Additional Data Released: Lineage Cell released additional data from its Phase 1/2a clinical trial testing OpRegen, its retinal pigment epithelium (RPE) cell transplant. The full data presentation is scheduled for the Annual Scientific Meeting of the Retina Society on September 30. The new data was from patients who have been followed for at least 9 months from their treatment and shows both durable improvements in function and cellular structure. We believe it supports our expectations for product efficacy and our investment thesis for the stock.Study Design. The Phase 1/2a trial tests OpRegen, an allogenic RPE cell transplant product for dry age-related macular degeneration (dry AMD). The trial has a total of 24 patients, with three cohorts totaling 12 patients to demonstrate safety, followed by a fourth cohort of 12 patients to demonstrate efficacy. Patients in Cohort 4 had dry AMD with areas of geographic atrophy (GA) where RPE cells have died, leaving visual loss.Data Shows Improvements Nine Months After Treatment. The new data comes from 12 patients treated in Cohort 4 at a minimum of 9 months follow-up after treatment. Treatments showed efficacy, with additional evidence of improvements in both function and cellular structure. Importantly, the durability of the effect shows that the cells engraft, become functional, and can survive long enough to make the treatment clinically meaningful.Functional Improvements. The full analysis of the 12 patients showed 8/12 (67%) of the treated eyes were at or above baseline visual acuity at their last assessment. These visits ranged from 9 months to over 3 years after treatment. Assessment of the same patient’s untreated eye showed 9/12 (75%) below baseline visual acuity at that assessment. Conclusion: We believe the additional OpRegen treatment data is consistent with our expectations of both functional and anatomical improvement. The longer treatment data continues to add support to the previous efficacy and durability, with reduction in GA lesion size and improved function. We reiterate our Outperform rating and price target of $8 per share. Read More >>