Onxeo - Phase I with AsiDNA iv starts; first data in H218

On 24 April, Onxeo announced that the first patient had been treated with AsiDNA, a first-in-class DNA break repair inhibitor, via systemic administration in the Phase I trial. AsiDNA has already generated supportive data from a Phase I trial in melanoma using intratumoural injection. Alongside the Phase I trial Onxeo is conducting a broad preclinical programme that explores AsiDNA in various settings and combinations with other drugs. Two abstracts with preclinical data were presented at the American Association for Cancer Research conference in April potentially demonstrating unique characteristics of its mechanism of action. Our valuation is marginally higher at €221m or €4.4/sh.