CM-24 is a monoclonal antibody commercialized by Purple Biotech, with a leading Phase II program in Metastatic Adenocarcinoma of The Pancreas. According to Globaldata, it is involved in 2 clinical trials, of which 1 is ongoing, and 1 was terminated. GlobalData uses proprietary data and analytics to provide a complete picture of CM-24’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.
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The revenue for CM-24 is expected to reach an annual total of $8 mn by 2039 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.
CM-24 Overview
CM-24 is under development for pancreatic cancer, melanoma, ovarian cancer, non-small cell lung cancer, metastatic pancreatic cancer, metastatic adenocarcinoma of the pancreas, pancreatic ductal adenocarcinoma, papillary thyroid cancer, and colorectal cancer. The therapeutic candidate is administered by intravenous route. CM-24 is a humanized immunoglobulin G4 (IgG4) (kappa) isotype immune-modulating monoclonal antibody that binds to CEACAM1, a protein used by cancer cells to suppress the immune system. It was under development for the treatment of metastatic melanoma, bladder and gastric cancer.
Purple Biotech Overview
Purple Biotech is a clinical-stage biotechnology company that develops first-in-class medication that helps surmount immune evasion and drug resistance by tumors. Its oncology pipeline includes NT219, CM24, and IM1240. NT219 (a dual inhibitor) is a small molecule for the treatment of solid tumors and is used in an increased dose together with cetuximab to treat recurrent and metastatic squamous cell carcinoma of the neck and head. CM24 is a humanized monoclonal antibody that blocks CEACAM1 (an immune checkpoint protein), which aids tumor immune evasion and survival by tumors through multiple pathways. The company is advancing CM24 as a combination therapy with anti-PD-1 checkpoint inhibitors for the treatment of pancreatic ductal adenocarcinoma. In collaboration with Bristol Myers Squibb, the company is evaluating the combination of CM24 with the PD-1 inhibitor nivolumab, besides chemotherapy. IM1240 is a preclinical, conditionally-activated tri-specific antibody that engages both NK cells and T cells to demonstrate a robust, localized immune response within the tumor microenvironment. Purple Biotech is headquartered in Rehovot, Israel.
The operating loss of the company was US$22.6 million in FY2022, compared to an operating loss of US$17.9 million in FY2021. The net loss of the company was US$21.7 million in FY2022, compared to a net loss of US$18.4 million in FY2021.
For a complete picture of CM-24’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.
The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.
