Onxeo - Green light for Ph Ib/II after DRIIV-1 interim data

Onxeo’s lead asset, AsiDNA, is currently being tested in a Phase I DRIIV-1 trial in patients with advanced solid tumours (n=36). Interim results were announced recently, based on which Onxeo will initiate a further Phase Ib/II development programme, likely combining AsiDNA with other standard-of-care drugs that have shown the highest potential in preclinical models. The most interesting combination seems to be with PARP inhibitors. These activities are being funded by cash raised from the recent Beleodaq royalty stream monetisation ($7.5m) and equity financing agreement, both in June 2018. Our valuation is €172m or €3.3/share.