With its H116 results, Onxeo (PA:C4X) reported that R&D is progressing according to plan. Preliminary data from the Phase III ReLive trial with Livatag are due around mid-2017, which is the main catalyst in the next 12 months. Update on the newly acquired DNA repair asset, AsiDNA, revealed that the project could enter the clinic already next year. Although sales of Onxeo’s third product Beleodaq somewhat lagged our expectations, H116 operating costs were managed well, suggesting that the key catalysts are achievable with current cash.
H116 results: Sales somewhat behind, costs in line
Onxeo reported H116 results, with recurring sales of its marketed products somewhat below our expectations but still representing 50% growth year-on-year, although from a low base of €1.2m in H115 to €1.8m in H116. The company mentioned that its partners Spectrum Pharmaceuticals and Cipher, which market Beleodaq (HDAC inhibitor for peripheral T-cell lymphoma, PTCL) and Sitavig (mucoadhesive formulation of acyclovir for herpes labialis) respectively, continue with intensive marketing efforts. Operating expenses were well in line with our expectations.
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