London, UK, 19 September 2022

Immix Biopharma (IMMX): Initiation — Fresh faces with a unique tissue-targeting therapy

Immix Biopharma is a clinical-stage biopharmaceutical company focused on the development of its SMARxT tissue-specific platform producing Tissue-Specific Therapeutics. Its lead clinical asset, IMX-110, is being investigated for the treatment of soft tissue sarcoma (STS), where interim results from its Phase Ib trial have, so far, demonstrated positive safety and efficacy profiles, albeit in a small patient population. Management now intends to initiate Phase IIa of the study in first-line STS in Q422. We also expect a Phase Ib study of IMX-110 in combination with tislelizumab (an anti-PD-1 antibody) to begin in Q422. To support this trial, Immix has entered a supply agreement with BeiGene. Immix had a net cash position of US$18.4m at end-June 2022, which we estimate will fund operations to Q424. We value Immix Biopharma at US$56.7m or US$4.1 per share.

We value Immix Biopharma at US$56.7m or US$4.1 per share. Our valuation is based on a risk-adjusted NPV calculation for IMX-110 in STS and solid tumour indications and incorporates a net cash position of US$18.4m at end-June 2022. We estimate the company’s current cash position will fund operations to Q424.

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