OSE Immunotherapeutics - Solid new details from Step 1 of Tedopi Ph III trial

On 21 September 2020, OSE presented additional data from step one of the Phase III Atalante 1 trial at the virtual ESMO conference. This followed the first announcement in April 2020. The totality of data now points to a favourable benefit/risk ratio of Tedopi treatment in patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) after failed checkpoint inhibitor treatment. Due to the COVID-19 pandemic, OSE has decided to terminate enrolment into step two of the trial, as NSCLC patients are vulnerable to coronavirus infections and there was therefore a substantial risk of data loss. OSE will focus on regulatory interactions and partnering discussions, given the availability of new data. Our valuation is marginally higher at €240m or €16.0/share (from €15.3).