Cullinan Therapeutics Licenses Rights to Velinotamig, a Clinical-Stage BCMA-Directed Bispecific T Cell Engager, from Genrix Bio for Development in Autoimmune Diseases
Advances Cullinan's leadership in T cell engager (TCE) development for autoimmune diseases with both a CD19 TCE and BCMA TCE in its pipeline
Strengthens Cullinan portfolio of autoimmune programs with the opportunity to address a broader range of diseases while maintaining cash runway into 2028
Company to host conference call today at 4:30 pm ET
CAMBRIDGE, Mass., June 04, 2025 (GLOBE NEWSWIRE) -- Cullinan Therapeutics, Inc. (Nasdaq: CGEM; 'Cullinan'), a biopharmaceutical company focused on developing modality-agnostic targeted therapies, today announced that it has entered into an agreement with Genrix Bio for a global (ex-Greater China), all indication, exclusive license to velinotamig, a BCMAxCD3 bispecific T cell engager. Velinotamig has demonstrated potential best-in-class efficacy at the Phase 2 target dose in nearly 50 patients with relapsed/refractory (r/r) multiple myeloma (MM). Cullinan will develop velinotamig in autoimmune diseases.
'We believe T cell engagers represent the next wave of innovation in autoimmune diseases, and we are excited to build upon our core T cell engager expertise and extensive KOL relationships to develop another potential best-in-class, clinical-stage program. Accumulated data supports BCMA as a promising target in autoimmune diseases, offering a precise and potentially disease-modifying approach by eliminating the entirety of the self-reactive plasma cells that result in certain autoimmune diseases, especially those diseases driven by long-lived plasma cells,' said Nadim Ahmed, Chief Executive Officer of Cullinan Therapeutics. 'Adding a BCMAxCD3 bispecific T cell engager to our pipeline complements our rapid global clinical development of CLN-978, enabling us to address the needs of more patients across a broader range of autoimmune diseases than with either molecule alone.'
Genrix plans to initiate a Phase 1 study in China by the end of this year in patients with autoimmune diseases. Cullinan intends to use the data generated to accelerate global clinical development of the program. Following the completion of the Genrix Bio Phase 1 study, Cullinan will conduct all further development of velinotamig in autoimmune diseases.
'With our planned Phase 1 study of velinotamig in autoimmune diseases, we will be able to quickly leverage our experience in autoimmune diseases to complete the study in China expeditiously,' said Dr. Liu Zhigang, Chairman, Chief Executive Officer, and Chief Science Officer of Genrix Biopharmaceutical 'Cullinan is a proven leader in developing T cell engagers and we are confident in the company's ability to carry the program forward to address the needs of patients with autoimmune diseases.'
Under the agreement, Cullinan will pay Genrix Bio an upfront license fee of $20 million for exclusive rights to develop and commercialize velinotamig in all disease areas globally outside of Greater China. In the future, Genrix will also be eligible to receive up to $292 million in development and regulatory milestones plus up to an additional $400M in sales-based milestones, as well as tiered royalties from mid-single digits up to the mid- teens on potential ex-Greater China net sales.
Importantly, with refinement of the clinical oncology pipeline, Cullinan reiterates its existing guidance to have cash resources into 2028 based on its current operating plan.
Cullinan Therapeutics Conference Call Information
Cullinan Therapeutics will host a conference call today, June 4, at 4:30 pm ET. Investors, analysts and the general public are invited to listen to a live webcast of the call. A link to join the call and to find related materials will be available under the Events and Presentations section of the Company's investor relations website at https://cullinantherapeutics.com/events-and-presentations/.
About Velinotamig
Velinotamig is a bispecific antibody that can simultaneously bind to the BCMA and CD3 antigens, redirecting cytotoxic T cells to target BCMA-expressing cells. Velinotamig has high affinity for BCMA and lower affinity for CD3. Affinity for BCMA is two orders of magnitude higher than for CD3, ensuring that the bispecific antibody recruits and activates T cells while minimizing non-specific T cell activation and reducing the toxicity mediated by the CD3 antibody.
Genrix Bio received approval from the National Medical Products Administration (NMPA) in January 2022 to conduct clinical trials for the indication of multiple myeloma. Velinotamig received Breakthrough Therapy Designation by the Center for Drug Evaluation (CDE) for the treatment of relapsed and refractory multiple myeloma.
About Cullinan Therapeutics
Cullinan Therapeutics, Inc. (Nasdaq: CGEM) is a biopharmaceutical company dedicated to creating new standards of care for patients. Cullinan has strategically built a diversified portfolio of clinical-stage assets that inhibit key drivers of disease or harness the immune system to eliminate diseased cells in both autoimmune diseases and cancer. Cullinan's portfolio encompasses a wide range of modalities, each with the potential to be best and/or first in class. Anchored in a deep understanding of oncology, immunology, and translational medicine, we create differentiated ideas, identify the most appropriate targets, and select the optimal modality to develop transformative therapeutics across a wide variety of autoimmune and cancer indications. We push conventional boundaries from candidate selection to differentiated therapeutic, applying rigorous go/no go criteria at each stage of development to fast-track only the most promising molecules to the clinic and, ultimately, commercialization. With deep scientific expertise, our teams exercise creativity and urgency to deliver on our promise to bring new therapeutic solutions to patients. Learn more about Cullinan at https://cullinantherapeutics.com/, and follow us on LinkedIn and X.
About Genrix Bio
Genrix Bio (Stock Code: 688443), founded in 2015, is an innovative biopharmaceutical company driven by advanced antibody drug discovery technology to address critical clinical needs. With antibody drug R&D centers in Beijing, Shanghai, and Chongqing, we are committed to the development of monoclonal and bispecific antibodies for autoimmune diseases, infectious diseases, and oncology. Our capabilities span across antibody molecular discovery, process development and quality research, clinical trials, and large-scale commercialization. Upholding the philosophy of "to deliver affordable and reliable new medicines for patients," we strive to address the clinical needs of a wider population. Learn more about Genrix Bio at https://www.genrixbio.com/#/home.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding Cullinan's beliefs and expectations regarding the potential benefits of, and plans relating to, the license agreement between Cullinan and Genrix Bio, including anticipated milestone payments under the license agreement, as well as royalties on net sales; the therapeutic potential of velinotamig; the timing of planned clinical development of velinotamig; our expectations regarding our cash resources; and other statements that are not historical facts. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'hope,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'target,' 'should,' 'would,' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements in this press release are based on management's current expectations and beliefs of future events and are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: uncertainty regarding the timing and results of regulatory submissions; the success of our clinical trials and preclinical studies; risks related to our ability to protect and maintain our intellectual property position; risks related to manufacturing, supply, and distribution of our product candidates; the risk that any one or more of our product candidates, including those that are co-developed, will not be successfully developed and commercialized; the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies; the effect of changes in global economic conditions, including uncertainties related to international trade policies, tariffs and supply chain dynamics on our business and operations; and the success of any collaboration, partnership, license or similar agreements. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including under the caption 'Risk Factors' in our most recent Annual Report on Form 10-K and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except to the extent required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Moreover, except as required by law, neither Cullinan nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made.
Contacts:
InvestorsNick Smith+1 401.241.3516nsmith@cullinantx.com
Media Rose Weldon+1 215.801.7644rweldon@cullinantx.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
32 minutes ago
- Business Insider
CRWV vs. PLTR vs. NVDA: Which Is the Best AI Stock to Buy Now, According to Analysts?
The stock market remains volatile due to geopolitical tensions and macro uncertainty, raising concerns about a potential slowdown in AI (artificial intelligence) spending. Nonetheless, Wall Street remains confident about several AI stocks, given the massive growth opportunity in the generative AI space over the long term. Using TipRanks' Stock Comparison Tool, we placed CoreWeave (CRWV), Palantir Technologies (PLTR), and Nvidia (NVDA) against each other to find the best AI stock, according to Wall Street analysts. Confident Investing Starts Here: CoreWeave (NASDAQ:CRWV) Stock CoreWeave, a cloud provider that specializes in AI infrastructure, is experiencing strong traction for its offerings amid the ongoing AI boom. The company has been in the news for its strategic deals. Notably, CoreWeave struck a $11.9 billion 5-year cloud computing contract with ChatGPT-maker OpenAI. The two AI companies also signed an expanded agreement of up to $4 billion to meet the growing demand for high-performance computing. Furthermore, CoreWeave is reportedly powering the recently announced cloud deal between Alphabet's Google (GOOGL) and OpenAI. CRWV stock has rallied by a staggering 359% from its IPO (initial public offering) price of $40. Is CRWV a Good Stock to Buy? Recently, Bank of America analyst Bradley Sills downgraded CoreWeave stock to Hold from Buy on valuation concerns, following the stellar rally in the AI infrastructure stock in reaction to the Q1 earnings. The 4-star analyst highlighted that CRWV stock is trading at an elevated valuation of 2027 EV/EBIT (enterprise value-to-earnings before interest and taxes) of 25x. While Sills noted several positives, like the expansion of CoreWeave's partnership with OpenAI and impressive revenue momentum, he pointed out the company's huge capital expenditure ($46.1 billion through 2027). Consequently, the analyst expects $21 billion of negative free cash flow through 2027. Turning to Wall Street, CoreWeave stock scores a Moderate Buy consensus rating based on six Buys, 11 Holds, and one Sell recommendation. The average CRWV stock price target of $78.53 indicates a significant downside risk of 57.2% from current levels. Palantir Technologies (NASDAQ:PLTR) Stock Data analytics company Palantir Technologies is considered one of the hottest AI stocks. PLTR stock has rallied more than 81% so far in 2025. The company's revenue is growing at a rapid pace across its Government and Commercial businesses. Palantir's AIP (Artificial Intelligence Platform) offering is bolstering its business. Palantir's market-beating first-quarter results reinforced the strength of its AI-powered offerings. Notably, Q1 2025 revenue increased by 39% year-over-year to $884 million, while adjusted EPS (earnings per share) jumped 62%. Additionally, the company raised its full-year guidance, as it believes that it is in the 'middle of a tectonic shift' in the adoption of its software, mainly in the U.S. Is Palantir Stock a Buy? While several analysts are cautious on Palantir stock due to its lofty valuation, Loop Capital analyst Mark Schappel reiterated a Buy rating and boosted the price target from $130 to a Street-high of $150. Following a meeting with management, the 5-star analyst stated that he is more convinced about PLTR's AI growth story and his bullish investment thesis. Schappel believes that Palantir is an early software leader in enterprise AI, which he thinks is at a 'tipping point,' as small-scale pilots move into production and AI use cases increase exponentially across all industries. Trading at 48x EV/2027 revenue, the analyst agrees that PLTR stock is 'not for the faint of heart.' That said, he contends that investors should look at the big picture, which indicates that Palantir is exposed to a massive AI opportunity. With 10 Holds, three Buys, and four Sells, Wall Street has a Hold consensus rating on Palantir Technologies stock. The average PLTR stock price forecast of $104.27 indicates a possible downside of 24.1% from current levels. Nvidia (NASDAQ:NVDA) Stock After a tough start to the year due to concerns about rising competition in the AI space, chip export restrictions, and tariff woes, Nvidia stock has recovered 21% over the past three months and is up 7.1% year-to-date. While uncertainty around chip exports and competition from custom AI chips remain an overhang, the semiconductor giant continues to gain from robust demand for its GPUs (graphics processing units) in the AI space, as reflected in the market-beating first-quarter results. Looking ahead, the demand for NVDA's Blackwell platform is expected to boost its top-line growth. Moreover, the company's focus on 'sovereign AI,' which it defines as a country's ability to develop and deploy AI, could drive its revenue higher. In this regard, Nvidia's lucrative deals, like the recently announced agreement with Saudi Arabia and Germany, are worth noting. Is Nvidia Stock a Buy, Hold, or Sell? Earlier this month, Bank of America Securities analyst Vivek Arya reiterated a Buy rating on Nvidia stock with a price target of $180. Following a meeting with management, the 5-star analyst noted that the tone of the team was very positive regarding demand for Nvidia's products and continued customer interest across cloud and enterprise, backed by a full-scale supply ramp. Arya believes that management addressed three key investor debates that have been weighing on NVDA stock over the past year – Blackwell rack ramp and execution, AI diffusion and sovereign demand, and China AI shipments. The analyst stated that Nvidia stock remains a top sector pick for Bank of America, as it is 'best positioned' to benefit from the ongoing AI boom, bolstered by a multi-year lead in 'performance (AI scaling), pipeline, incumbency, scale, and developer support.' Despite near-term challenges, Wall Street has a Strong Buy consensus rating on Nvidia stock based on 35 Buys, four Holds, and one Sell recommendation. The average NVDA stock price target of $173.19 indicates 20.4% upside potential from current levels. Conclusion Wall Street is highly bullish on Nvidia stock, cautiously optimistic on CoreWeave, and sidelined on Palantir stock. Currently, analysts forecast further upside in chip giant Nvidia's stock while they see possible downside risk in the other two AI stocks. The optimism of most analysts on Nvidia stock is backed by its strong fundamentals, robust demand for its AI chips, continued innovation, and solid execution.
Yahoo
an hour ago
- Yahoo
Slide Insurance (SLDE) Skyrockets 15% on Strong Investor Confidence
Slide Insurance Holdings, Inc. (NASDAQ:SLDE) is one of the Slide Insurance rallied by 15.06 percent on Friday to close at $23.30 apiece, its second day as a publicly listed company, reflecting strong investor confidence. Under its upsized initial public offering (IPO), Slide Insurance Holdings, Inc. (NASDAQ:SLDE) offered 24 million shares at a price of $17 apiece, potentially raising $408 million in fresh funds. Of the total, 16.6 million shares were offered by the company, while the remaining 7.3 million shares were sold by certain stockholders. Slide Insurance Holdings, Inc. (NASDAQ:SLDE) also granted the underwriters a 30-day option to acquire up to 3.6 million shares. A woman in a business suit in an insurance office, analyzing a policy. Slide Insurance Holdings, Inc. (NASDAQ:SLDE) is a technology-enabled property insurance company that offers customizable coverage options that suit their unique needs and budgets. While we acknowledge the potential of SLDE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Business Upturn
an hour ago
- Business Upturn
LPRO DEADLINE ALERT: ROSEN, A GLOBALLY RESPECTED LAW FIRM, Encourages Open Lending Corporation Investors to Secure Counsel Before Important June 30 Deadline in Securities Class Action
NEW YORK, June 21, 2025 (GLOBE NEWSWIRE) — WHY: New York, N.Y., June 21, 2025. Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Open Lending Corporation (NASDAQ: LPRO) between February 24, 2022 and March 31, 2025, both dates inclusive (the 'Class Period'), of the important June 30, 2025 lead plaintiff deadline. SO WHAT: If you purchased Open Lending securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Open Lending class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 30, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose materially adverse facts about Open Lending's business, operations, and prospects. Specifically, defendants: (1) misrepresented the capabilities of Open Lending's risk-based pricing models; (2) issued materially misleading statements regarding Open Lending's profit share revenue; (3) failed to disclose Open Lending's 2021 and 2022 vintage loans had become worth significantly less than their corresponding outstanding loan balances; (4) misrepresented the underperformance of Open Lending's 2023 and 2024 vintage loans; and (5) as a result of the foregoing, defendants' positive statements about Open Lending's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Open Lending class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]
