europe in September," says CEO.
RaaS Advisory has valued Chimeric at a mid-case of A$243 million or A$0.74/share using a risked NPV based on its assumptions for CLTX CAR T therapy for recurrent glioblastoma (GBM), which is currently in Phase I trials.
The Chlorotoxin CAR T cell therapy is the first and best in class CAR T cell therapy which has the potential to address the high unmet medical need of patients with recurrent or progressive glioblastoma.
“Our recent portfolio growth has resulted in the need for expertise that will allow us to rapidly advance our preclinical assets alongside multiple phase 1 clinical trials in solid tumours and blood cancers,” said Chimeric’s CEO Jennifer Ch
The valuation hike is largely attributed to the acquisition of the option to license the CORE-NK cell platform targeting various solid tumours and blood cancers.
The company is developing CAR T cell therapies for solid tumours based on scientific research conducted by the US CAR T experts at the City of Hope Cancer Centre in Los Angeles.
The licensing deal on CORE-NK, a platform developed by Case Western Reserve University in Ohio for next-generation clinical products targeting cancer, will enhance Chimeric's standing as a cell therapy leader.
RaaS expects to revisit the portfolio valuation as Chimeric progresses these assets beyond the pre-clinical stage.
The Phase 1 clinical trial suggests that CLTX CAR T may be effective even against the most aggressive cancers.
“These initial CLTX CAR T clinical data, while early, are highly encouraging as they demonstrate that CLTX CAR T cells are eliciting disease control in recurrent glioblastoma even at the lowest, sub-therapeutic dose level," says CEO.
Diamond Equity Research says: “We are initiating coverage of Chimeric Therapeutics with our valuation model indicating a fair value of A$1.04 per share, contingent on successful execution by the company.”
Phase 1 clinical trial for neuroendocrine and colorectal tumours are planned for 2022, positioning Chimeric to have a minimum of two phase 1 trials underway during 2022.
Chimeric Therapeutics developed CHM 1101 (CLTX CAR T) as a promising chimeric antigen receptor T cell therapy for the treatment of patients with Glioblastoma, the most common and aggressive malignant primary brain tumour in adults.
CHM 1101 is Chimeric’s clinical-stage chlorotoxin CAR T therapy for solid tumours.
The three appointments “bring deep translational expertise in cellular therapy development and are each very respected visionaries and contributors to the field,” says CEO & MD.
