Report

Exciting CAR opportunities; multiple indications

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.
Underlying
TxCell SA

Txcell SA. TxCell SA is a France-based biotechnology company. It is engaged in the development of therapies to cure inflammatory and autoimmune diseases. The Company conducts medical research in anti-inflammatory immunotherapy. TxCell SA's technology is based on Tr1 T-regulatory cells which enable the regulation of the immune system. The Company's strategy aims at re-establishing this immunologic equilibrium by bringing regulatory T cells to the body. TxCell SA produces products which are used to treat Inflammatory Bowel Disease, primarily treatment resistant Crohns Disease (OvaSave), Inflammatory Joint Diseases, initially treatment resistant Rheumatoid Arthritis (TX-RAD) and Neurological Diseases, as well as targeting Multiple Sclerosis (TX-MSD).

Provider
Edison Investment Research
Edison Investment Research

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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Dr John Savin

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