Edison issues outlook on Hybrigenics (ALHYG)

LONDON, UK / ACCESSWIRE / January 31, 2018 / Hybrigenics’ (PARIS: ALHYG) main value driver is inecalcitol. A Phase II study in chronic myeloid leukaemia (CML) is on track to complete in H218. Interim analysis showed 33% of patients had a response after one year of treatment. A Phase II trial in acute myeloid leukaemia (AML) is ongoing with data expected in mid-2019. In another Phase II trial in chronic lymphocytic leukaemia (CLL), inecalcitol slowed progression in half of patients. In the field of inhibitors of ubiquitin-specific proteases (USP) the company has its own drug discovery programme and an R&D partnership with Servier focused on oncology worth up to €12m. Our valuation is broadly unchanged at €121m or €2.6/share.

As we update the US$/€ exchange ratio, our valuation is now €121m or €2.6/share (previously €129m or €2.75/share), taking into account the pro forma net cash of €11m at 24 July 2017. We make no changes to our underlying assumptions.

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