撰文丨王聪 编辑丨王多鱼 排版丨水成文 病理激活的免疫抑制性 中性粒细胞 会削弱癌症免疫疗法的疗效。趋化因子受体 CXCR4 是造血和中性粒细胞生物学的核心调控因子，是一个颇具吸引力的癌症治 疗靶点。 2025 年 6 月 26 日，哥伦比亚大学 Timothy C. Wang 教授团队 （ 钱缙 、 马辰凯 为共同第一作者） 在 Cancer Cell 上发表了题为 ： A CXCR4 partial agonist improves immunotherapy by targeting immunosuppressive neutrophils and cancer-driven granulopoiesis 的研究论文。 该研究开发了一种新型 CXCR4 部分激活剂 ，其通过选择性靶向免疫抑制性的中性粒细胞和癌症驱动的粒细胞生成，改善癌症免疫疗法，显著提高了免疫检查点 抑制剂在 胃癌 中的疗效。 在这项最新研究中，研究团队将一种分泌型 CXCR4 部分激动剂 —— Trefoil Factor 2 （TFF2） 与 小鼠血清白蛋白 （MSA） 融合， 构建稳定性更强的 TFF2- MSA，并证明了 TF ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a market value of HKD 5.8 billion, which corresponds to a target price of HKD 8.57 [3]. Core Insights - The company has a strong cash flow support from its commercialized product, Selinexor, which has expanded its indications and market presence [2]. - The clinical pipeline includes ATG-022, a differentiated CLDN18.2 ADC, and ATG-037, a CD73 small molecule inhibitor, both showing promising efficacy in treating various cancers [2][3]. - The second-generation TCE platform is expected to enhance safety and efficacy, with the first product, 25H2, submitted for IND [3]. Company Overview - The company focuses on oncology and immunology, with a pipeline that includes one commercialized product and five clinical candidates [8][9]. - Selinexor, the first commercial product, has been approved in multiple Asia-Pacific markets and is expected to see significant revenue growth in 2024 [8][9]. Clinical Pipeline - The company has five clinical-stage assets, including ATG-022 (CLDN18.2 ADC) and ATG-037 (CD73), which are positioned to address unmet medical needs in oncology [11][51]. - ATG-022 has shown efficacy across various CLDN18.2 expression levels in gastric cancer patients, with ongoing clinical trials [34][39]. - ATG-037 is advancing in clinical trials for melanoma and non-small cell lung cancer, demonstrating encouraging safety and efficacy signals [51]. Financial Performance - The company reported a revenue of HKD 92 million in 2024, a 36.7% increase year-on-year, primarily driven by Selinexor's inclusion in the medical insurance directory [23]. - The adjusted annual loss significantly narrowed from HKD 534 million in 2023 to HKD 305 million in 2024, reflecting improved operational efficiency [23]. - Cash reserves at the end of 2024 stood at HKD 900 million, sufficient to support operations for the next three years at the current spending rate [23].

Core Viewpoint - China Biologic Products (01177.HK) announced preliminary data from a Phase II clinical study of TQB2868, a PD-1/TGF-β dual-function fusion protein, in combination with Anlotinib and AG chemotherapy for first-line treatment of metastatic pancreatic ductal adenocarcinoma (mPDAC) at the 2025 ASCO annual meeting [1][2] Group 1: Clinical Study Results - The TQB2868-ALTN-II-01 study evaluated the efficacy and safety of TQB2868 combined with Anlotinib and AG chemotherapy (Gemcitabine + Albumin-bound Paclitaxel) in mPDAC patients [1] - As of January 2025, 40 patients with stage IV mPDAC were enrolled, with 36 being evaluable; the objective response rate (ORR) was 63.9%, significantly higher than the historical data for AG chemotherapy (23%-36%) [1] - The disease control rate (DCR) reached 100%, compared to 62.3% for AG chemotherapy, and the 6-month progression-free survival (PFS) rate was 86%, double that of AG chemotherapy (43.2%) [1] - The median overall survival (OS) has not yet been reached, but it is expected to exceed one year [1] Group 2: Safety Profile - The safety profile of the TQB2868 combination therapy was favorable, with a rate of grade 3 or higher adverse reactions at 52.5%, lower than the 68.1%-77% range reported for AG chemotherapy [1] Group 3: Future Developments - The company is in communication with the Chinese National Medical Products Administration (NMPA) regarding the registration of a Phase III clinical trial for the TQB2868 combination therapy [2] - This combination therapy is anticipated to become the first-line treatment for pancreatic cancer using immune checkpoint inhibitors, potentially leading to significant improvements in overall survival and quality of life for patients [2]

智通财经APP获悉，5月21日，罗氏(RHHBY.US)宣布III期TALENTACE研究达到主要研究终点，该研究 评估了阿替利珠单抗、贝伐珠单抗和按需经动脉化疗栓塞术（TACE）在未接受过既往全身系统治疗的 不可切除肝细胞癌（HCC）患者中的疗效和安全性。 该研究显示，主要终点TACE 无进展生存期（TACE-PFS，从随机分组到研究者评估的TACE不可治疗 进展或TACE失败/抵抗或任何原因死亡的时间）取得了统计学和临床意义上的显著改善，中期分析时总 生存期（OS）尚不成熟。同时，由RECIST v1.1评估的PFS也观察到了有临床意义的改善。 TALENTACE研究开创性地探索了免疫检查点抑制剂阿替利珠单抗联合抗血管生成靶向治疗贝伐珠单抗 与按需TACE同期联合治疗的协同效应。同时，TALENTACE研究创新性地将TACE-PFS作为主要终 点，并在未经系统治疗的中高肿瘤负荷HCC 患者中显示出治疗获益，有望为肝癌局部肿瘤控制与系统 分子干预的联合治疗模式提供高级别循证依据。研究数据分析显示，阿替利珠单抗和贝伐珠单抗的安全 性特征与先前的数据和基础疾病一致。 罗氏制药中国医学事务副总裁李滨博士表示，他们 ...