AdAlta Secures Exclusive Global Rights to Novel CAR-T Therapy BZDS1901 for Mesothelioma Treatment
核心洞察
AdAlta (搜索)'s subsidiary AdCella (搜索) has secured exclusive rights to co-develop Shanghai Cell Therapy Group (搜索)'s BZDS1901, a PD1 (搜索)-armored mesothelin-targeting CAR-T therapy, for all markets outside Greater China.
The therapy features a rapid manufacturing process that can produce CAR-T cells in under two days using a non-viral mRNA approach, significantly faster than conventional CAR-T therapies that require 9-10 days.
AdCella (搜索) will fund a Phase 1 trial in Australia targeting up to 18 advanced mesothelioma (搜索) and gynecological cancer patients, with a minimum commitment of US$15 million for Stage 1 development.
AdAlta (搜索) and its subsidiary AdCella (搜索) have entered into a Development and Collaboration Agreement with Shanghai Cell Therapy Group (搜索) (SHcell) to co-develop BZDS1901, a PD1 (搜索)-armored mesothelin-targeting autologous CAR-T therapy. The agreement grants AdCella exclusive rights to develop and commercialize the therapy in all markets outside Greater China, representing a significant milestone in the company's 'East-to-West' strategy.
Novel CAR-T Therapy with Manufacturing Advantages
BZDS1901 distinguishes itself through its rapid manufacturing process, capable of producing CAR-T cells in under two days compared to the typical 9-10 days required for conventional CAR-T therapies. This efficiency stems from a non-viral, mRNA-delivered approach that could potentially address manufacturing bottlenecks that have historically limited CAR-T therapy accessibility.
The therapy targets mesothelin, a protein overexpressed in various solid tumors including mesothelioma (搜索) and certain gynecological cancers (搜索). The PD1 (搜索)-armored design aims to enhance the therapy's effectiveness by potentially overcoming immune suppression mechanisms in the tumor microenvironment.
Phase 1 Trial and Development Timeline
AdCella (搜索) has committed to funding Phase 1 development outside China, with a minimum commitment of US$15 million for Stage 1. At least US$3 million is due to SHcell within 70 days of the agreement. The Phase 1 trial, planned for Australia, will target up to 18 patients with advanced mesothelioma (搜索) and gynecological cancers (搜索).
The primary objectives of the Phase 1 trial are to demonstrate clinical proof-of-concept and manufacturing scalability. AdCella (搜索) will also establish manufacturing capabilities in Australia through a technology transfer from SHcell to facilitate local production.
Financial Structure and Governance
Under the collaboration terms, net commercialization proceeds from future events will be split 60% in favor of AdCella (搜索) and 40% to SHcell. Governance will be managed through a Joint Development Committee with equal representation from both parties.
Post Stage 1, AdCella (搜索) may retain rights to commercialize BZDS1901 specifically for Australia and New Zealand markets. AdAlta (搜索) intends to retain majority ownership of AdCella after the initial funding round, with private financing discussions ongoing.
Strategic Transformation Context
This collaboration builds on AdAlta (搜索)'s strategic transformation that began after its FY25 results. The company shifted from in-house i-body discovery to an 'East-to-West' cellular immunotherapy model, prioritizing the in-licensing of CAR-T assets from Chinese partners.
The strategic pivot has been accompanied by significant cost reduction measures, including a headcount reduction to just one permanent employee from a peak of nine. AdAlta (搜索) has been active in securing funding, completing a renounceable rights issue in May 2025 that raised A$1.3 million and receiving an A$0.78 million FY25 RDTI refund in December 2025.
The CAR-T co-development deal represents validation of AdAlta (搜索)'s 'East-to-West' strategy and potential value creation through exclusive global rights outside China, though execution risks and continued reliance on future financing remain key considerations for the company's success.