香港股票分析師協會主席鄧聲興：癌症疫苗申專利或有利長江生科價值提升
香港股票分析師協會主席鄧聲興博士近日在文匯報推介公司股票：
其主要觀點為：
長江生命科技(00775.HK)近期公佈，集團旗下針對滋養層細胞表面抗原2「TROP2」的新型癌症疫苗，在臨牀前階段實驗室測試中取得良好的早期成果，並已向香港知識產權署提交原授標準專利申請，及向美國專利商標局提交相關臨時專利申請。
資料顯示，TROP2是治療性標靶癌症疫苗，該專利申請的疫苗構建體在三陰性乳腺癌及結直腸癌臨牀前研究，被發現能大幅度抑制腫瘤生長，其中三陰性乳腺癌動物試驗結果展現抗癌效能。數據顯示，在涉及超過170只小鼠的TROP2候選疫苗在五項臨牀前研究中，四項研究顯示達到100%的腫瘤生長抑制，而剩餘一項研究顯示約80%的抑制率。
從技術端來看，TROP2疫苗有望成為首個針對亞洲高發癌種的根治性療法，聚焦亞洲高發、預後差的癌種，可有效填補亞洲高發癌種的需求空白，臨牀需求迫切。同時，其潛在適應症延展性強，可覆蓋肺癌、胰腺癌等多癌種，商業化價值有望提升。治療場景方面，從術後防復發切入，突破傳統末線治療侷限，有望改善患者生存率與生活質量。如步入成熟的臨牀階段，將有望造福更多病患，或有望成為公司未來的重要產品，商業化後亦可為集團帶來潛在價值。
長江生命科技多年專注研發，現時擁有多個進入臨牀階段的醫療研發項目管線，R&D產品線被嚴重低估，未來或可實現價值釋放，為公司帶來更多成本入賬和實質性業績貢獻。同時，憑藉旗下保健品業務提供的穩定資金，集團具備充沛的現金流，可持續支持更多研發推進。2024年，公司臨牀試驗及實驗室費用同比增長近60%達1.61億港元，顯示出集團對研發的高度重視和持續投入。
此外，集團近期在與多家國際投行間的資本市場密會上表示，將「全面開放所有戰略選項」，包括但不限於戰略合作、合資公司設立、業務分拆上市以及併購整合等多元化資本運作方式，以最大化股東價值。相信都可獲得更多資金支持，有望加強集團在癌症疫苗領域的技術積累，亦顯示集團有益擴充更多靈活的資本獲取渠道。料未來亦可考慮分拆旗下產品線以18A上市，連同潛在的戰略合作的益處等，或有望為集團帶來更多發展空間。
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