OSE Immunotherapeutics - Encouraging data from novel preclinical projects

OSE has a well-balanced R&D pipeline in terms of technology and asset stage (from discovery to Phase III). At the American Association of Cancer Research (AACR) Virtual Annual Meeting II in late June, OSE announced new data from its two more interesting preclinical programmes. C-type lectin receptor (CLEC-1) is a newly disclosed myeloid checkpoint target that tumour cells use to inhibit myeloid cells phagocytosis, a ‘don’t eat me’ signal. Anti-CLEC-1 antibodies restored the phagocytosis function of macrophages and dendritic cells (a similar effect to SIRPα/CD47 axis inhibition). New data from OSE’s bispecifics platform BiCKI were also presented, including with its first drug candidate BiCKI IL-7, an anti-PD-1 antibody fused with IL-7 interleukin. Our valuation is €230m or €15.3/share