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BMO Capital Markets has sustained its positive stance on C4 Therapeutics (NASDAQ: CCCC), maintaining an Outperform rating with a $20.00 price target.
The affirmation follows news from Betta Pharmaceuticals that the Chinese New Medical Products Agency (NMPA) has approved a clinical trial for CFT8919, a capsule intended to treat patients with EGFR L858R-mutated non-small cell lung cancer (NSCLC).
C4 Therapeutics had previously formed a partnership with Betta Pharmaceuticals in 2023 to advance the development of CFT8919 within Greater China.
Under the terms of the agreement, C4 Therapeutics is entitled to receive both development and commercial milestone payments, in addition to royalties from sales in the licensed territories.
The analyst from BMO Capital commented on the development, noting that Betta Pharmaceuticals is on track to initiate the first-in-human study of CFT8919 by the end of the year. This step marks a significant milestone in the drug's journey towards potential commercialization and patient access in the Chinese market.
C4 Therapeutics' collaboration with Betta is part of a broader strategy to leverage partnerships and licensing agreements to expand the reach of its therapeutic candidates. The company's focus on targeted protein degradation to develop treatments for various diseases, including cancer, has positioned it as an innovative player in the biotechnology sector.
In other recent news, C4 Therapeutics reported encouraging initial data from its Phase 1 trial of CFT1946, a molecule targeting BRAF V600 mutant solid tumors. The orally administered drug demonstrated successful degradation of the BRAF V600E protein and was well-tolerated across various doses, with no serious treatment-related adverse events reported. The trial, which continues to enroll patients, showed early signs of tumor reduction, with two patients achieving a confirmed Partial Response.
Furthermore, C4 Therapeutics has achieved a milestone in its collaboration with Biogen (NASDAQ:BIIB), triggering an $8 million payment by delivering a second development candidate. This achievement underscores the productivity of their TORPEDO® platform, which has advanced four candidates into clinical trials and delivered two to Biogen.
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