"Corporate news Complementing the SCID disease partnership programme"
Cellectis announced yesterday the delivery to a US academic team (Children's Hospital Boston) of an MRS (meganuclease recombination system) targeting the RAG1 gene responsible for a certain type of SCID (severe combined immunodeficiency). This is the second therapeutic MRS transferred this year to a partner (after the MRS delivered in
August to Alain Fischer’s team, and which targets another type of SCID, X-SCID) in order to demonstrate proof-of-concept of Cellectis’ gene surgery approach.
The RAG form of SCID disease is much less frequent than the X-linked form, but this project should allow the company to propose a complete ’package’ on the disease to a future partner. As far as the X-SCID is concerned, it is estimated that there are approximately 5,000 patients worldwide. With approximately 120 new patients per year in Europe and in the US, the product could have a potential of around $300m per
year, excluding the RAG1-SCID project, which we do not take into account at this stage.
We believe that a partnership could potentially be signed by 2008-2009 for these two projects together. Bear in mind that X-SCID is caused by a mutation in a single gene that encodes the IL2Rg (IL-2 receptor gamma) protein. Babies who do not produce a functional IL2Rg protein never develop a functional immune system and die of severe infections within 12-18 months. The IL2Rg gene is located on the X-chromosome. The
most common treatment for SCID is bone marrow transplantation, which requires matched donors. The transplantation must be done in the first three months of life. While the success rate is quite good, the price is rather high.
Our DCF model for Cellectis yields a 12-month TP of €15.5.
Inputs: 13.3% WACC, 3.5% perpetual growth rate, 20.6% normalised EBIT margin.
Next event & catalysts: Cellectis should sign at least one further deal by the end of 2007 to reach its goal of a minimum of five new contracts this year. 2008 should be pretty rich in newsflow terms: publication on XP (Xeroderma Pigmentosa) programme, first X-SCID results in patient cells, first industrial partnership signed in the therapeutic field.
un pti merci à mon pote qui à reussi à trouver l'info
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