Data Presented At Medical Meeting. Lineage presented an update from its Phase 1/2a clinical trial at the Annual Scientific Meeting of the Retina Society. This was the full presentation of the data announced in mid-September. The patient data showed continued improvement and maintenance of effect from the OpRegen treatments.Presentation Provided Longer Post-Treatment Data. The OpRegen Phase 1/2a is an open-label trial with three cohorts of 12 patients treated to establish safety, then a fourth cohort of 12 patients to determine efficacy. The presentation had more patients followed to longer treatment assessment times than previous seen. The presentation also detailed the treatment and methods of analysis for the study, including comparisons of the assessment by standard fundoscopy and by optical coherence tomography (OCT).Treated Eyes Showed Benefits While Untreated Eyes Did Not. Although the trial was not placebo controlled, patients had one eye treated and one eye untreated. Functional and structural benefits were seen in their treated eyes. In contrast, their untreated eyes followed the expected course of deterioration from the disease. These clinical measures supported the improvement in both function and cell structure in treated areas where there was previous cell loss.Statistical Significance Began At Nine Months. The update included data from additional patients that reached time frames for post-treatment assessment. Differences in visual acuity between treated and untreated eyes across Cohort 4 patients became statistically significant beginning at month 9 (P = 0.0085), as well as months 12 (P = 0.022) and 15 (P = 0.0273) as determined via 2-sided Wilcoxon Signed Rank.Conclusion: The full data presentation gave additional details that continue to provide data showing functional and anatomical improvement, with no unanticipated adverse events. Although it is a small number of patients, we believe the treatment shows efficacy. We are reiterating our Outperform rating and $8 price target. Read More >>