Oryzon Genomics - IND granted for collaborative Phase II trial

Oryzon Genomics announced that it has received FDA investigational new drug (IND) approval for the initiation of a collaborative Phase II trial investigating the use of the company’s LSD1 inhibitor, iadademstat, in the treatment of relapsed and refractory (r/r) neuroendocrine carcinomas (NECs). The trial will be conducted in collaboration with the Fox Chase Cancer Center, with Oryzon providing funding, iadademstat and technical advice. r/r NECs (of which it is estimated that 22–27% are small cell lung cancers, SCLCs) are highly aggressive tumours for which there are limited treatment options, meaning prognosis is often poor. In the new trial, iadademstat will be investigated in combination with other therapeutics that have shown activity in NECs. In our view, the IND approval represents an important event for Oryzon as the company continues to maximise the utility of iadademstat. We value Oryzon at €861m or €16.2 per share.