Oryzon Genomics - Multiple data readouts in 2019 within cash reach

Oryzon is ramping up its R&D programme and plans to conduct a total of four mid-stage clinical trials with lead assets ORY-1001 (a specific LSD1 inhibitor for cancers) and ORY-2001 (a dual LSD1/MAOB inhibitor for CNS indications). If all goes according to plan, data readouts are expected from all four trials in 2019 and these key catalysts are reachable with current cash, as per our calculations. The most advanced studies are the two Phase IIa trials with ORY-2001 in multiple sclerosis (MS) and Alzheimer’s disease with the MS study, SATEEN, enrolling patients since January 2018. Our valuation is marginally higher at €315m or €9.2/share.