ORY-2001 and ORY-3001 next in focus

Oryzon’s Q117 financial results were broadly in line with our expectations. The company’s partner, Roche is now solely responsible for ORY-1001’s development; it is conducting a Phase I trial in small cell lung cancer (SCLC) and can expand into other indications. Meanwhile, Oryzon is now focusing its internal R&D efforts on ORY-2001 for neurodegenerative diseases and ORY-3001 for as yet undisclosed non-cancer indications. Our valuation is slightly higher at €312m.