Cavendish sees Royal Marsden tie-up as key validation step for CelLBxHealth's liquid biopsy platform20 Apr 2026 21:15
Cavendish has described CelLBxHealth PLC (AIM:CLBX, FRA:DWV) research collaboration with The Royal Marsden NHS Foundation Trust as an important validation of the AIM-listed company's proposition that circulating tumour cell DNA can deliver actionable clinical information where standard liquid biopsy falls short.
https://uk.finance.yahoo.com/news/cavendish-sees-royal-marsden-tie-143100503.html
The broker, which acts as CelLBxHealth's nominated adviser and corporate broker, has a 4p price target, implying upside of 344% to the current share price of 0.90p.
The collaboration, announced earlier today, will see CelLBxHealth and The Royal Marsden jointly conduct a prospective clinical study in 200 patients with advanced non-small cell lung cancer, focusing specifically on the 10-15% of patients whose circulating tumour DNA testing returns uninformative results.
Cavendish argues the study targets a clearly defined and underserved patient cohort, and that demonstrating CTC-derived DNA can identify actionable mutations in this group would represent a meaningful step in embedding CTC-based approaches alongside existing molecular diagnostic workflows.
The broker sees the tie-up as supporting CelLBxHealth's longer-term commercial strategy, with results expected by year-end.
Analysts Adam McCarter and Chris Donnellan leave their forecasts unchanged, with the company expected to narrow its adjusted EBITDA loss from £13.1 million in 2025 to £4.0 million in 2026, as revenues recover to £3.6 million from £1.4 million.
The path to profitability is projected to extend to 2028, when the broker forecasts adjusted EBITDA breaking even at £0.1 million on revenues of £8.3 million.
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