SEATTLE - Sana Biotechnology, Inc. (NASDAQ: SANA), a cell engineering company valued at $370.63 million, has announced promising results from a first-in-human study of its hypoimmune (HIP) technology applied in type 1 diabetes treatment. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, despite facing significant operational challenges. The study, conducted in collaboration with Uppsala University Hospital, demonstrated that transplanted HIP-engineered primary pancreatic islet cells can function and survive without immunosuppression in a patient with type 1 diabetes.
The HIP technology aims to enable allogeneic cell transplantation without the need for immunosuppression, which could transform the treatment of type 1 diabetes and other diseases. The initial results, observed four weeks post-transplantation, showed consistent levels of circulating C-peptide, indicating insulin production by the transplanted beta cells. Additionally, an increase in C-peptide levels was noted during a mixed meal tolerance test (MMTT), suggesting a response to food intake.
MRI scans further supported the findings, indicating graft survival at the transplantation site. No safety concerns were reported, and the HIP-modified islet cells successfully evaded immune detection.
The study's principal investigator, Dr. Per-Ola Carlsson, expressed optimism about the potential for a scalable, curative treatment for type 1 diabetes that allows normal blood glucose management without insulin injections or immunosuppression. While the company maintains a strong liquidity position with a current ratio of 4.47 and more cash than debt on its balance sheet, InvestingPro data shows it's currently burning through cash rapidly as it advances its research programs. Sana's President and CEO, Steve Harr, highlighted the study's achievement in demonstrating the survival and immune evasion of the HIP-modified cells, marking a significant step in allogeneic transplant without immunosuppression.
The HIP technology was developed to overcome immunologic rejection of allogeneic cells, and in type 1 diabetes, to also evade autoimmune rejection of pancreatic beta cells. The study's positive outcome provides evidence that the HIP-engineered cells can avoid both allogeneic and autoimmune detection.
The study was supported by a grant from The Leona M. and Harry B. Helmsley Charitable Trust and is part of ongoing efforts to advance cell therapy for type 1 diabetes. Sana will continue to investigate the safety, persistence, and function of the transplanted cells, with plans to submit the study results for publication and presentation at a scientific forum. Wall Street analysts maintain an optimistic outlook, with price targets ranging from $7 to $15, significantly above current trading levels. For deeper insights into Sana's financial health and growth prospects, investors can access comprehensive analysis through InvestingPro, which offers exclusive ProTips and detailed financial metrics for over 1,400 US stocks.
This article is based on a press release statement from Sana Biotechnology.
In other recent news, Sana Biotechnology has received Fast Track designation from the FDA for its investigational therapy SC291, a treatment for systemic lupus erythematosus. Concurrently, the company is restructuring its pipeline to prioritize its UP421 and SC451 programs for Type 1 diabetes and its SC291 program for B-cell driven autoimmune diseases. The company has de-prioritized its SC291 program for B-cell malignancies and is seeking a licensing partner for these programs.
In terms of analyst ratings, H.C. Wainwright has maintained a Buy rating on Sana Biotechnology, while JMP Securities has downgraded the company's stock from Market Outperform to Market Perform. Citi has increased its price target for Sana from $8.00 to $15.00 due to progress in its Type 1 diabetes trial.
Sana Biotechnology's CFO, Nathan Hardy, will step down in October 2024, and Dhaval Patel, M.D., Ph.D., has been appointed as the new Executive Vice President and Chief Scientific Officer. These are some of the recent developments regarding Sana Biotechnology.
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