Ryvu Therapeutics - Successful Phase I with SEL24/MEN1703

In March 2020, Ryvu announced its partner Menarini Group (via subsidiary Berlin-Chemie) has successfully completed the dose-escalation part (Phase I) of the ongoing Phase I/II study with SEL24/MEN1703, a dual PIM/FLT3 kinase inhibitor in a Phase I/II trial for acute myeloid leukaemia (AML). The recommended dose for the Phase II part of the study (cohort expansion) has been established. Ryvu is a pure biotech, so the ongoing turbulence in the global markets has a limited effect on the outlook of the company in our view. Moreover, Ryvu is financed until 2021, which positions it well to weather the volatility. Our valuation is unchanged at PLN1.08bn or PLN67.4/share.