Benzinga | Jan 11, 2022 01:55PM EST

Bristol Myers, 2seventy Pull Plug On Multiple Myeloma CAR-T As Abecma Sales Gain Momentum

2seventy bio Inc's (NASDAQ:TSVT) anti-BCMA CAR-T got axed as part of a corporate update. The treatment was under development in collaboration with Bristol Myers Squibb Co (NYSE:BMY).

* 2seventy bio said the treatment, known as bb21217, will not undergo further development based on recently presented results from an ongoing phase 1 study.

* The treatment "delivered encouraging durability of responses for patients achieving a complete response," 2seventy said.

* However, the duo is culling the early-stage treatment with multiple myeloma approval for BMY and 2seventy's Abecma.

* The pair received the first FDA nod for Abecma, a BCMA-targeted CAR-T therapy, last March for patients with multiple myeloma who had received at least four prior lines of therapy.

* The drug had approximately $150 million in U.S. sales last year, split evenly between 2seventy and BMS. That revenue will rise to $250 million - $300 million this year, 2seventy said.

* Also, 2seventy said it would begin a phase 1/2 dose-escalation study early this year for a dual-targeted CAR-T cell therapy that includes a gene edit for people with relapsed/refractory B-cell non-Hodgkin lymphoma. That will be the proof-of-concept for 2seventy's gene-editing platform.

* 2seventy bio entered 2022 with approximately $360 million in cash, cash equivalents, and marketable securities.

* The Company anticipates net cash spend of $220 million - 250 million for 2022 and a cash runway into 2H of 2023.

* Price Action: TSVT shares are down 2.50% at $22.88 during the market session on the last check Tuesday.