July 14, 2023 8:52am
CRBU closed up +$0.38 or +4.90% to $8.14 with an pre-market downdraft of -$1.29 or -15.85% to $6.85
BofA Securities, Leerink Partners, Evercore ISI, and RBC Capital Markets are acting as book-running managers
CRBU’s experimental CAR T-cell therapy helped clear all signs or decrease tumor size in 94% of patients being treated for a type of cancer in the lymph nodes in a small, early-stage trial.
· The responses seen in patients treated with Caribou's CAR T-cell therapy, which uses stem cells from a donor, rival those seen in patients treated with approved CAR T-cell therapy where patients' own stem cells are harvested, the company said.
· The study also showed the therapy helped achieve complete response, meaning no detectable sign of cancer, in 69% of patients, and a complete response for 6 months and more in 44% of 16 patients.
The therapy was well tolerated with adverse events consistent with existing approved CAR T-cell therapies in the study, the drug developer said.
· CRBU is currently enrolling second-line patients with large B cell lymphoma for the second portion of the early-stage study, and the data is expected in 1H/2024.
Pfizer (PFE) earlier this month paid $25 million for a minority stake in CRBU, gaining the right to negotiate first for a license or purchase of another CAR T-cell therapy, CB-011, which is in early-stage testing for patients with a type of blood cancer.
Non-Hodgkin's lymphoma that develops in the lymph nodes, which is part of the body's immune system typically affects patients over the age of 60, but can also be seen in all ages.
The Bottom Line: to me, it was expected – good data, a PFE investment/partnership … prices at $6.50
52-week change: +514.91%
52-week low of $3.96 and a high of $13.19
Shares outstanding: 66.05 M
Float: 50.84 M shares
Short percentage (%) of float: 10.05%
Cas: $229.54 M