LONDON, UK / ACCESSWIRE / August 15, 2017 / The development of Celyad's (NASDAQ: CYAD) natural killer (NK) receptor-based CAR T-cell therapy (NKR-2/CYAD-01) has taken an important step with the initiation of the SHRINK trial, which moves NK CAR T-cell therapy towards the 90%+ of cancer patients who do not have CD19 or BCMA tumors. CYAD-01 is already being tested in THINK with five solid tumor types plus AML and MM. Promising THINK results have been reported at the lowest dose. Celyad has paid $25m in cash and shares to reduce the royalties payable on potential short-term deals and long-term sales. Our indicative value of Celyad has been revised to $616m or $61 per ADR.

Celyad has a leading position in solid cancer therapy and has renegotiated the NK CAR T-cell licensing deals, paying $12.5m cash plus $12.5m in shares to reduce the amounts payable. We have increased the indicative value by this amount. The deal will give more cash from near-term deals, perhaps on allogeneic technology, and increase longer-term cash flows. The probability of the colorectal indication has been increased from 10% to 20% reflecting the new observations. Other small adjustments have also been made. The indicative value estimated by Edison on one solid cancer plus AML and MM is therefore revised to US$616m (US$61 per ADR). As a scenario, if all five current solid cancer indications are included, the value would be US$1.5bn and US$153/ADR before dilution. We estimate that Celyad has cash into 2019.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website

www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

John Savin PhD, +44 (0)20 3077 5735
Dan Wilkinson, +44 (0)20 3077 5734
healthcare@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn https://www.linkedin.com/company/edison-investment-research
 Twitter www.twitter.com/Edison_Inv_Res
 YouTube www.youtube.com/edisonitv

SOURCE: Edison