Hybrigenics' (PA:ALHYG) 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.
Inecalcitol’s strategic positioning in oncology
Interim data for inecalcitol in combination with oral imatinib in CML showed that 43% of patients achieved a major molecular response (MMR). Moreover, after one year 33% of patients achieved a deep molecular response (DMR). A DMR could lead to functional cures and potential cessation of treatment, avoiding side effects and reducing the economic burden of tyrosine kinase inhibitors (TKIs). A Phase II study in AML is ongoing, after preclinical studies showed increased survival in animal models of AML. Lastly, inecalcitol also has potential in CLL where it slowed progression in 52% of patients. It is Phase III-ready, awaiting funding.
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