Oryzon Genomics - Lead asset granted expansion into combo therapies
Oryzon Genomics has announced that it has been awarded an EU grant to initiate a project to investigate the company’s lead clinical oncology asset, iadademstat, in combination with immunotherapy drugs that include immune checkpoint inhibitors (ICIs) and/or cancer vaccines. The project has a global budget of €1.4m of which Oryzon will contribute c 50%; this will be partly offset by the company receiving up to €0.4m under the Eurostars-3 programme. Investigations are anticipated to start on 1 May 2023 and will be run in collaboration with the Danish immunotherapy focused biotech InProTher and the University of Copenhagen. In our view, combination therapies will form the cornerstone of future innovation in oncology, so the EU grant provides a critical platform to investigate iadademstat in novel treatment regimens and potential expansion into new indications. We value Oryzon at €847m or €15.5 per share.Oryzon Genomics SA is a Spain-based biopharmaceutical company. It is engaged in the field of epigenetic medicine and in the development of therapeutic, biological solutions for cancer and neurodegenerative diseases. The Company's business model focuses on identifying biomarkers that can be translated in new therapeutic targets, as well as on investing in programs, mainly through the development of small molecules for two main indications: cancer and neurodegeneration. The Company develops investigational medicines till proof of concept (POC) phase and then partners the program with pharmaceutical entities, which are able to get the approval from drug agencies to bring these medicines to the patients. It cooperates with Roche. The Company is a subsidiary of Laboratorio Reig Jofre SA.
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