Edison Issues Outlook on Hybrigenics (ALHYG)

Hybrigenics' 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.

     (Logo: http://photos.prnewswire.com/prnh/20130417/608168 )

Our DCF valuation is €141m or €3.9 per share, from €146m or €4.1 per share. The key change to our numbers relates to inecalcitol in CML, where we have increased the probability of success to 40% from 30% due to positive interim data; and to CLL, where we have reduced the probability of success to 20% from 30% as we await guidance on the development path. We have also updated our model for the FY16 net cash position of €8.5m.  

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website

http://www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact: 

Juan Pedro Serrate              
Edison Investment Research      
+44(0)20-3681-2534        

Lala Gregorek                          
Edison Investment Research          
+44(0)20-3681-2297 [email protected]

Contact details: Learn more at http://www.edisongroup.com and connect with Edison on:  

LinkedIn http://www.linkedin.com/company/edison-investment-research

Twitter  http://www.twitter.com/Edison_Inv_Res

YouTube  http://www.youtube.com/edisonitv

Google+  https://plus.google.com/105425025202328783163/posts

SOURCE Edison Investment Research