Chimeric (ASX:CHM) share price edges lower despite positive update

The Chimeric Therapeutics Ltd (ASX: CHM) share price is sliding in mid-afternoon trade. This comes despite the company announcing the successful completion of its CLTX CAR T phase 1 trial.

Established in 2020, Chimeric is developing a breakthrough cancer cell therapy drug for solid tumours. The company uses chlorotoxin, which comes from scorpion venom, to bind and direct T cells to target glioblastoma (GBM). Initial scientific research conducted at the City of Hope Cancer Centre in Los Angeles found promising anti-tumour activity from CAR T therapy.

At the time of writing, the biotechnology company’s shares are going for 29 cents apiece,…