Cullinan Therapeutics, a biopharmaceutical company (NASDAQ: CGEM), has announced a significant development in its pipeline. The company has entered into an agreement with Genrix Bio for an exclusive license to develop and commercialize Velinotamig, a BCMAxCD3 bispecific T cell engager, globally (excluding Greater China) for all indications. The upfront license fee for this agreement is $20 million. Genrix Bio may also receive up to $292 million in development and regulatory milestones, as well as up to an additional $400 million in sales-based milestones. Additionally, Genrix Bio will be eligible for tiered royalties from mid-single digits up to the mid-teens on potential net sales outside of Greater China.
Velinotamig has shown potential best-in-class efficacy at the phase 2 target dose in nearly 50 patients with relapsed/refractory multiple myeloma (MM). Cullinan plans to develop Velinotamig in autoimmune diseases, with Genrix Bio initiating a phase 1 study in China by the end of this year for patients with autoimmune diseases. Cullinan intends to use the data generated to accelerate global clinical development of the program.
Cullinan also reiterated its existing guidance to have cash resources into 2028 based on its current operating plan. Velinotamig, a bispecific antibody, can simultaneously bind to the BCMA and CD3 antigens, redirecting cytotoxic T cells to target BCMA-expressing cells. It has received approval from the National Medical Products Administration (NMPA) in China to conduct clinical trials for the indication of multiple myeloma and has also been granted breakthrough therapy designation for the treatment of relapsed and refractory multiple myeloma.
This move strengthens Cullinan's portfolio of autoimmune programs, allowing the company to address a broader range of diseases while maintaining cash runway into 2028. The company’s leadership in T cell engager (TCE) development for autoimmune diseases is further solidified with both a CD19 TCE and BCMA TCE in its pipeline.
The agreement with Genrix Bio marks a significant milestone for Cullinan Therapeutics as it seeks to advance its leadership in developing modality-agnostic targeted therapies for autoimmune diseases and cancer. This development signifies the company’s commitment to creating new standards of care for patients and reinforces its dedication to pushing conventional boundaries in developing transformative therapeutics across a wide variety of autoimmune and cancer indications. Today the company's shares have moved 3.57% to a price of $9.28. If you want to know more, read the company's complete 8-K report here.
