The Chimeric (ASX:CHM) share price drops despite cancer trial news

An update on its cancer therapy trials fails to spur the Chimeric Therapeutics (ASX: CHM) share price today

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The Chimeric Therapeutics Ltd (ASX: CHM) share price has fallen today. It coincides with the drug development company's update on its cancer cell therapy.

At market's close, the Chimeric share price was trading at 29 cents, down 3.33%.

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

Initial scientific research conducted in Los Angeles has found promising anti-tumour activity from CAR T therapy.

What did Chimeric update the ASX with?

In its announcement, Chimeric advised it has started treatment on the second cohort of its CLTX CAR T phase 1 trials. The study is being conducted at the City of Hope, a world-renowned cancer treatment and research centre near Los Angeles.

Specifically, the first patient in the second dosing group received a higher level of treatment than that administered to the first dosing group. The dose-escalation study seeks to assess Chlorotoxin CAR T's safety and maximum tolerance in participants suffering from recurrent or progressive GBM.

Patients in this group will be administered their treatment via two methods – intracranial intratumoral (ICT) and intracranial intraventricular (ICV) at a total dose of 88 x 106 CAR T cells.

Chimeric hopes to recruit between 18 to 36 people with MMP2+ recurrent or progressive GBM across 4 different dose levels. This is expected to run over the course of a 24-month period. Once the appropriate dosing amount is established, the company will move to phase 2 trials.

Chimeric chief operating officer Jennifer Chow commented:

We are very encouraged by the continued progress of the trial, moving to this important next phase with dose escalation and dual routes of administration.

This is another significant milestone in the development of this important therapy for patients with progressive or recurrent glioblastoma.

Chimeric share price review

Since listing on the ASX boards at the start of this year, Chimeric shares have remained relatively flat. The company's shares reached an all-time high of 44 cents in January, before treading lower, hovering around the 30 cent mark.

Based on today's Chimeric share price, the company has a market capitalisation of roughly $56 million, with approximately 196 million shares outstanding.

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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