Fri, 05 Jun 2020

Edison Issues Outlook on Onxeo (ONXEO)

16 Sep 2019, 22:49 GMT+10

LONDON, UK / ACCESSWIRE / September 16, 2019 / Onxeo (EPA:ONXEO) is focused on the development of the next generation of DNA damage repair inhibitors from its novel oligonucleotide platON platform. The lead asset, AsiDNA, belongs to the same class of drugs as PARP inhibitors, but has a different mechanism of action. AsiDNA is in a Phase Ib trial in combination with chemotherapy in solid tumours; preliminary results are expected by end-2019, which is within the existing cash reach to Q320. To reflect the progress Onxeo has made with AsiDNA we have included the second indication for this asset in our valuation, but removed some of the legacy projects. Our updated valuation is €129m or €2.3/share.

We have revised our valuation to reflect Onxeo's decision to focus solely on AsiDNA. We have included a second indication for AsiDNA, offset by a review of the Validive out-licensing deal, the removal of the residual rNPV of Beleodaq (the cash was received upfront after the royalty sale) and the removal of the small residual rNPV of Sitavig/Loramyc, two legacy specialty products.

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SOURCE: Edison Investment Research Limited

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