Maxim Group Starts Cellular Biomedicine Group (CBMG) at Buy
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Maxim Group initiates coverage on Cellular Biomedicine Group (NASDAQ: CBMG) with a Buy rating and a price target of $16.00.
Analyst Gabrielle Zhou highlighted:
- Cellular Biomedicine Group has clinical assets in both stem cell and immune cell therapies. The company's most advanced therapeutic candidate is ReJoin, an autologous human adipose-derived mesenchymal progenitor cell (haMPC) for the treatment of knee osteoarthritis (KOA).
- 48-week follow-up data from the completed Phase IIb study (n=53) showed that total WOMAC scores decreased 9.48, representing a 28.5% improvement rate in the ReJoin group, vs. 6.92 (or a 20.7% improvement rate) in the control group. Total cartilage volume measured by MRI showed a statistically significant increase of 302.06 mm3. A signal has been demonstrated.
- Through a small-size Phase IIb study, ReJoin showed efficacy and had a favorable safety profile. CBMG plans to seek partnerships with major hospitals in China to continue its clinical study, in compliance with “The 2015 Draft” regulations. "The 2015 Draft" specified that only Level 3 hospitals — the highest-ranked hospital category in China — are permitted to conduct stem cell clinical trials.
- CBMG has GMP facilities in the Chinese cities of Wuxi, Shanghai, and Beijing. This supports the clinical development and future manufacture of cell therapies, in compliance with the U.S. FDA standard protocol and certified by the CFDA.
- On the immune cell therapy side, CBMG is developing multiple chimeric antigen receptor T-cell (CAR-T) therapies, redirected T-cells against CD19, CD20, and CD30, and human epidermal growth factor receptor (EGFR or HER1) against acute B lymphocytic leukemia, progressive malignant lymphoma, Hodgkin's lymphoma, and advanced lung cancer. Currently, they are all in Phase I studies at the Chinese PLA General Hospital (301 Military Hospital). CAR-T with small patient numbers could unlock significant value.
Shares of Cellular Biomedicine Group closed at $14.28 yesterday.
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