Bellicum Pharmaceuticals (BLCM) Update on BP-004 Trials Very Positive - Piper Jaffray

Yesterday, Piper Jaffray analyst, Joshua Schimmer, attended an analyst day Bellicum Pharmaceuticals (NASDAQ: BLCM) hosted to discuss the BP-004 trial data of BPX-501 presented at ASH. The highlight was the resolution of a case of acute GvHD almost instantly after rimiducid administration.

The company did an excellent job of laying out a strong case for BPX-501 as a unique, controllable T cell add-on therapy which has the potential to shift the current haplo-identical HSCT landscape toward a cleaner T cell depletion approach. BLCM specifically addressed concerns that the Johns Hopkins regimen may obviate the need for '501 highlighting some significant deficiencies for that alternative protocol.

Of the 39 patients treated so far, BPX-501 significantly improved immune reconstitution, reduced hospital stay and rate of hospitalization compared to the historical control (same transplant setting without BPX-501 add back). Mortality rate is also significantly reduced as a result of protection that BPX-510 provided to the host against viral infection. The analyst believes that the data looks very promising but may have to be confirmed in a larger controlled study.

Rimiducid was administered in one patient and the skin GvHD was quickly and impressively resolved within an hour.

• BPX-501 has the potential to shift the transplant landscape. For non-malignant indications, the Hopkins regimen requires life-long immune suppression and causes high risk of acute and chronic GvHD. Thus, we believe alpha beta T cell depletion + BPX-501 represents a much more elegant approach and the early clinical data certainly supports the further clinical development of BPX-501, which may eventually help standardize haplo-identical HSCT practice and significantly expand its role in the allo transplant setting, replacing cord blood, matched unrelated and maybe even in some settings, matched related.

No change to Overweight rating and a $45 PT

For an analyst ratings summary and ratings history on Bellicum Pharmaceuticals click here. For more ratings news on Bellicum Pharmaceuticals click here.

Shares of Bellicum Pharmaceuticals closed at $20.36 yesterday.

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