The next 12 months will deliver a number of catalysts for Nanobiotix (PA:NANOB). Readouts from a Phase I/II study with head and neck (H&N) cancer and a Phase II/III study with soft tissue sarcoma (STS) patients are due any time now. H&N cancer will be the second indication with clinical data for Nanobiotix’s lead product NBTXR3, which may have a de-risking effect on other indications in the pipeline due to the physical property of NBTXR3 to universally enhance the effect of radiotherapy. Our valuation of Nanobiotix is €543m.
Clinical data from second indication out soon
The Phase I/II clinical study with H&N cancer patients is the second most advanced Nanobiotix project after STS with data readout any time now. Due to its physical property to enhance radiotherapy, NBTXR3’s mechanism of action is the same in different cancers. This would lead to a theoretical assumption of transferability of NBTXR3’s effect to other tumours. The upcoming H&N cancer data could potentially be the proof-of-concept of this thesis and, if the results are comparable between the STS and H&N cancer studies, we believe this will have a de-risking effect on other indications in the pipeline. The final clinical benefit to H&N cancer patients will be established in a further Phase II/III trial to be conducted after the ongoing Phase I/II.
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