【Pharmaceutical Network Industry Dynamics] Riding the wave of the Hong Kong stock market's innovative drug sector, Dispatch Biotherapeutics, which focuses on developing CAR-T (Chimeric Antigen Receptor T-cell) therapies, is also gradually moving towards commercialization. According to the company’s 2025 interim report, Dispatch Bio achieved revenue of approximately 51 million yuan in the first half of 2025, representing a year-on-year increase of about 703.8%. The growth in revenue was mainly driven by the earnings from its CAR-T product, Saikai Ze (Zevor-cel Injection).
Regarding Saikaze, CARsgen Therapeutics recently announced significant news: it has entered into a clinical collaboration with Dispatch Bio, a biotechnology company that utilizes the Flare platform to develop universal treatments for solid tumors. The plan is to initiate a Phase I clinical trial in China by 2026. This trial will evaluate the application of the combination therapy DISP-11 in patients with solid tumors. The combination therapy consists of an investigational treatment developed on Dispatch Bio’s Flare platform (including its novel tumor-specific virus DV-10) and CARsgen Therapeutics' BCMA-targeted autologous CAR-T cell product Saikaze (Zevor-cel Injection, product code: CT053). In the planned study, patients with epithelial-derived solid tumors (accounting for approximately 90% of all solid tumors) will first receive DV-10 treatment, followed by Saikaze® treatment.
Data shows that Saikaze is a fully human anti-BCMA CAR-T cell product used for the treatment of multiple myeloma (MM). On February 23, 2024, Saikaze was approved by the National Medical Products Administration (NMPA) for marketing in China to treat adult patients with relapsed or refractory multiple myeloma who have progressed after at least three prior lines of therapy (including at least one proteasome inhibitor and one immunomodulatory agent). The Zevor-cel injection received the Regenerative Medicine Advanced Therapy (RMAT) designation and Orphan Drug designation from the U.S. FDA in 2019.
This collaboration marks a crucial step for CARsgen Therapeutics and Dispatch Bio in regions with highly efficient, high-impact oncology R&D and significant unmet medical needs. Relevant representatives from CARsgen Therapeutics stated that Dispatch Bio’s Flare platform offers the company a differentiated and highly complementary strategy, which is expected to further expand the application scenarios of CAR-T therapy, especially for solid tumors lacking specific targets.
Dispatch Biotherapeutics focuses on developing innovative CAR-T cell therapies to meet unmet clinical needs. The company adheres to independent research and innovation, with the core vision of benefiting more patients with cancer and other diseases, and is increasing its investment in cutting-edge technologies in the CAR-T field.
It was reported that on December 29, 2025, Dispatch Biotherapeutics also announced that it had submitted two New Drug Clinical Trial (IND) applications to the NMPA for its off-the-shelf BCMA CAR-T product CT0596, to initiate Phase 1b/2 clinical trials for the treatment of relapsed/refractory multiple myeloma (R/R MM) and primary plasma cell leukemia (pPCL), respectively.
Data shows that CT0596 is an off-the-shelf CAR-T cell therapy targeting BCMA, developed based on Dispatch Biotherapeutics' self-developed THANK-u Plus® platform. By knocking out the NKG2A, TRAC, and B2M genes, it reduces the risk of graft-versus-host disease (GvHD) and host immune rejection. Additional gene editing further blocks host NK cell-mediated rejection responses, thereby enhancing the product's efficacy and safety. CT0596 has been under investigator-initiated clinical trials (IIT) in China to explore its clinical potential in treating R/R MM and pPCL.
Dispatch Biotherapeutics, with the vision of "benefiting more patients," continues to advance at the forefront of CAR-T therapy. Currently, Dispatch Biotherapeutics is developing universal CAR-T candidates targeting various antigens, including solid tumors, hematologic malignancies, and autoimmune CAR-T, involving targets such as CLDN18.2, GPC3, and CD19/CD20. Riding on the momentum of the innovative drug sector in Hong Kong's stock market, the company is poised to achieve a leap forward by leveraging its clear R&D pipeline and efficient commercialization capabilities, injecting new vitality into the high-quality development of China’s cell therapy industry.
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