TxCell has disclosed that it has a viable manufacturing route for its novel CAR Treg products. This uses a stable but low-frequency Treg cell type. The TxCell methodology uses a robust design to give low inter-patient variability with potentially consistent therapeutic results. Regulatory filings for a dose-ranging clinical trial are expected by late 2018. On the financial side, TxCell will need to draw at least €10m of a new, less onerous set of convertible loans to support CAR Treg development. The indicative valuation has been increased to €87.9m from €84.4m as probabilities have been slightly adjusted. Cash on 31 December 2017 was €4.9m.

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