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