Core Insights - The article discusses the promising Phase I clinical results of CM512, a dual-target antibody for treating atopic dermatitis (AD), showing significant efficacy compared to placebo [1][2]. Group 1: Clinical Results - After three doses in the first month, the 300mg dose group achieved EAS-75 and EAS-90 rates of 58.3% and 41.7% respectively at 12 weeks, significantly outperforming the placebo group which had rates of 21.4% and 0% [1]. - The drug demonstrated a long half-life of 70 days, indicating potential for extended dosing intervals [1]. - The safety profile was comparable between the treatment and control groups, with similar rates of treatment-emergent adverse events (TEAE) and serious adverse events (SAE) [1]. Group 2: Competitive Advantage - CM512 shows potential as a best-in-class (BIC) treatment, particularly in deep remission metrics, with an adjusted EASI-90 of 41.7% [2]. - Compared to standard therapies, CM512 outperformed Dupilumab and other IL-13 monoclonal antibodies in clinical trials, indicating a competitive edge [2]. - The drug also competes favorably against small molecule drugs like JAK1 inhibitors, demonstrating higher efficacy in achieving EASI-90 [2]. Group 3: Future Development and Valuation - The company is expanding CM512's indications, with ongoing Phase I trials for asthma and Phase II trials for multiple conditions including COPD and chronic spontaneous urticaria [3]. - The long half-life of CM512 (70 days) compared to competitors (10 days for Lunsekimig) enhances its market potential [3]. - The company adjusted its profit forecasts for 2025-2027, reflecting a more optimistic outlook based on CM512's early data, raising the target price to 91.08 HKD [3].
康诺亚-B(2162.HK)：CM512初战告捷 BIC潜力初步验证