Edison Investment Research - Hybrigenics S.A. (ALHYG) Hybrigenics - H117 results released, business on track

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Edison Investment Research

Juan Pedro Serrate

Hybrigenics - H117 results released, business on track

Hybrigenics has reported H117 financial results which have been restated to reflect the sale of the proteomics division. Hybrigenics continues to generate preclinical data from its inhibitors of ubiquitin-specific protease (USP) programme. Inecalcitol’s Phase II studies in acute myeloid leukaemia (AML) and chronic myeloid leukaemia (CML) will be expanded to other countries and combinations with other kinase inhibitors, respectively. Net cash at end July 2017 was €11m which we estimate provides runway into 2019. Our updated valuation is €129m or €2.75/share.

15/11/2017 3 EN

Underlying

Hybrigenics S.A.

Hybrigenics SA is France-based Company engaged in the biotechnological sector. It specializes in the research and development of drugs intended for cancer treatment and supplies scientific services in the protein interaction field. The Company is specialized in the research and development (R&D) of drugs to fight cancer. It is organized in two units: Hybrigenics Pharma for internal R&D, which develops a research program aimed at such diseases as melanoma and prostate cancer; and Hybrigenics Services for commercial business, mainly engaged in protein interaction information and solutions. Hybrigenics SA's main development program is based on inecalcitol, a vitamin D analogue, for prostate cancer treatment. It operates through Hybrigenics Corporation and Imaxio.

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FR0004153930 Euronext Paris France

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Juan Pedro Serrate

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Hybrigenics - H117 results released, business on track

Genfit SA - Mergers & Acquisitions (M&A), Partnerships & Alliances And Investments

Hybrigenics - Leukaemia pipeline advances with new data

Hybrigenics - Inecalcitol advancing towards data

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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