Oryzon Genomics

SP: ORY

€125.5m market cap

€2.74 last close

Oryzon Genomics is a Spanish biotech focused on epigenetics. Iadademstat (Phase IIa) is being explored for acute leukaemias and SCLC; vafidemstat, its CNS product, is in Phase IIa trials in MS, AD and aggression. Newer asset ORY-3001 is being developed for certain orphan indications.

Investment summary

Oryzon’s expertise lies in developing small molecule inhibitors for epigenetic targets. The company has a total of seven Phase II studies ongoing with its two lead assets iadademstat (a specific LSD1 inhibitor) and vafidemstat (a dual LSD1/MAOB inhibitor). In October 2019, Oryzon released aggregated efficacy results from its Phase IIa REIMAGINE trial with vafidemstat in aggressiveness. Data from the three patient cohorts (BPD, ADHD and ASD) demonstrated significant improvement in aggression and agitation. In September 2019, Oryzon presented additional data from its Phase IIa CLEPSIDRA trial with iadademstat in SCLC. An objective response was seen in six out of eight patients (75%). In June 2019, Oryzon published the first positive data (dose finding, initial efficacy) from a Phase IIa ALICE trial with iadademstat in AML, while in July 2019 the interim data were presented from the Phase IIa ETHERAL trial with vafidemstat in AD. Another Phase IIa trial with vafidemstat in MS is also expected to deliver data in the coming months.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 4.3 (3.5) (4.6) (14.29) N/A N/A
2018A 6.8 (2.8) (3.7) (3.37) N/A N/A
2019E 6.1 (6.0) (6.8) (17.31) N/A N/A
2020E 6.1 (6.2) (6.8) (17.35) N/A N/A
Industry outlook

Oryzon is among the leading clinical-stage drug developers with a second generation of epigenetic therapeutics, which have greater selectivity and potentially a favourable safety/efficacy profile than the first generation HDAC inhibitors.

Last updated on 15/11/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 7.9 0.4 (10.0)
Relative* 9.0 (7.7) (11.8)
52-week high/low €4.4/€2.1
*% relative to local index
Key management
Carlos Buesa CEO

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