Edison Issues ADR Update on Celyad (CYAD)

LONDON, UK / ACCESSWIRE / December 13, 2016 / Celyad (NASDAQ: CYAD) has reported at the American Society of Hematology (ASH) conference that the last treated patient from the three patient 30m cell dose cohort had stable AML disease for 12 weeks after NRK-2 treatment. Laboratory tests also indicate that responses to therapy were seen. The single dose used is 100x lower than the expected NKR-2 effective dose assessed in animal studies. Some other patients at lower doses also showed prolonged survival with unanticipated responses to other treatments despite their aggressive disease. Overall safety was good and importantly no cases of cytokine release syndrome, neurotoxicity and autoimmunity were observed. The new THINK Phase Ib trial is a major expansion of CAR therapy with five solid tumors plus AML and MM being explored. Our interim indicative value remains at $50 per share.

Our valuation was revised in our last note (28 November), now focusing on NKR-2 indications and including five solid tumors plus the AML and multiple myeloma (MM) in the Phase I. The C-Cure value is now regarded as an indicative deal value on partnering. Celyad has cut its cash burn to no more than $33m per year to conserve cash to mid-2019. The interim indicative value is $50 per share.

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