Chimeric Therapeutics (ASX:CHM) is a clinical-stage cell therapy company focused on developing and commercialising a range of chimeric antigen receptor T (CAR T) cell therapies targeting haematological cancers and solid tumours. CHM was founded in 2020 by its Executive Chairman, Paul Hopper, and listed on the ASX on 18 January 2021, raising A$35m from the sale of 175m shares at A$0.20/share. At the time of the IPO, CHM had licensed from the City of Hope (COH) Cancer Centre in Los Angeles the CLTX CAR T targeting solid tumours. CHM has subsequently expanded its portfolio to include CDH17 CAR T, secured from the University of Pennsylvania, which is being studied for use in the treatment of gastrointestinal cancers and neuroendocrine tumours. CHM intends to develop and commercialise its CAR T therapies for its own use, for a possible licensing or distribution arrangement, or possible sale to a leading global pharmaceutical company. We have valued CHM at a mid-case of A$243m or A$0.74/share (A$0.67/share fully diluted for all options), using a risked NPV based on our assumptions for CLTX CAR T therapy for recurrent GBM, which is currently in Phase I trials. Our valuation range is from A$0.50/share to A$0.93/share on the current share count. We expect to revisit the portfolio valuation as the company progresses these assets beyond the pre-clinical stage.
29 Nov 2021
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Chimeric Therapeutics Limited (CHM:ASX) | 0 0 0.0%
- Published:
29 Nov 2021 -
Author:
John Burgess | Clare Porta -
Pages:
34
Chimeric Therapeutics (ASX:CHM) is a clinical-stage cell therapy company focused on developing and commercialising a range of chimeric antigen receptor T (CAR T) cell therapies targeting haematological cancers and solid tumours. CHM was founded in 2020 by its Executive Chairman, Paul Hopper, and listed on the ASX on 18 January 2021, raising A$35m from the sale of 175m shares at A$0.20/share. At the time of the IPO, CHM had licensed from the City of Hope (COH) Cancer Centre in Los Angeles the CLTX CAR T targeting solid tumours. CHM has subsequently expanded its portfolio to include CDH17 CAR T, secured from the University of Pennsylvania, which is being studied for use in the treatment of gastrointestinal cancers and neuroendocrine tumours. CHM intends to develop and commercialise its CAR T therapies for its own use, for a possible licensing or distribution arrangement, or possible sale to a leading global pharmaceutical company. We have valued CHM at a mid-case of A$243m or A$0.74/share (A$0.67/share fully diluted for all options), using a risked NPV based on our assumptions for CLTX CAR T therapy for recurrent GBM, which is currently in Phase I trials. Our valuation range is from A$0.50/share to A$0.93/share on the current share count. We expect to revisit the portfolio valuation as the company progresses these assets beyond the pre-clinical stage.