Chimeric (ASX:CHM) share price falls despite positive update

The Chimeric (ASX: CHM) share price is down 6% today despite the company announcing progress on its phase 1 CLTX CAR T trials.

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The Chimeric Therapeutics Ltd (ASX: CHM) share price is backtracking today despite announcing progress on the company's phase 1 Chlorotoxin CAR T trials.

At the time of writing, the biotechnology company's shares are trading at 31 cents, down 6%.

What did Chimeric announce?

The Chimeric share price is in the red today, irrespective of the company's latest developments.

In today's release, Chimeric advised that it has completed the planned dosing of the first group of patients in its phase 1 Chlorotoxin CAR T trial.

The dose-escalation study will assess Chlorotoxin CAR T's safety and maximum tolerance in participants suffering from recurrent or progressive glioblastoma (GBM).

Chimeric hopes to recruit between 18 to 36 people with MMP2+ recurrent or progressive GBM across 4 different dose levels. Once the appropriate dosing amount is established, the company will then move to phase 2 trials.

The first group of patients were given the lowest dose level through a single-site administration. However, as this is the first in human phase 1 cell therapy trial, all four recruits received staggered treatment. This refers to follow-up intervals between administering the peptide from one patient to another, allowing to monitor any adverse effects.

Chimeric will seek to recruit new subjects for its next dose level after the final patient has completed the dose-limiting toxicity period.

A quick take on Chimeric

Established in 2020, Chimeric is developing a breakthrough cancer cell therapy drug for solid tumours. The company uses chlorotoxin, which comes from scorpion venom, to bind and direct T cells to target GBM.

Initial scientific research conducted at the City of Hope Cancer Centre in Los Angeles found promising anti-tumour activity from CAR T therapy.

Chimeric share price snapshot

Since its initial public offering (IPO) listing in January this year, the Chimeric share price has gained around 8%.

Chimeric commands a market capitalisation of close to $63 million on current valuation grounds, with 196.5 million shares on issue.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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