OSE Immunotherapeutics - Progress with key R&D assets

OSE has a well-balanced R&D pipeline in terms of asset stage and technology. In the near term, much of the focus is on Tedopi, an off-the-shelf cancer vaccine, as it is the most advanced asset in development, and the Phase III Atalante 1 trial in NSCLC, which is ongoing, with a pre-defined step 1 patient survival assessment expected by end-Q120. Other recent news includes successful completion of the Phase I study with OSE-127 (anti-IL-7R) and the Tedopi out-licensing deal in South Korea. Our valuation is higher at €227m or €15.2/share (previously €198m) due to the increase in OSE-127’s success probability after the positive Phase I study.