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PR Newswire BiotechnologyCodex · 实盘不做把握 5/10不做原因:无可交易标的
北京时间·🕒 发布 19:00:00·⟳ 抓取 19:00:30 +30s·⚡ 决策 08-26 19:02:37 +2m07s·62.1 天前

HaemaLogiX首次给患者使用KMCAR细胞疗法,进入多发性骨髓瘤人体一期剂量递增阶段

事件本身是HaemaLogiX研发里程碑利好,但直接主体未确认上市,合作医院和制造方不可交易或无明确金额敞口,上市竞品公司只受远期、低确定性竞争影响,不形成当前可执行正期望交易。

📄 原文PR Newswire Biotechnology↗ 原文
HaemaLogiX Announces Major Milestone with First Patient Successfully Dosed with KMCAR™ T-Cell
KEY POINTS - First patient safely dosed in Phase 1 KOALA trial evaluating KMCAR™ T-cell therapy in patients with relaps…
不做 HaemaLogiX Ltd(N/A)
直接主体未确认上市,事件处一期首例给药且无疗效、金额或授权交易,无法形成可执行标的。
不做 Lonza Group AG(LONN.CH)
公开合作关系主要对应KappaMab抗体生产,不是本次KMCAR首例给药的明确收入催化,且未披露金额。
不做 Johnson & Johnson(JNJ.US)
KMCAR对现有BCMA产品的竞争仍处远期临床风险,首例一期给药不足以支持做空。
不做 Bristol Myers Squibb(BMY.US)
远期竞争逻辑存在但证据过早、量级不可测,不构成当前强空催化。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

PR Newswire和HaemaLogiX材料确认KMCAR已完成首例人体给药且初步安全性良好,这是药物从临床启动到早期人体验证的正面进展;但该资产仍处一期剂量递增、样本仅首例且无疗效数据或授权交易,HaemaLogiX本身未确认上市,Peter Mac和Cell Therapies也不是清晰交易载体,Lonza关系主要对应KappaMab而非本次KMCAR制造。因此本次更适合作为私营管线/行业背景事件,不下单。

🔎 新鲜度:最早出现 2026-08-26 · 扩散 low · price-in 风险 low ↗ ↗ ↗

消息传播链

  1. 2026-08-26 20:00 ET首发PR Newswire一手源原文 ↗
    PR Newswire的HaemaLogiX发布页列示本次KMCAR首例患者给药新闻为最新稿件。
  2. 2026-08-26官方确认HaemaLogiX一手源原文 ↗
    HaemaLogiX官网管线页显示KMCAR细胞项目处于Phase 1 Manufacturing & Treatment进展阶段。

关键理由

  • KMCAR首次人体给药且无严重不良事件,说明项目从临床准备推进到真实患者安全性验证阶段。
  • KMA靶向理论上区别于BCMA疗法,若后续验证疗效和免疫保护优势,长期具备授权或IPO叙事价值。
  • 量级上当前只有首例一期安全性信号,无销售、订单、授权金或可估收入增量,无法映射到上市公司收入/利润/市值。

主要风险

  • 一期首例给药只有安全性初步观察,缺少疗效、剂量扩展和商业化权益数据。
  • 直接受益主体未确认上市,间接受益方没有披露本次合同金额或明确上市敞口。

反向证据

  • 做多前查反向 · 来源 web · 日期 2026-05-15 · 影响 weakens
    HaemaLogiX官网新闻页提到公司希望2026年IPO,但本次未显示已上市或可交易代码。
    检索:HaemaLogiX listed stock ticker IPO KMCAR 原文 ↗
  • 做多前查反向 · 来源 web · 影响 weakens
    官网合作页显示Lonza主要支持KappaMab抗体制造,而本次KMCAR新闻写明细胞由Cell Therapies Pty Ltd制造,削弱对Lonza的映射。
    检索:HaemaLogiX partnerships KMCAR Cell Therapies Lonza 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例不足与无直接交易载体共同支持回避,不设置tp/sl。

方向:未能形成可用于下单的同市场同机制先例,因为本次直接主体未上市且事件为一期首例给药。

涨幅量级:没有可锚定的上市标的价格反应,不能用同类CAR-T早期临床新闻估算交易幅度。

形态:早期临床首例给药通常更偏研发进度确认,缺少疗效或商业条款时难以单独驱动大市值竞品或供应商。

原文全文

展开原文 · 7,944 字
HaemaLogiX Announces Major Milestone with First Patient Successfully Dosed with KMCAR™ T-Cell
KEY POINTS
- First patient safely dosed in Phase 1 KOALA trial evaluating KMCAR™ T-cell therapy in patients with relapsed/refractory kappa-restricted multiple myeloma
- Patient was monitored after initial dose to assess response and side-effects, with the treatment seen as well tolerated, and second patient to be treated imminently
- The study is the first in-human trial for the novel KMCAR™ T-cell immunotherapy, which targets the Kappa Myeloma Antigen (KMA), a tumour-specific receptor found only on malignant plasma cells
- Unlike other therapies currently available that can deplete both cancerous and healthy immune cells, KMCAR™ T-cell therapy selectively recognises and eliminates KMA myeloma cells while preserving healthy immune cells that are essential for immune defence.
SYDNEY, Aug. 26, 2026 /PRNewswire/ -- HaemaLogiX Ltd is pleased to announce another milestone in its ongoing Phase 1 KOALA trial, with the first patient having been safely treated with KMCAR™ T-cell therapy. Following an initial infusion, the patient demonstrated that the treatment was well-tolerated, with no serious adverse events. A second patient on the trial has now been enrolled and is set to be treated at a higher dose level.
The KOALA study, being conducted at the Peter MacCallum Cancer Centre, is a dose-escalation trial, assessing the safety and preliminary efficacy of HaemaLogiX's proprietary KMCAR™ T‑cell technology (PMCC-COE-KMA). The study is being conducted in patients with multiple myeloma who are no longer responding to standard treatment options, and who are not eligible for other CAR-T therapies.
Multiple myeloma is the world's second-most common blood cancer, with around 188,000 new cases each year[1] and roughly 543,000 people living with the disease[2]. It remains incurable, and 42% of patients die within five years of diagnosis[3]. Most effective treatments only delay the progression of the cancer, but in doing so, damage or destroy the immune system of the patient. Most currently approved BCMA-directed CAR-T therapies target both cancerous and healthy cells, leading to weakening of the immune system and opportunistic infections. This can ultimately lead to more than half of non-progressing patients facing infection-related deaths, rather than deaths from the cancer itself.
By contrast, HaemaLogiX's KMCAR™ T-cell therapy is designed to target the Kappa Myeloma Antigen (KMA) - a tumour-specific receptor found only on kappa-type myeloma cells, and absent from healthy immune cells. KMCAR™ T-cells are the patient's own immune cells that are redirected to destroy the cancer-causing cells, while sparing normal immune function and other tissues. This unique specificity is what differentiates the treatment from anything currently available for multiple myeloma patients today.
Delivery of the therapy involves the harvesting and genetic modification of T cells from a patient's own blood, which are engineered to create KMCAR™ T-cells, that are then infused back into the patient. These cells recognise and destroy cancerous plasma cells that express KMA, while sparing healthy immune cells.
KMCAR™ T-cell therapy is derived from HaemaLogiX's proprietary KappaMab™ antibody technology, which has been validated across Phase 1, 2a and 2b clinical trials. KappaMab™ has also demonstrated a favourable safety profile with no antibody related lymphopenias and durable patient responses.
Professor Simon Harrison, Director of the Centre of Excellence in Cellular Immunotherapy at Peter Mac, said: "This therapy is designed to provide a more targeted approach that could reduce impacts on the patient's immune system, compared with existing CAR T-cell therapies for multiple myeloma. If these potential benefits are confirmed in clinical trials, this could represent an important advance in the treatment of multiple myeloma. We welcome the treatment of the first patient in this trial and look forward to continuing to evaluate the safety and potential of this investigational therapy."
Dr Rosanne Dunn, Chief Scientific Officer at HaemaLogiX, said: "We are delighted with the encouraging results from the first safely treated patient, and very pleased to be moving forward to dosing the second patient at a higher dose of KMCAR™ T-cell therapy. Multiple myeloma is the world's second-most common blood cancer, and there is a significant need for therapies that do not cause immunodeficiency which may result in life threatening infections. Seeing this work translate from the laboratory into human trials with positive safety data is a very important step forward for our immunotherapy programs. Our thanks to the first patient for joining the study and to our colleagues at Peter MacCallum Centre of Excellence in Cellular Immunotherapy for their commitment to progressing this important study."
About Multiple Myeloma
Multiple myeloma is a blood cancer arising from plasma cells that proliferate in the bone marrow. Despite significant advances in treatment, most patients eventually relapse and become refractory to available therapies. CAR-T cell therapy has emerged as a transformative treatment option for blood cancers, with BCMA-directed products showing remarkable response rates in heavily pre-treated patients. However, they also have the characteristic of damaging protective immune cells, leaving patients at risk of serious infections such as pneumonia.
Multiple myeloma is the second-most common haematological cancer worldwide. In 2022, the World Health Organisation (WHO)/Global Cancer Observatory (Globocan) estimated that approximately 543,000 people live with multiple myeloma globally, and approximately 188,000 new cases of multiple myeloma diagnosed each year globally, with approximately 121,400 deaths. Approximately 42% of patients will die within five years from time of diagnosis[2].
KOALA Study Background
The KOALA study is being conducted at Peter Mac's Centre of Excellence in Cellular Immunotherapy, with Cell Therapies Pty Ltd manufacturing the KMCAR™ T‑cells. Cell Therapies Pty Ltd – which is partnered with Peter Mac – is a TGA licensed Good Manufacturing Practice (GMP) facility.
The KOALA trial is registered on ClinicalTrials.gov (Identifier: NCT07541391): https://clinicaltrials.gov/study/NCT07541391.
-ENDS-
About Peter MacCallum Cancer Centre
Peter MacCallum Cancer Centre is a world leading cancer research, education and treatment centre and Australia's only public health service dedicated to caring for people affected by cancer. The Centre of Excellence in Cellular Immunotherapy at Peter Mac is at the forefront of developing and delivering CAR-T cell therapies for Victorian patients. www.petermac.org
About HaemaLogiX Ltd
Founded in 2014, HaemaLogiX Ltd is a clinical-stage biotechnology company developing novel immunotherapies for patients with blood cancers and B-cell diseases. HaemaLogiX is the first and only company developing antibody and CAR-T therapies targeting the novel Kappa Myeloma Antigen (KMA) and Lambda Myeloma Antigen (LMA). HaemaLogiX was awarded "Most Promising CAR-T Pipeline in APAC" at the Asia Pacific CGT Excellence Awards 2025. www.haemalogix.com
[1] Mafra A, Laversanne M, Marcos-Gragera R et al. The global multiple myeloma incidence and mortality burden in 2022 and predictions for 2045. J Natl Cancer Inst. 2025 May 1;117(5):907-914. [2] Bray F, Laversanne M, Sung H, et al. Global cancer statistics 2022: GLOBOCAN estimates of incidence and mortality worldwide for 36 cancers in 185 countries. CA Cancer J Clin., 2024; 74(3): 229-263; Hou Q, Li X, Ma H, Fu D, Liao A. A systematic epidemiological trends analysis study in global burden of multiple myeloma and 29 years forecast. Sci Rep. 2025 Jan 16;15(1):2204. [3] SEER Cancer Stat Facts: Multiple Myeloma 2022, https://seer.cancer.gov/statfacts/html/mulmy.html. |
SOURCE HaemaLogiX Ltd

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