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txcell

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TxCell

Humanised CAR Tregs are a key step forward

Update | Pharmaceutical & healthcare | 09 Oct 2017

TxCell has announced it has a promising humanised CAR-Treg product that can be developed to control graft rejection in solid organ transplant. A trial is planned to start in late 2018. CAR Tregs offer a powerful and versatile new approach to immune system disorders; multiple sclerosis, lupus nephritis and the skin disorder bullous pemphigoid are also targets. TxCell had cash of EUR 8.68m on 30 June. The indicative market cap has been rebased onto CAR Treg indications and is now EUR 84.4m, formerly EUR 74m.

TxCell

Getting production in order

Update | Pharmaceutical & healthcare | 11 Jul 2017

TxCell has agreed an important manufacturing supply contract with Lentigen, a German-US producer of the critical lentivirus reagent essential for modifying T-cells. This is a core element for the development of CAR-modified regulatory T-cells (CAR Treg). Production of any modified T-cell therapy is complex and companies need to be able to scale up production and keep costs and prices under control. In 2018, warrants could bring a further EUR 10.8m in cash covering costs until the IND is filed for the first ever CAR Treg clinical trial. Our indicative valuation remains at EUR 74m.

TxCell

Aiming for first CAR Treg

Update | Pharmaceutical & healthcare | 14 Mar 2017

TxCell's novel CAR-modified regulatory T-cell (CAR Treg) platform continues to develop well. TxCell has four indications in preclinical development with the first ever CAR Treg trial, in transplant rejection, anticipated by TxCell to start by late 2018. This could provide powerful clinical proof-of-concept data by 2020. In 2017, an €11.1m gross rights issue provided funding for 2017 with an operational cash use of €13m guided by management. In 2018, warrants could bring a further €10.8m in cash covering costs until the IND is filed for the first ever CAR Treg clinical trial. The indicative market cap remains at €74m.

TxCell

Exciting CAR opportunities; multiple indications

Outlook | Pharmaceutical & healthcare | 28 Feb 2017

TxCell’s novel CAR-modified regulatory T-cell (CAR Treg) platform is developing well. CAR Tregs offer a powerful and versatile new approach to autoimmune and immune system disorders. TxCell has four indications in preclinical development with the first ever CAR Treg trial, in transplant rejection, anticipated by TxCell to start by late 2018. This could provide powerful clinical proof-of-concept data by 2020. Ovasave for Crohn’s disease remains as a clinical-stage project but is currently on hold. TxCell used a convertible loan facility in 2016 drawing EUR 4.9m in cash. The indicative market cap is now EUR 74m and focussed onto CAR Treg.

TxCell

Increasing CAR Treg emphasis

QuickView | Pharmaceutical & healthcare | 09 Nov 2016

TxCell's new and novel CAR-modified regulatory T-cell (CAR Treg) platform has developed rapidly since June with three key academic collaborations aimed at progressing a range of indications including an important one aimed at controlling transplant rejection. CAR Treg trials may start from 2018. The Ovasave Crohn's Phase IIb will now start in 2018, formerly H216, with faster manufacturing. We expect a cash inflow in H216 of €7m with forecast cash of €3.5m at year end after a cash burn of €12m.

TxCell

Increasing CAR Treg emphasis

Update | Pharmaceutical & healthcare | 28 Oct 2016

TxCell's new and novel CAR-modified regulatory T-cell (CAR Treg) platform has developed rapidly since June with three key academic collaborations aimed at progressing a range of indications including an important one aimed at controlling transplant rejection. CAR Treg trials may start from 2018. The Ovasave Crohn's Phase IIb will now start in 2018, formerly H216, with faster manufacturing. We expect a cash inflow in H216 of €7m with forecast cash of €3.5m at year end after a cash burn of €12m.

TxCell

Global CAR Tregs licence and 2016 funding

Update | Pharmaceutical & healthcare | 24 Jun 2016

TxCell offers a rare opportunity in the regulatory T-cell (Treg) area. A global licence to a key CAR Tregs patent has been secured after European patent grant. This gives a strong blocking position and improves the potential for technology and platform deals. TxCell has also gained, in a complex convertible warrant deal, €5m of funding to cover non-clinical activities until mid-2017. A further €15m is available. Adding the new shares and warrants to be issued in H216 at the current share price gives an indicative value of €6.30/share. By 2018 a scenario value could be over €300m with good Phase IIb Ovasave data and partnering with CAR progression.

TxCell

Two valuable and versatile platforms

Initiation | Pharmaceutical & healthcare | 31 May 2016

TxCell offers a rare investment opportunity in the regulatory T-cell (Treg) area with major potential in inflammatory and autoimmune disorders. TxCell is restarting the Ovasave Phase IIb study in refractory Crohn's disease; data is due by early 2018. A flexible CAR Treg platform is being actively developed with a leading academic partner to address possible markets like lupus nephritis and perhaps multiple sclerosis. The indicative value is €7.08/share before further funding of an expected €27m over 2016-17. By 2018 a scenario value, given good Phase IIb Ovasave data and partnering plus CAR progression, could be over €300m.