Patrys BBY Research - Target 12c

Here you go.

Just came through on email.
http://www.patrys.net.au/images/stories/Investor_Analyst/278_PAB-BBY_Update_25_Jul_2014.pdf

Novel cancer targets provide entry to hot CAR-T field
Patrys Limited’s (PAB) update on its pre-clinical programs revealed that it has entered one of the hottest fields of
cancer drug development known as CAR-T cells. PAB has commenced a collaboration program with a global
biotechnology company to genetically engineer T cells to introduce the antigen binding region from its novel anti-cancer
IgMs to create a chimeric antigen receptor (CAR). PAB’s CARs will provide the targeting to cancer cells and the T cell
will provide cancer-killing power. While this program is still at a very early stage, it has the potential to add significant
value if successful. We value a single successful CAR-T product at A$0.12/sh. Separately, PAB remains on track to
commence the Phase 1/2 trial of PAT-SM6 in combination with Amgen’s Kyprolis in multiple myeloma patients before
the end of CY14. We retain our Speculative Buy recommendation and price target of A$0.12/sh.