Biomedical company focusing on cellular immunotherapy: the company is a leading biomedical company in China, focusing on the research and development and commercialization of T cell immunotherapy for many years. At present, the company has no products on the market, and many products are in different stages of research and development.
Immunotherapy has a broad prospect, and cell therapy has great room for growth: the market size of immunotherapy in China is about 1.9 billion yuan in 2018. With the launch of a number of blockbuster products, it is expected to reach 82.4 billion yuan in 2023 and further grow to 229.1 billion yuan in 2030. At present, there are no cellular immunotherapy products on the market in China. it is expected that the first batch of cellular immunotherapy products will be licensed in 2021, and the market size is expected to increase from 1.3 billion yuan to 10.2 billion yuan in 2021-2023, with a compound annual growth rate of 181.5%. With the approval of more cellular immunotherapy products and the improvement of market penetration, the market size will further grow to 58.4 billion yuan in 2030.
There are many kinds of cell therapy layout, EAL is expected to take the lead in the breakthrough: the company currently has more than 10 products in the research and development stage, of which EAL has the fastest progress, has been in the clinical II phase. Before May 2016, cellular immunotherapy, including EAL, could be listed in medical technology in China. From November 2006 to April 2016, the company collected EAL application data of more than 4000 patients from dozens of hospitals, with a total of more than 20000 returns, and the safety of the product has been confirmed. With the improvement of regulatory regulations on cellular immunotherapy, EAL has also re-launched clinical research. At present, the project of EAL for the prevention of postoperative recurrence of liver cancer is in the stage of II clinical trials, and preclinical studies are also being carried out for the treatment of gastric cancer, lung cancer and other cancers. From the preliminary clinical data published by hospitals that have previously carried out EAL treatment, patients can prolong their survival time to a certain extent after receiving EAL treatment. The company currently has three CAR-T products targeted at CD19 under development, of which CAR-T-19 is the fastest growing for the treatment of B-lymphoblastic leukemia and lymphoma, which is in the IND phase. From the preliminary clinical trial data, CAR-T-19 products have good performance in remission rate and disease-free survival time. At the same time, CRS response is small, safety data is good, similar to Novartis similar CAR-T products Kymriah. In addition, the company also has a number of CAR-T, TCR-T and other products in the research and development stage.
Investment suggestion: in recent years, immunotherapy has made breakthroughs at home and abroad, a number of blockbuster products have been listed, and the industry has developed rapidly. Cellular immunotherapy, as one of the branches, is still in the early stage of development, but some products have achieved excellent therapeutic effects in cancer treatment, showing great potential.
With the continuous listing of cellular immunotherapy products in the next few years, the industry will enter a period of rapid growth. The company has ploughed the field of cellular immunotherapy for many years, has layout in many sub-areas, and the R & D progress of some products is also leading in China. It is expected to enjoy the dividend of industry growth.
Risk tips: product research and development failure risk, product sales after listing do not meet expectations, market competition intensifies, R & D capital pressure, policy risk.
