Bluebird Bio Gains 9% After Company Begins New Phase 1 Study

bluebird bio IncBLUEannounced treatment for the first patient in a Phase 1 study has begun. Bluebird bio's Phase 1 study will evaluate its product candidate bb212 in patients with with relapsed/refractory multiple myeloma. bb212 is a himeric antigen receptor T cell (CAR T) therapy targeting B cell maturation antigen (BCMA). Bluebird noted that it is developing bb212 in collaboration with Celgene Corporation CELG. In addition, bluebird bio will receive a $10 million option exercise payment from Celgene as part of their terms of agreements. "bb2121 is bluebird bio's first oncology program to enter the clinic, and the treatment of this first patient marks an important milestone for us as we build a broad, fully integrated T cell immunotherapy franchise," said Nick Leschly, chief bluebird. "We are pleased that Celgene has exercised their option to license bb2121. We believe our combined manufacturing, development and commercial expertise will enable us to rapidly advance bb2121 through clinical trials." "Despite many recent advances in the field, multiple myeloma remains incurable, with almost all patients becoming refractory to therapy eventually," said James N. Kochenderfer, M.D., National Cancer Institute, an investigator for the CRB-401 study. "BCMA is one of the most exciting targets in multiple myeloma, and we are eager to explore the potential of bb2121 to become an important new treatment option for patients living with multiple myeloma."