以往大多数与肢体相关的类器官模型仅关注中胚层，忽略了AER和其他皮肤细胞（表层外胚层）在肢体 形成中的指导作用。此次为制造"布多伊德"，研究团队从小鼠胚胎干细胞中培养出混合细胞群，这些细 胞自然形成了类似AER、表层外胚层和中胚层细胞，基本涵盖了发育中肢体的所有主要细胞类型。当这 些细胞被聚合时，它们能够自我组织成三维结构。团队随后利用该系统研究AER细胞是如何引导组织形 成的。 "布多伊德"提供了一种全新的实用系统，使人们能够探索胚胎发育中难以深入研究的领域，例如细胞如 何协调行为、早期结构如何发育以及软骨如何形成。其应用不仅限于基础研究，未来还将涉及先天性疾 病建模、测试可能损害肢体发育的化学物质，甚至促进再生医学的应用。 瑞士洛桑联邦理工学院一组团队利用干细胞制造了全新三维类器官——"布多伊德"。这种类器官展现了 发育中肢体的多个关键特征，包括对称破缺（塑造肢体的第一步）和早期软骨形成。该研究发表在最新 一期《科学进展》杂志上。 在胚胎早期发育阶段，身体器官的构建依赖于不同细胞类型之间化学信号的交换。以肢体发育为例，肢 体表面一层被称为"顶端外胚层脊"（AER）的薄层皮肤细胞会发出信号，引导下方细胞群生 ...

科技日报北京12月3日电 （记者张梦然）瑞士洛桑联邦理工学院一组团队利用干细胞制造了全新三 维类器官——"布多伊德"。这种类器官展现了发育中肢体的多个关键特征，包括对称破缺（塑造肢体的 第一步）和早期软骨形成。该研究发表在最新一期《科学进展》杂志上。 "布多伊德"提供了一种全新的实用系统，使人们能够探索胚胎发育中难以深入研究的领域，例如细 胞如何协调行为、早期结构如何发育以及软骨如何形成。其应用不仅限于基础研究，未来还将涉及先天 性疾病建模、测试可能损害肢体发育的化学物质，甚至促进再生医学的应用。 【总编辑圈点】 "布多伊德"为生物医学研究提供了一种更符合伦理的替代方案。在这一领域，传统上高度依赖动物 实验，而全新的基于干细胞的方法能很好地重现胚胎组织的关键特征，许多曾经需要使用大量胚胎的实 验，现在都可以在受控的类器官系统中进行。这不但有助于替代和减少在发育研究中的动物使用，还将 助力药物毒性筛查并推动再生医学，为软骨等人体组织修复等提供新思路。 在胚胎早期发育阶段，身体器官的构建依赖于不同细胞类型之间化学信号的交换。以肢体发育为 例，肢体表面一层被称为"顶端外胚层脊"（AER）的薄层皮肤细胞会发出信号，引 ...

Financial Data and Key Metrics Changes - The company ended Q1 with a negative growth of 1%, but when excluding two large cell therapy customers, the growth for the rest of the business was approximately 1% [6][8] - The company anticipates a similar overall growth rate for Q2, projecting a negative growth of 1% again, but with an adjusted growth of 3% when excluding the impact of the two customers [25][96] Business Line Data and Key Metrics Changes - The diagnostics business grew mid-single digits in Q1, building on a mid-teen growth from the previous year, indicating strong performance despite market challenges [30] - The ProteinSimple franchise has consistently outperformed, with no down quarters and double-digit growth in many recent quarters, indicating its resilience in a tough market [26][68] - The Spatial Biology segment saw flat revenue in Q1, but bookings increased double-digit, suggesting a positive trend moving forward [27][74] Market Data and Key Metrics Changes - The pharmaceutical market, which constitutes 30% of the company's revenue, has shown recovery with double-digit growth in recent quarters, alleviating previous concerns about regulatory impacts [11][12] - Academic market performance has improved, with expectations of a flat NIH budget, leading to reduced anxiety among academic customers [13][66] - Biotech funding has improved from a decline of 30% to a decline of 13%, indicating a potential stabilization in the biotech market [16][22] Company Strategy and Development Direction - The company is focusing on its ProteinSimple and Spatial Biology franchises to drive growth, especially as the market stabilizes [26][29] - The company is optimistic about the long-term potential of its cell therapy business, despite short-term challenges due to the two large customers [90][94] - The company is leveraging its strong customer relationships and grant programs to maintain interest in cell therapy, indicating a strategic focus on early-stage development support [92] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the near-term outlook, noting that while challenges remain, there are signs of stabilization in key markets [11][13] - The company expects to see improvements in the biotech market, but anticipates that significant revenue contributions from this sector may not materialize until fiscal year 2027 [22][57] - Management highlighted the importance of upcoming FDA approvals and commercialization timelines for the two large customers, which could significantly impact future revenue [49][50] Other Important Information - The company has a diverse customer base, with 700 customers, and is actively seeking to expand its market presence despite current challenges [91] - The company is experiencing a high level of interest in its instruments, indicating potential for future growth as capital expenditures begin to recover [71] Q&A Session Summary Question: What is the impact of the two large customers on the business? - The two large customers accounted for 35%-40% of GMP revenue at their peak, and their absence is expected to impact revenue for the remainder of the fiscal year [41][52] Question: How does the company view the future of the cell therapy market? - Management believes the quality of new clinical trials is improving, and despite current funding challenges, interest in cell therapy remains high [90][92] Question: What are the expectations for the diagnostics business moving forward? - The diagnostics business is expected to continue performing well, with a more even revenue distribution anticipated throughout the year [30][31]

Financial Data and Key Metrics Changes - The company ended Q1 with a -1% growth, primarily impacted by two large cell therapy customers who did not purchase materials, contributing approximately 200 basis points of headwind [6][8] - Adjusted for these customers, the growth rate for the rest of the company was +1% [25] - The company anticipates a similar overall growth rate for Q2, projecting a decline of -1% but an improvement to +3% when excluding the impact of the two customers [25][26] Business Line Data and Key Metrics Changes - The diagnostics business grew mid-single digits in Q1, building on a mid-teen growth from the previous year, indicating a strong performance despite lumpiness in customer purchasing patterns [30] - The ProteinSimple franchise has consistently outperformed, with no down quarters and double-digit growth in most recent quarters, indicating strong demand for its consumables [26][68] - The Spatial Biology segment experienced a flat performance in Q1 after a down quarter in Q4, but bookings increased double-digit, suggesting a recovery in interest [27][75] Market Data and Key Metrics Changes - The Pharma market, which constitutes 30% of the company's revenue, has shown resilience with double-digit growth returning after a brief slowdown due to regulatory concerns [12][61] - Academic market funding has stabilized, with NIH budget expectations now flat, improving customer sentiment and reducing anxiety [13][66] - Biotech funding has improved from a -30% decline to -13%, indicating a potential recovery in spending [16][22] Company Strategy and Development Direction - The company is focusing on its ProteinSimple and Spatial Biology franchises to drive growth in a stabilizing market, leveraging historical performance to navigate current challenges [26][29] - The company is optimistic about the long-term potential of its cell therapy business, despite short-term headwinds from key customers [89][92] - The strategy includes maintaining strong relationships with existing customers while exploring new opportunities in the biotech space [54][94] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the near-term outlook, noting that while challenges remain, there are signs of stabilization in key markets [11][13] - The company expects to see a gradual recovery in the biotech sector, with funding translating into spending over the next few quarters [57] - Management highlighted the importance of upcoming FDA approvals and commercialization timelines for key customers, which could significantly impact future revenue [49][50] Other Important Information - The company has seen a significant increase in its customer base, growing from 550 to 700 customers, indicating strong interest in its products [92] - The company is actively engaging in grant programs to support early-stage cell therapy developments, which could lead to long-term customer loyalty [93] Q&A Session Summary Question: What is the impact of the two large customers on the business? - The two customers accounted for 35%-40% of GMP revenue at their peak, and their absence will significantly impact revenue for the remainder of the year [41][52] Question: What is the expected timeline for commercialization of the therapies from these customers? - Management anticipates a timeline of 18 months to three years for commercialization following phase III results, with a base case of fiscal year 2028 for potential revenue [49][50] Question: How does the company view the current state of the cell therapy market? - Management believes the quality of new clinical trials is improving despite a slowdown in the rate of growth, indicating a healthy future for the sector [92]

Financial Data and Key Metrics Changes - The company ended Q1 with a negative growth of 1%, but excluding two large cell therapy customers, the growth for the rest of the business was approximately 1% [6][8] - The company anticipates a similar overall growth rate for Q2, projecting a decline of about 1% but an improvement to 3% when excluding the impact of the two customers [25][30] Business Line Data and Key Metrics Changes - The diagnostics business grew mid-single digits in Q1, building on a mid-teen growth from the previous year, indicating a strong performance despite fluctuations [30] - The ProteinSimple franchise has consistently outperformed, with no down quarters and double-digit growth in recent periods, suggesting resilience in a challenging market [26][70] - The Spatial Biology segment experienced a flat performance in Q1 after a down quarter, but bookings increased double-digit, indicating potential for recovery [27][75] Market Data and Key Metrics Changes - The pharmaceutical market, which constitutes 30% of revenue, has shown recovery with double-digit growth in recent quarters, alleviating previous concerns about regulatory pressures [12][13] - Academic market conditions have stabilized, with expectations of a flat NIH budget, improving sentiment among academic customers [14][66] - Biotech funding has improved, with funding levels increasing from a decline of 30% to a decline of 13%, suggesting a potential recovery in spending [17][22] Company Strategy and Development Direction - The company is focusing on its ProteinSimple and Spatial franchises to drive growth, especially as market conditions stabilize [26][75] - The strategy includes leveraging the strong demand for consumables and reagents associated with their instruments, which are expected to enhance margins over time [77][80] - The company is optimistic about the long-term potential of its cell therapy business, despite short-term challenges, due to the high quality of clinical trials being conducted [92][94] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the near-term outlook, noting that while challenges remain, there are signs of stabilization in key markets [12][14] - The company anticipates that improvements in funding and market conditions will begin to reflect in financial results by the second half of fiscal year 2026 [22][58] - Management highlighted the importance of maintaining strong relationships with customers and adapting to their needs as market conditions evolve [43][59] Other Important Information - The two large customers in the cell therapy space accounted for as much as 35%-40% of GMP revenue at their peak, but their absence is expected to impact revenue significantly in the near term [41][90] - The company has a diverse customer base, with 698 other customers, and is actively seeking to expand its reach in the cell therapy market through grant programs [94][96] Q&A Session Summary Question: What is the impact of the two large customers on revenue? - The two customers have significantly influenced revenue, making up a large portion of GMP revenue, and their absence is expected to reduce business temporarily [41][90] Question: How does the company view the recovery in the biotech market? - The company sees a lag of 2-3 quarters before funding translates into spending, but is optimistic about a recovery in fiscal year 2027 [58] Question: What are the expectations for the diagnostics business? - The diagnostics business is expected to continue performing well, with a more even revenue stream anticipated throughout the year [30][31] Question: How is the company addressing margin progression? - Management expects margin expansion to be consistent with revenue growth, projecting at least a 100 basis point improvement for the year [97]

山东省护理学会秘书长郭明兴在开幕式讲话中指出，护理工作是医疗卫生事业的重要基石，而脐带血采 集护理作为产科专科护理的关键领域，其技术规范性直接关系到生命资源的质量与临床价值的发挥。郭 明兴强调，本次大会搭建的高规格学术交流平台，既是技术经验的共享阵地，更是创新理念的碰撞舞 台，将推动全省护理人员在技术能力、服务理念上实现双重提升，为脐带血医学事业发展提供坚实的护 理保障。 临床一线的实践经验是推动技术发展的核心动力。山东第一医科大学第一附属医院妇儿科大科护士长、 山东省护理学会脐带血采集应用专委会主任委员王君芝结合产科护理经验提出了深刻见解。她指出，脐 带血作为富含造血干细胞的宝贵资源，其医学价值正从血液疾病治疗不断拓展至免疫治疗、神经修复等 再生医学领域，而规范的采集工作正是激活这份价值的关键环节。作为主任委员，她表示将带领专委会 搭建更广阔的学术交流桥梁，编织更严密的培训网络，推动先进技术与人文关怀在产科护理中深度融 合，让每一份脐带血都能得到最好守护。 初冬的泉城暖意融融，生命科学的脉动强劲有力。2025年11月29日，由山东省护理学会主办，山东省护 理学会脐带血采集应用专业委员会承办，山东第一医科大学 ...

Core Viewpoint - Longeveron Inc. has received a Canadian patent for its proprietary mesenchymal stem cell therapy, laromestrocel (LOMECEL-B), aimed at treating aging-related frailty and non-ischemic dilated cardiomyopathy, which positions the company favorably in the biotechnology sector focused on regenerative medicine [1][2][8] Company Overview - Longeveron Inc. is a clinical stage biotechnology company developing regenerative medicines to address unmet medical needs, with its lead product being laromestrocel, an allogeneic mesenchymal stem cell therapy derived from the bone marrow of young, healthy adult donors [7] - The company is pursuing three pipeline indications: hypoplastic left heart syndrome (HLHS), Alzheimer's disease, and pediatric dilated cardiomyopathy (DCM) [7] Patent Details - The Canadian Patent No. 3043594 grants Longeveron rights to administer laromestrocel for treating aging-related frailty and non-ischemic dilated cardiomyopathy until 2037 [2][8] - The patent covers methods of administering therapeutically effective amounts of isolated allogeneic mesenchymal stem cells to patients with aging-related frailty and NIDCM [8] Clinical Research - Longeveron has conducted Phase 1 and 2 studies demonstrating improvements in physical functioning and the six-minute walk test for aging-related frailty using laromestrocel [4][8] - Non-ischemic dilated cardiomyopathy is a progressive disorder with no current cure, and laromestrocel has shown potential in altering immunologic markers associated with chronic inflammation [5][8] Mechanism of Action - Laromestrocel is believed to have multiple mechanisms of action, including anti-inflammatory and pro-vascular regenerative responses, which may have broad applications for various rare and aging-related diseases [6][7]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 该研究首次发现，在人类和小鼠的多能干细胞共培养中，通过" 隧道纳米管 " （ Tunneling Nanotube， TNT ） 结构进行的 跨物种 RNA 交换 ， 可激活小鼠细胞的 RNA 先天 免疫通路，进而通过"细胞竞争"清 除人类细胞。 该研究进一步证实 ，敲除通路关键蛋白 MAVS 能够削弱小鼠细胞竞争力，在不修饰人类细胞的情况下，显 著提升人类多能干细胞在小鼠胚胎中的存活率和嵌合率。 这一发现揭示了物种间屏障和细胞竞争的新机 制， 证明了靶向抑制宿主免疫通路是提高动物体内的人类细胞嵌合率的有效策略，为再生医学提供了更具 安全性的"宿主改造"新范式。 利用 人类多能干细胞 （hPSC） 创建 跨物种嵌合体 ， 为模拟人类发育和生成供体器官提供了前景广阔的 策略，然而，人类细胞在其他物种中的整合效率低下，这也成为 创建 跨物种嵌合体面临的 主要障碍。 目前改善人源细胞嵌合率的努力，多集中于对供体 hPSC 进行基因改造，而对宿主进行调控的研究仍然不 足。 2025 年 11 月 24 日，德克萨斯大学西南医学中心 吴军 团队与基因组多维解析技术全国重点实验室/ ...

为更好地推动科技金融与科技产业化的发展，对母基金在中国资本市场里所发挥的重要作用进 行系统研究，发挥政府出资产业投资基金等的资源和战略优势，加强政府对社会资本的管理和 引导，促进社会资本流向创新创业型企业和实体经济，推动中国投资行业特别是母基金行业的 健康发展， "中国国际科技促进会母基金分会"（简称"科促会母基金分会"）成立。科促会母基 金分会领导班子所在机构及参会机构共8 7 家，科促会母基金分会于每周二更新相关机构的一 周资讯。 【内容提要】 1 . 这个市， 1 5 0亿母基金正式起航 2 . 武汉大学技术转移中心武汉江夏中试与概念验证平台正式启动 3 . 福建金投首单银行间市场债券成功发行 4 . 国调基金战略投资南网数字，助力新型电力系统和新型能源体系数智化建设 5 . 国新创投基金完成首个项目投资 6 . 中国投资协会李志勇副会长一行到访长江产投公司 7 . 江投基金受邀参加 "金融活水润科创，市场聚力促发展"投融资对接会 01 这个市，150亿母基金正式起航 11月2 4日，由财通资本主动管理的绍兴市产业股权投资基金有限公司（以下简称"绍兴产业基 金"）正式在中国证券投资基金业协会完成备案，标 ...

交易所数据显示，11月24日，冠昊生物收盘15.29元，上涨5.38%，滚动市盈率PE（当前股价与前四季度 每股收益总和的比值）达到154.16倍，总市值40.54亿元。 最新一期业绩显示，2025年三季报，公司实现营业收入2.93亿元，同比增加5.52%；净利润2671.85万 元，同比减少4.02%，销售毛利率77.69%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13冠昊生物154.16147.877.0940.54亿行业平均 52.1952.084.44109.78亿行业中值40.1437.372.7954.98亿1九安医疗10.2111.560.87192.85亿2康德莱 15.2317.241.3937.13亿3英科医疗15.4517.951.45263.10亿4奥美医疗15.5519.081.8970.36亿5维力医疗 15.7817.571.9938.56亿6安杰思17.2416.041.8947.05亿7新华医疗17.7313.041.1490.21亿8山东药玻 17.7414.391.67135.71亿9奥泰生物17.7717.311.3452.37亿10九强生物18.171 ...