Hybrigenics - Inecalcitol advancing towards data

Hybrigenics’ main value driver is inecalcitol. A Phase II study in chronic myeloid leukaemia (CML) is on track to complete in H218. Interim analysis showed 33% of patients had a response after one year of treatment. A Phase II trial in acute myeloid leukaemia (AML) is ongoing with data expected in mid-2019. In another Phase II trial in chronic lymphocytic leukaemia (CLL), inecalcitol slowed progression in half of patients. In the field of inhibitors of ubiquitin-specific proteases (USP) the company has its own drug discovery programme and an R&D partnership with Servier focused on oncology worth up to €12m. Our valuation is broadly unchanged at €121m or €2.6/share.