Scandion Oncology

Nasdaq First North: SCOL

Market CapSEK191m

Last Close SEK4.69

Scandion Oncology is focused on the development of add-on therapies to reverse chemotherapy resistance in oncology. Lead asset SCO-101 is in a Phase II trial for mCRC and a Phase Ib trial for pancreatic cancer. Proof-of concept data, expected in Q322, will be crucial in shaping management’s future development plans.

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Investment summary

Scandion Oncology has announced top-line data from part 2 of the Phase II CORIST trial, investigating the company’s sole clinical asset, SCO-101, as a treatment for chemotherapy resistant metastatic colorectal cancer (mCRC). The results confirm the safety and tolerability of SCO-101 in combination with FOLFIRI; however, the drug did not meet the 30% reduction in tumour size threshold required for clinical proof-of-concept (PoC). The company notes that tumour reductions have been seen in some patients and there is evidence of prolonged progression-free survival and stable disease in this population. Although the failure to demonstrate PoC at this stage is a disappointing result, we expect longer-term treatment data will need to be assessed before definitive conclusions on SCO-101’s efficacy can be drawn. In the absence of detailed clinical data, we maintain our valuation of Scandion Oncology at SEK609.5m or SEK15.0 per share; however, we will revisit this as more information on the top-line results is made public, expected on 4 October.

Y/E Dec
Revenue (DKKm)
EBITDA (DKKm)
PBT (DKKm)
EPS (ore)
P/E (x)
P/CF (x)
2020A 1.0 (23.5) (21.5) (53.0) N/A N/A
2021A 0.8 (54.8) (57.2) (161.0) N/A N/A
2022E 0.8 (64.0) (64.9) (166.0) N/A N/A
2023E 0.8 (82.0) (82.4) (189.0) N/A N/A
Industry outlook

Tumours often develop resistance to chemotherapeutic regimens. Widely available drugs, such as irinotecan and paclitaxel, are commonly associated with tumour resistance. The existence of add-on therapies to reverse resistance of this type will be an attractive prospect to many clinicians, in our view.

Last updated on 28/09/2022
Content on Scandion Oncology
Scandion Oncology – CORIST part 2 top-line data
Healthcare | research Flash note | 30 September 2022
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Scandion Oncology – Positive outlook for SCO-101
Healthcare | research Update | 26 August 2022
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Scandion Oncology – Approval for CORIST part 3
Healthcare | research Flash note | 22 August 2022
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Share price graph
Price performance
%
1m
3m
12m
Actual (30.2) (46.1) (71.3)
Relative* (23.8) (42.6) (62.3)
52-week high/low SEK19.0/SEK4.7
*% relative to local index
Key management
Bo Rode Hansen CEO
Johnny Stilou CFO