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Cellular Biomedicine Group

CBMG and Novartis sign manufacturing partnership

Update | Pharmaceuticals & healthcare | 05 Oct 2018

Cellular Biomedicine Group (CBMG) announced it has signed an exclusive partnership with Novartis to manufacture the CAR-T therapy Kymriah in China. Novartis retains all marketing responsibility and CBMG will be entitled to both a mark-up on manufacturing costs and an escalating single-digit royalty on sales. Additionally, Novartis will take an equity stake in CBMG of approximately 9%: $40m at $27.43/share. Our valuation is lifted to $535m (from $353.1m).

Foresight Autonomous Holdings

Time to shine

Update | Technology | 17 Apr 2018

Foresight (FRSX) is an innovator in automotive vision and cellular V2X accident prevention systems. In Q118, the group launched its QuadSight demo system at CES. It expects to have a prototype by mid-2018 and to launch live demonstrations, which should lead to pilot trials later this year. Also launched in Q118 and about to be spun into its own subsidiary, FRSX’s mobile phone-based Eye-Net solution further extends the safety theme, with real-time collision alerts to pedestrians and drivers. Despite this progress, we are concerned that the recent fatalities caused by autonomous vehicles and greater government scrutiny of the tech sector could increase industry caution and set back industry timelines, leading us to push back our FRSX revenue forecasts. We nevertheless see the company as well positioned to benefit from greater industry focus on safety and its primary orientation to ADAS rather than fully autonomous vehicles. We also note its stake in Rail Vision with its highly prospective rail ADAS products. Our DCF valuation remains at NIS4.99 per share.

Cellular Biomedicine Group

Results from AlloJoin Phase I

Update | Pharmaceuticals & healthcare | 04 Apr 2018

In March 2018, Cellular Biomedicine Group (CBMG) announced results from the Phase I study of AlloJoin for knee osteoarthritis (KOA). The primary endpoint was safety, and the adverse event (AE) profile was similar to previous studies, with pain and swelling as the primary effects. The company did not release detailed efficacy data, but it appears that the treatment effect was sustained for 48 weeks, and it appeared to stop cartilage degradation.

Foresight Autonomous Holdings

Eye-Net to start trials - alpha version due end Q1

Flash note | Technology | 15 Feb 2018

Foresight has announced that it has completed the demo version of Eye-Net, its cellphone-based accident cell phone prevention system, and is now looking to complete the alpha version by the end of Q118. Eye-Net is a vehicle to infrastructure (V2X) system, which provides real-time alerts over standard cellular networks of potential accidents between pedestrians and vehicles as well as between vehicles themselves. To date, the company has carried out more than 15 successful demonstrations, in all of which it was able to alert users in time to enable them to brake safely. We see Eye-Net as a value enhancer for the Foresight group, which to date has focused on using autonomous safety features for vehicles and rail users.


New V2V order from leading tier one company

Flash note | Technology | 07 Dec 2017

TerraNet has announced a new order worth SEK950k ($113k) from a world-leading provider of passive and active safety in the automotive sector. TerraNet is already working with this tier one company to provide sensor-based vehicle communications for offline and non-cellular network services (using TerraNet’s know-how in direct device-to-device Wi-Fi based wireless communication). This specific order is for the continued development of LTE (long-term evolution – or 4G wireless technology) for use in autonomous vehicles. This order is a particularly important verification of the group’s progress in bringing its direct Wi-Fi communications expertise to the LTE space, which is widely expected to become the communication medium of choice for vehicle-to-vehicle (V2V) communications in the future. On this basis, the development of a software module for sale by a leading tier one provides substantial upside potential for the group.


TCR clinical trial initiation imminent

Update | Pharmaceuticals & healthcare | 09 Nov 2017

Medigene’s Q3 results are in line with our forecasts. The company has submitted its Phase I/II clinical trial application for its lead TCR cellular immunotherapy product candidate MDG1011 and anticipates initiation of the trial by year end. In addition to the upcoming trial initiation, Medigene has made numerous scientific and technological achievements in 2017, including presentations on its automated TCR identification platform and preclinical data on MDG1011. Partners have presented compassionate use data on DC vaccines in AML. We value Medigene at EUR 316m (EUR 14.3/share).

Cellular Biomedicine Group

Cell therapy for China and the US

Initiation | Pharmaceuticals & healthcare | 02 Oct 2017

We are initiating coverage on Cellular Biomedicine Group (CBMG), a trans-Pacific cell therapy company developing products in China and the US. It has two ongoing Phase I clinical trials of CD19 chimeric antigen receptor T-cell (CAR-T) therapies for blood cancers in China. Additionally, it is adapting its knee osteoarthritis (KOA) treatment ReJoin as an allogeneic product, AlloJoin, which it hopes to develop in the US after a 2017 or 2018 IND. We arrive at an initial valuation of $191.6m or $13.58 per share.

T‐cell cancer therapies

Looking beyond CD19 for the next opportunities

Comment | Pharmaceuticals & healthcare | 27 Sep 2017

CD19 CAR-T therapy gives dramatic responses in some B-cell cancers covering 1.4% of US cancers and about 1% of deaths, 6,500. However, the major T-cell therapy opportunities are in MM, AML and major solid cancers with over 1.2m new US cases and 450,000 deaths a year. CAR-T competes in MM and AML but lacks the antigens to attack solid cancers. Celyad's NKR CAR T-cell therapy targets stress antigens with multi-indication potential in AML, MM and solid cancers. The T-cell receptor approach has high specificity and versatility but with specific patient segmentation. Non-cellular therapies (BiTEs and checkpoint inhibitors) could be synergistic.

Cellular Biomedicine Group

A transpacific cell therapy company

QuickView | Pharmaceuticals & healthcare | 02 May 2017

Cellular Biomedicine Group (CBMG) has seven preclinical CAR-T programs and two Phase I clinical trials using its CD19 CAR-T therapy in China, making it the only US-traded CAR-T company in this market. It has rights to the Dendristim lung cancer vaccine. In addition, it is adapting its osteoarthritis (OA) treatment ReJoin as an allogeneic product, AlloJoin, which will be developed in the US after an IND in 2017 or 2018.

Avanti Communications

Major contract win

Update | Aerospace & Defence | 09 May 2016

Avanti has announced a major new cellular backhaul contract with EE in the UK, demonstrating continued growth in this important segment of demand. The upcoming Q3 trading statement will provide an opportunity for Avanti to update and reassure the market that it remains on track to deliver on its plans. As this becomes increasingly evident, we would expect the shares to progressively reflect the potential of the cash-flow based valuations, which suggest substantial current undervaluation, with further upside potential as risk retires over time.


Resilience in troubled times

QuickView | Technology | 17 Mar 2016

AsiaCell is the leading cellular operator in Iraq in revenue terms, with a 37% subscriber market share and network coverage of 99% of the Iraqi population. Despite network suspensions arising from insurgent activity in Iraq, AsiaCell has consistently remained profitable over the last six years. A new 20% sales tax on top-up cards and post-paid services, deterioration in Iraq's economy on lower oil prices and a worsening security situation o causing more network suspensions o resulted in 9M15 EBITDA falling 28% y-o-y. We see potential for further deterioration in EBITDA in 2016, but the stock presents significant upside potential from current levels in the event of an improvement in the security situation in Iraq.


Mixed fortunes

Update | Pharmaceuticals & healthcare | 10 Feb 2016

Genticel has announced the Phase II results of its GTL001 vaccine to treat early-stage human papillomavirus 16 and 18 (HPV 16 and 18) infections. The primary 12-month endpoint, focused on women with early cervical cellular abnormalities, was not achieved. Positively, in the subgroup of women with normal cytology, a significant clearance rate was seen. Further clearance data after 18 months are expected by Q316 and management expects this to enable Phase III preparations and partnering.