Celyad: Progressing A Broad Clinical Strategy
Edison | May 30, 2018 06:47AM ET
The placing has given Celyad SA (NASDAQ:CYAD) a cash boost of €46.1m gross adding to the €34m on 31 December 2017. Celyad is designing a set of sophisticated clinical trials to expand understanding of its novel NKR CAR T-cell therapy. The THINK study, focused on AML and colorectal cancers, showed a near complete response (CR) in AML in Q417 plus two other AML responses and two colorectal stable disease cases. The highest THINK dose range should complete in H218. The SHRINK study, NKR CAR T-cells plus chemotherapy in metastatic colorectal cancer (mCRC), has dosed its first patient. The indicative value has been adjusted to €1040m, €85 per share.
2017 accounts with increased 2018 cash
Celyad recognised €26.27m of one-off items in the 2017 accounts. There were non-cash write-offs and government loans on the C-Cure heart project (net €1.93m) and the buy-back of some of NKR technology royalty obligations potentially due to Dartmouth College and Celdara (€24.34m, of which €13.28m was cash). This reduced non-current liabilities by about €14m. There was a payment of €3.5m from Novartis for a non-exclusive licence to the allogeneic patent. Management state that the May placing proceeds, €46.1m gross, could fund Celyad through H2 2020.
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