LOS ANGELES - Immix Biopharma, Inc. (NASDAQ:IMMX), a clinical-stage biopharmaceutical company, announced today that Dr. Raymond Comenzo has joined the Scientific Advisory Board of its subsidiary Nexcella, Inc. Dr. Comenzo is known for his significant contributions to AL Amyloidosis research and treatment, including the development of the first FDA-approved therapy for the disease.
Dr. Comenzo, Director of the Myeloma and Amyloid Program at Tufts Medical Center, brings extensive expertise to Nexcella, having been a senior author of the Andromeda trial results, which were pivotal in the FDA's approval of the novel therapy for AL Amyloidosis. His background includes leadership roles in hematology and transfusion medicine at renowned institutions such as Memorial Sloan Kettering Cancer Center and Boston Medical Center.
Immix Biopharma's lead candidate, NXC-201, a chimeric antigen receptor T (CAR-T) cell therapy, is currently in Phase 1b/2 trials. The therapy has shown promise with no reported neurotoxicity and a short duration of cytokine release syndrome (CRS), making it a potential treatment option for immune-mediated diseases beyond AL Amyloidosis.
The addition of Dr. Comenzo to the advisory board is expected to further Immix Biopharma's efforts in developing advanced treatments for AL Amyloidosis, particularly for cases that are relapsed or refractory, where current therapy options are limited. CEO Ilya Rachman, MD, PhD, and CFO Gabriel Morris expressed their enthusiasm for the collaboration, highlighting Dr. Comenzo's international recognition and foundational contributions to the field.
While the press release includes forward-looking statements about the potential benefits of CAR-T NXC-201 and the company's future plans, it is important to note that these statements are subject to risks and uncertainties, and actual results may differ materially from those projected.
This announcement is based on a press release statement and does not endorse the claims made therein. The information provided is intended to inform about the recent developments at Immix Biopharma and should not be construed as an endorsement of the company's products or future prospects.
In other recent news, Immix Biopharma has broadened the reach of its U.S. Phase 1b/2 study of CAR-T therapy NXC-201 for patients with AL Amyloidosis. The expansion includes three new clinical trial sites, namely Cleveland Clinic, UC Davis, and Sutter Health. The NEXICART-2 trial follows promising results from the ex-U.S. study NEXICART-1, which showed a 92% overall response rate in a similar patient group.
Immix Biopharma has also appointed Crowe LLP as its new auditor, replacing KMJ Corbin & Company LLP, with no disagreements or reportable events noted during the transition. In addition, the company has received an orphan drug designation from the European Commission for its therapy NXC-201, targeted at treating multiple myeloma.
The company is advancing clinical and commercial development opportunities, particularly with its Phase III investigational product, RenovoGem™. These are recent developments as Immix Biopharma continues its endeavors in the biopharmaceutical industry, focusing on clinical trials and expanding its presence in the oncology sector.
InvestingPro Insights
As Immix Biopharma, Inc. (NASDAQ:IMMX) welcomes Dr. Raymond Comenzo to its Scientific Advisory Board, investors are looking closely at the company's financial health and market performance. According to InvestingPro data, IMMX currently holds a market capitalization of $48.86 million. Despite the challenges faced in the biopharmaceutical industry, the company maintains a strong liquidity position, with liquid assets that exceed its short-term obligations. This is a critical factor for Immix Biopharma as it continues to fund its research and development activities.
InvestingPro Tips suggest that while Immix Biopharma is trading near its 52-week low, reflecting a potential undervaluation in the market, the company does not pay dividends, which is typical for clinical-stage biopharmaceutical firms prioritizing growth and development over immediate returns to shareholders. Additionally, the company's cash burn rate is a point of concern for investors, as it is quickly using up its cash reserves. This financial metric is particularly relevant for companies like Immix Biopharma that are in the growth phase and require significant capital to fund operations and research. The company's negative P/E ratio of -2.7 also indicates that it has not been profitable over the last twelve months.
For those interested in a deeper dive into Immix Biopharma's financials and market position, there are additional InvestingPro Tips available, which can provide further insights into the company's performance and potential investment opportunities. To explore more tips, investors can visit InvestingPro.
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