French TxCell going public
17.03.2014 - Cell immunotherapy specialist Txcell has laid the foundation for an IPO on the regulated market of Euronext Paris.
The Valbonne-based company announced the registration of its "document de base" with the French Autorité des marchés financiers (AMF). The registration is the first step towards Txcell’s initial public offering of its shares on the regulated market of Euronext Paris.
With 105 patents already in place, Txcell has developed a new generation of autologous cell therapy for the treatment of inflammatory autoimmune diseases by educating patients’ own T regulatory (Treg) lymphocytes ex vivo. Tregs have natural anti-inflammatory capabilities and Txcell has developed a technology that enables them to "learn" how to recognise an antigen in the inflamed area and activate themselves effectively. This makes the treatment highly targeted and without the resistance effects of currently available treatments that eventually become ineffective. Since the quantity of "educated" Tregs is large, they are then frozen to be used as treatment for the patient over a number of years. As the production cost is covered during the first year of treatment, this process makes Txcell’s business model highly original.
The company is targeting the €3bn market of therapies for therapy-resistant Crohn’s disease with a cell therapy ready for Phase III testing. The disease's chronic inflammation of the intestine affects more than one million people, of whom an estimated 80,000 to 100,000 are "resistant" to any treatment. It is primarily for these so-called "resistant" patients that Ovasave has been developed and clinically tested by Txcell. Txcell already has a strategic partnership with the Swiss company Ferring International Center SA. This partnership has a potential value of €76m plus royalties and includes most importantly, subject to Phase IIb results for Ovsave, the funding of Phase III and the commercialisation of the product by Ferring.