Report
Juan Pedro Serrate

Inecalcitol shows promise in CML, R&D refocus

Hybrigenics’ main focus is the development of inecalcitol as a niche treatment for leukaemia. In February it presented encouraging initial results for inecalcitol in combination with oral imatinib in chronic myeloid leukaemia (CML), with 43% of patients responding in a Phase II study that will complete in H218. A Phase II trial in acute myeloid leukaemia (AML) is ongoing with data expected in H119. Inecalcitol is Phase III-ready for chronic lymphocytic leukaemia (CLL) where it slowed progression in half of patients. The company has sold the proteomic services division and refocused on biopharma R&D. Our valuation is €141m; net cash at end 2016 was €8.5m.
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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Edison Investment Research
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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