Edison Issues Outlook on TxCell (TXCL)

Tuesday, February 28, 2017 General News
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LONDON, February 28, 2017 /PRNewswire/ --

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 €4.9m in cash. The indicative market cap is now €74m and focussed onto CAR Treg.

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

TxCell is in a transition phase as the lead clinical project, Ovasave, is on hold while the potentially much higher-value CAR Treg projects are still in preclinical. The value has been refocused onto CAR projects. The Ovasave probability is reduced to 18%, formerly 29.7% giving a total NPV €90m, formerly €170m. The CAR Treg projects are now each given a nominal value. In total, this adds to €30m (formerly €22m). Potential CAR Treg deals are valued at €29m using as a benchmark Celgene's $300m acquisition of Delinia, a preclinical Treg company. After costs and tax, this gives an NPV of €74m, formerly $76m, equal to €3.75/share. Assuming full conversion of loans and warrants, the diluted value is €2.83/share.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website

http://www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

 

For more information please contact:

Dr John Savin MBA Edison Investment Research +44(0)20-3077-5735 [email protected]

Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:   LinkedIn    http://www.linkedin.com/company/edison-investment-research Twitter    http://www.twitter.com/Edison_Inv_Res YouTube    http://www.youtube.com/edisonitv Google+    https://plus.google.com/105425025202328783163/posts

SOURCE Edison Investment Research



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