High on meeting 2023 key milestones, Chimeric Therapeutics (ASX: CHM) guides for promising 2024 - Kalkine Media

Highlights

• Chimeric Therapeutics is advancing four clinical programs.
• In 2023, the company presented positive clinical data, developed a next generation of potentially transformative assets and met all its 2023 key milestones..
• In 2024, CHM expects its technology platforms to present preliminary clinical data.
• The company seeks M&A opportunities with big pharma, backed by positive clinical outcomes across its clinical programs.

Chimeric Therapeutics (ASX: CHM) is an ASX-listed biotechnology company focused on advancing its four clinical programs in cancer treatment.

Recently, the company raised AU$8.66 million through its entitlement offer including a placement of entitlement shortfall. Additionally, it received AU$7.36 million R&D rebate payment, reflecting the R&D work undertaken in 2023. With this, the company reported a cash balance of nearly AU$15 million, which would assist in achieving next clinical milestones.

The company expects a promising 2024. However, before moving forward with the objectives and milestones planned for 2024, it is crucial to acknowledge the milestones achieved by the company in 2023 across its clinical programs.

CHM met all milestones in 2023

In December 2022, the company shared milestones targeted in 2023, and all boxes have been checked in the year.

• CHM 1101 – It is a CAR T therapy which assists in treating patients with solid tumours. During the reported period, the company completed COH Dose Level 3 and GBM Phase 1 dose escalation. Phase 1A/B GBM trial began, followed by the initiation of second CHM GBM trial site and dosing of first patient under the trial.
• CHM 2101 – It is a first-in-class, third generation CDH17 CAR T program which is presently in pre-clinical development phase. In March 2023, CDH 17 Vector was manufactured and released, while in October 2023, FDA IND clearance was secured.
• CHM 0201 – It is a clinically validated CORE-NK platform. In January 2023, under the CWRU CORE NK trial, first patient was dosed.

The work during the year was not limited to the achievement of these milestones. The period saw multiple additional accomplishments –

• Positive CHM 1101 Phase 1A clinical outcomes were presented and patent issuance was expanded in India, Israel and Japan. Moreover, the abstract of CHM 1101 trial was accepted and presented at ASCO (American Society of Clinical Oncology).
• The company saw the acceptance and presentation of ADVENT AML abstract at ASH along with completion of clinical manufacturing. In 2023, the company inked an agreement with MD Anderson Cancer Centre.
• Moreover, the company reported positive data from next-generation NK cell platform under CHM 0301 trial and positive pre-clinical data in ovarian and pancreatic cancer under CHM 1301 trial.

Milestones for 2024

The company expects 2024 to be exciting with each technology platform expected to present preliminary clinical data by late 2024.

• CHM 1101 – The company intends to begin Phase 1B dose expansion cohort and to present preliminary Phase 1B dose expansion clinical data.
• CHM 2101 – The aim is to prepare this program for clinical manufacturing and enter into clinical trial agreements with three big US Centres for Phase 1A basket study. Moreover, the focus is on initiating phase 1A basket trial, treating first patient under the Phase 1A trial and presenting preliminary dose escalation data.
• CHM 0201 – The company aims at dosing first patient under Phase 1B ADVENT AML, completing dose confirmation cohort and presenting preliminary clinical data.

CHM 1101 and CHM 0201, both programs are in Phase 1B development, and CHM 2101 is making its way to clinic. The positive results from these programs would take the company closer to M&A opportunities with big pharmaceuticals, says CHM.

CHM shares traded at AU$ 0.025 at the time of writing on 29 February 2024.