LOS ANGELES - Immix Biopharma, Inc. (NASDAQ:IMMX), a clinical-stage biopharmaceutical company, announced today that it will present updated clinical data for its CAR-T therapy, NXC-201, at the 27th Annual Meeting of The American Society of Gene & Cell Therapy (ASGCT) in Baltimore, scheduled for May 7-11, 2024.
The presentation will focus on the therapy's application in AL amyloidosis, a condition characterized by the abnormal accumulation of amyloid proteins in organs, which can lead to organ failure and high mortality rates. Immix Biopharma's NXC-201 is currently the subject of the NEXICART-1 Phase 1b/2a clinical trial, which is assessing the treatment's safety and efficacy in adults with relapsed/refractory multiple myeloma and AL amyloidosis.
The Phase 1b portion of the trial has successfully identified a recommended Phase 2 dose of 800 million CAR+T cells. The primary endpoint for the Phase 2 portion, focusing on relapsed/refractory AL Amyloidosis patients, is the overall response rate. The company plans to submit data to the FDA after treating 30-40 patients with NXC-201.
NXC-201 has received Orphan Drug Designation from the FDA for both AL Amyloidosis and multiple myeloma, and from the European Medicines Agency (EMA) for AL Amyloidosis.
The market for amyloidosis treatments is growing, with the U.S. observed prevalence of the relapsed/refractory form increasing by 12% annually, expected to reach over 33,000 patients in 2024. The market value was estimated at $3.6 billion in 2017 and is projected to reach $6 billion by 2025.
Immix Biopharma emphasizes that while the ongoing trials show promise, there are inherent risks and uncertainties in the development of drug therapies. This article is based on a press release statement from Immix Biopharma, Inc.
InvestingPro Insights
As Immix Biopharma, Inc. (NASDAQ:IMMX) prepares to present its clinical data at the upcoming ASGCT annual meeting, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Immix Biopharma holds a market cap of approximately $72.85 million, reflecting its position in the biopharmaceutical industry. The company's Price-to-Earnings (P/E) ratio stands at -3.24, indicating that investors are willing to bet on its future growth despite current losses.
InvestingPro Tips reveal a mixed financial picture for Immix Biopharma. On one hand, the company holds more cash than debt, which is a positive indicator of financial stability. Additionally, liquid assets exceed short-term obligations, suggesting that the company has sufficient liquidity to manage its immediate financial needs. On the other hand, the company is quickly burning through cash and suffers from weak gross profit margins, which could impact its long-term sustainability. Analysts also anticipate a drop in net income this year and do not expect the company to be profitable within the current fiscal year.
In terms of stock performance, Immix Biopharma has seen a high return over the last year with a 58.74% price total return, yet the price has fallen significantly over the last three months, showing a -50.77% 3-month price total return. This volatility could be attributed to the inherent risks associated with drug development and the market's reaction to the company's financial metrics.
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