G'day Kluck. Just a couple of thoughts from me: although many...

G'day Kluck.

Just a couple of thoughts from me: although many scoffed at the Azer Cel deal, it was brilliant in so many ways.

Here are a few to keep in mind:

1. Brought IMU's commercial timeline forward. Although I always expected HER-Vax to be the first cab off the rank, the ADC + Herceptin product made this difficult/delayed. With a registration trial potentially starting this year, it could happen at any moment.
2. Azer Cel is a first-in-class, perhaps best-in-class allogeneic CAR-T. Tapping into a population with no therapy option and, therefore, an unmet need. A population that's growing as CAR-Ts become standard for more and more indications.
3. Given that it is CD-19 targeting, it can fit perfectly in the OnCARlytics platform. Massively increasing that platform's value as it will be all in-house.
4. IMU now has its own state-of-the-art facility, won't be competing with others for production, and has the capacity to extend production if/when necessary. An attractive structure to any suitor.
5. If CF33 is as good as we all hope, having an early deal with Azer Cel (or across B-Cell) will make it nearly impossible for BP to get CF33/OnCARlytics for a song.

CF33 is the main show, but Azer-Cel looks like the way CF33's true value is realised. RenovoRX and other collabs will certainly help, but there is a possibility they won't even be required if higher doses prove to be effective. We will know in the next few months.

Cheers.