Nanobiotix : Ongoing cancer care revolution
Nanobiotix is a late-stage biotech specialising in oncology. Its flagship project (NBTXR3) is the subject of a licence deal with Janssen that lends credibility to the clinical data already achieved and its commercial potential (ODDO BHF: peak sales >€ 5.8bn in the first three indications). It is expected to see solid newsflow with phase I results due in 2025 and interim phase III results in mid-2026e. The company has financial visibility out to Q4 2025e but this will, we think, require an additional € 70m by then for the group to be profitable in 2027e. We are initiating coverage of the stock with an Outperform rating and a target price of € 10.Nanobiotix SA is a France-based oncology focused nanomedicine company. It is engaged in developing nanoparticle technology. It develops new tools for cancer which utilize a physical mode of action at the cellular level of the cancer cell. This disruptive approach may reshape future treatment opportunities. The Company's NanoXray technology comprises three products having the potential to cause a paradigm shift in cancer therapy. Specifically, NanoXray products may overcome the current limitations of standard of care in local therapy. Local treatment (surgery and radiotherapy) plays a seminal role in the potential cure and gives systemic treatment a better chance to increase life expectancy. NanoXray products are developed to selectively increase the efficacy of radiotherapy in the tumor cell. Nanobiotix is a spin-off of the State University of New York (SUNY) at Buffalo.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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