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COVID-19 programme to enter the clinic soon

Oncology Venture 4 September 2020 Update
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Oncology Venture

COVID-19 programme to enter the clinic soon

Earnings update

Pharma & biotech

4 September 2020

Price

SEK1.71

Market cap

SEK331m

SEK10.03/DKK6.81/US$

Net debt (DKKm) at 30 June 2020

DKK1.89

Shares in issue

193.4m

Free float

92.1%

Code

OV

Primary exchange

Nasdaq First North Stockholm

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

19.6

18.9

(52.1)

Rel (local)

18.3

13.3

(58.4)

52-week high/low

SEK3.88

SEK1.16

Business description

Oncology Venture is a Denmark-based biopharmaceutical company focused on oncology. Its patent-protected mRNA-based drug response predictor platform enables the identification of patients with gene expression highly likely to respond to treatment. The company is advancing the PARP inhibitor stenoparib (2X-121), the TKI dovitinib and microtubule inhibitor Ixempra.

Next events

Ixempra study initiation

Q320

Dovitinib NDA submission

Late H220

Stenoparib OC Phase II results

Late 2021

Analyst

Nathaniel Calloway

+1 646 653 7036

Oncology Venture is a research client of Edison Investment Research Limited

On 26 August 2020 Oncology Venture reported that its PARP inhibitor stenoparib (aka 2X-121) demonstrated activity against COVID-19 in vitro. Following up on this on its 28 August earnings conference call, the company announced that it intends to advance the programme to the clinic as soon as possible and it is currently seeking financing through grants and other sources to support the programme.

Year end

Revenue (DKKm)

PBT*
(DKKm)

EPS*
(DKK)

DPS
(DKK)

P/E
(x)

Yield
(%)

12/18

2.1

(22.5)

(0.44)

0.0

N/A

N/A

12/19

0.8

(174.9)

(2.08)

0.0

N/A

N/A

12/20e

0.9

(101.4)

(0.59)

0.0

N/A

N/A

12/21e

0.9

(240.7)

(1.16)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Company reports preclinical anti-COVID-19 activity

The company stated that stenoparib showed inhibition of COVID-19 as a monotherapy and in combination with remdesivir. On the company’s conference call, it was stated that the drug achieved complete inhibition or near complete inhibition of the virus; we will need more detailed information to draw conclusions. The timeline to get the drug tested in the clinic is still up in the air. The company is currently applying for grants from a range of funding sources, including BARDA, which is supporting a large number of COVID-19 programmes in the US.

Potential for anti-viral and anti-inflammatory activity

The mechanistic rationale for using PARP inhibitors against COVID-19 is not well understood, but the drugs in this class are known to have anti-inflammatory activity and the PARP enzyme is known to modify the capsid of the SARS virus. The initial report of PARP inhibitor activity against COVID-19 was from a Chinese study of a different drug (mefuparib), which found high levels of viral inhibition (over 99%) but at high concentrations (30μM). This may not be representative of stenoparib (which may have higher or lower activity), but the sign of activity in this indication suggests that more research is warranted.

Stenoparib breast cancer trial terminated

The company is terminating its Phase II clinical study of stenoparib for breast cancer after it found that it could not optimise its drug response predictor using old diagnostic biopsies in the heavily pre-treated population being studied, and that new biopsies would be required. The trial had been ongoing since 2018. The drug remains in an ongoing Phase II for ovarian cancer (OC).

Valuation: Decreased to SEK1,156m or SEK5.98/share

Our valuation has decreased to SEK1,156m or SEK5.98 per share from SEK1,212m or SEK6.59 per share. This is driven by the removal of breast cancer from our models for stenoparib and offset by rolling forward our NPVs. We are not adding the COVID-19 opportunity to our valuation at this time.

Background on PARPs for COVID-19

The idea of testing stenoparib against COVID-19 comes from a study from Tsinghua University in Beijing that is available as a preprint (and thus has not been peer reviewed). The study used a drug knowledge base as well as transcriptome data gathered on MERS and SARS to predict which molecules could have an effect on the virus. The study identified PARP inhibitor PJ-34 as a potential candidate and subsequently demonstrated anti-COVID-19 activity in vitro. In addition, the algorithm predicted a number of other drugs with potential activity against COVID-19 such as chloroquine (which famously has not panned out as a treatment), gemcitabine (a chemotherapy) and cyclosporine (an immunosuppressant) among others.

The drug PJ-34 was still in preclinical testing, so the research team opted to investigate two other PARP inhibitors in its place: olaparib and mefuparib (CVL218). These were compared to a selection of antivirals including arbidol, an anti-influenza agent common in Russia and China that is currently being used in those countries for COVID-19 (Exhibit 1). Cells were inoculated in the presence of drug for two hours, and the viral load was subsequently measured after two days and compared to control. Because of this setup, the researchers were effectively measuring if the drugs could prevent initial infection (as opposed to prevent replication in previously infected cells). The results showed that mefuparib demonstrated 35% inhibition at 3μM and 99.7% at 30μM. The 99% rate of inhibition seen with the drug in this assay may appear encouraging, but the concentration (30μM) is exceptionally high. The researchers demonstrated that these sorts of concentrations were achievable in rats, but not for all tissues and the results were short lived (no longer than six hours in any tissue), and that the oral dose needed was very large (20mg/kg, equivalent to over 1.5g for an American adult). This being said, mefuparib showed higher activity than olaparib as well as arbidol, which has demonstrated a clinical effect in some early studies.

Exhibit 1: Inhibition of COVID-19 in vitro with PARP inhibitors

Source: Ge et al. (2020).

Despite the limitations of this study it did show the potential for antiviral activity in PARP inhibitors, and we believe that this avenue is worthy of further investigation. We see from the study that there is significant variation in the anti-viral activity of different drugs of this class: olaparib had only half of the activity of mefuparib. Although Oncology Venture has done some early preclinical testing and made some very positive statements, we will need more information regarding how stenoparib was tested and at what concentrations in order to understand where it stands on this spectrum.

The mechanism of action for PARP inhibitors provides little insight into the nature of this anti-viral activity. The PARP (poly-ADP-ribose polymerase) enzyme’s main function is to respond to DNA damage, which has little overlap with the pathology of COVID-19, which is caused by an RNA virus. However, the nucleocapsid of SARS-CoV (the original SARS virus) is ADP ribosylated, which suggests that perhaps PARP is important for the maturation of the SARS-CoV-2 capsid.1 Unrelated to viral replication, PARP inhibitors are known to limit the expression of pro-inflammatory cytokines like IL6, IL-1 and TNF-α, and this activity could potentially be useful in COVID-19. A major cause of mortality in the disease is the uncontrolled release of such molecules, a so-called cytokine storm. However, there are other more effective inhibitors of these cytokines that are already being used in the clinic (tocilizumab and anakinra). In our view, the key to the success of stenoparib in this indication will be if it can inhibit viral infection or replication, and any anti-inflammatory effect will sweeten the drug’s profile.

  Curtin N, et al. (2020) Repositioning PARP inhibitors for SARSCoV2 infection(COVID19); a new multipronged therapy for acute respiratory distress syndrome? Brit J Pharmacol 177, 3635-3645.

The company stated that it intends to immediately seek financing to start clinical studies of stenoparib for COVID-19, and that it has applied for a grant from the Biomedical Advanced Research and Development Authority (BARDA). Although the company has not provided a timeline for the initiation of clinical studies, we expect things to move swiftly. Moreover, the company has highlighted that once it has the greenlight to run a trial, it should move quickly as patients are only expected to be dosed for a matter of weeks. We are looking forward to hearing more regarding the progress of this programme.

Stenoparib breast cancer programme terminated

Along with the positive COVID-19 results, the company reported that it would be discontinuing a long running Phase II clinical study in Denmark to examine stenoparib for metastatic breast cancer. The study had been running since 2018, and its intended goal was to optimise the company’s drug response predictor (DRP) against this population. The company stated that the reason why the trial was discontinued was because it had been using diagnostic biopsies for transcriptomic analysis in the DRP, and that this proved to be ineffective. These diagnostic biopsies could be many years old and not reflective of the current state of the disease in this heavily treated population, and that new biopsies would be needed. We expect future clinical trial designs to ensure that the patients included have a recent biopsy that is representative of the disease. The company’s Phase II in ovarian cancer is still ongoing (albeit delayed by COVID-19) and has enrolled 10 of the 30 planned patients. It is expected to start enrolling more patients again in late Q420.

Valuation

Our valuation has decreased to SEK1,156m or SEK5.98 per share from SEK1,212m or SEK6.59 per share. This decrease is driven by the removal of breast cancer from our initial approval indications for stenoparib. If the drug is approved for ovarian cancer, the company may reinitiate studies into breast cancer, similar to other approved PARP inhibitors. This lowered the valuation for the programme to SEK144.6m from SEK215.4m. The decrease is also driven by lower estimated net cash (SEK10.9m from SEK20.9m) and offset by rolling forward our NPVs. We are not adding the COVID-19 programme to our valuation at this time due to the high number of uncertainties regarding the product, the market and the pathway forward for this programme. This is our practice for all early stage COVID-19 programmes under our coverage. We may change this however in the future if stenoparib can gain traction in the clinic.

Exhibit 2: Valuation of Oncology Venture

Development programme

Indication

Clinical stage

Prob. of success

Launch year

Launch pricing

Peak sales ($m)

rNPV (SEKm)

Stenoparib

Metastatic ovarian cancer

Phase II

25%

2025

$138,000

51.3

144.6

Dovitinib

Renal cancer

NDA

35–50%

2024–25

$145,000

176.4

806.6

Ixempra

Metastatic breast cancer

Phase II

50%

2025

$41,000

56.4

194.1

Total

 

 

 

 

 

 

1,145.3

Pro-forma net cash (Q220 + subsequent transactions, SEKm)

10.9

Total firm value (SEKm)

1,156.1

Total shares (m)

193.4

Value per basic share (SEK)

5.98

Dilutive warrants and options (m)

7.5

Fully diluted shares in issue (m)

200.9

Fully diluted value per share (SEKm)

5.84

Source: Oncology Venture reports, Edison Investment Research.

Financials

The company was able to reduce its net loss for H120 (DKK20.2m) by over half compared to the previous year (DKK40.7m). This is due primary to the company’s ongoing efforts to clean up the balance sheet, which has reduced the company’s financial expenses (primarily interest) to DKK1.4m for H120 from DKK15.1m for H119. The company continues to regularly take advantage of its financing facilities with Negma Group/Park Partners and Global Corporate Finance, which since the end of Q220 have improved the company’s net cash position by SEK13.5m (resulting in our current estimate of pro-forma H120 net cash of SEK10.9m), resulting in the combined issuances of 10.1m shares and conversion of all outstanding convertible loan notes.

Operational spending has come in lower than our expectations for 2020 so far. The company reported an operating loss of DKK23.1m for H120 (vs DKK28.6m loss in H119). This is in part due to DKK7m in licensing revenue to the company (recorded as an exceptional item), presumably from its deal with Smerud. Additional, spending has been lower than expected, perhaps due to the impact of COVID-19 or the company’s cost control measures. We have reduced our expected operating loss for 2020 to DKK104.2m from DKK124.7, previously. We expect spending to increase substantially in H220 as the company enters the clinic with Ixempra and files its NDA for dovitinib. We forecast that the company will need an additional DKK915m to reach profitability (down from DKK1,015), which we record as debt for illustrative purposes (DKK135m in 2020, DKK400m in 2021 and DKK380m in 2022). We expect the company to address its near-term cash needs through a combination of its existing facilities as well as potentially additional licensing agreements.

Exhibit 3: Financial summary

DKK'000s

2018

2019

2020e

2021e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

2,147

801

901

901

Cost of Sales

0

0

0

0

Gross Profit

2,147

801

901

901

EBITDA

 

 

(32,258)

(66,502)

(103,168)

(238,283)

Operating Profit (before amort. and except.)

 

 

(32,471)

(148,102)

(104,238)

(239,353)

Intangible Amortisation

0

0

0

0

Exceptionals/Other

0

0

7,099

0

Operating Profit

(32,471)

(148,102)

(97,139)

(239,353)

Net Interest

(192)

(26,822)

2,837

(1,387)

Other

10,146

0

0

0

Profit Before Tax (norm)

 

 

(22,517)

(174,924)

(101,401)

(240,740)

Profit Before Tax (IFRS)

 

 

(22,517)

(174,924)

(94,302)

(240,740)

Tax

6,973

36,792

6,242

4,585

Deferred tax

0

0

0

0

Profit After Tax (norm)

(15,544)

(138,132)

(95,158)

(236,156)

Profit After Tax (IFRS)

(15,544)

(138,132)

(88,059)

(236,156)

Average Number of Shares Outstanding (m)

33.8

63.4

161.7

203.0

EPS - normalised (DKK)

 

 

(0.44)

(2.08)

(0.59)

(1.16)

EPS - IFRS (DKK)

 

 

(0.44)

(2.08)

(0.54)

(1.16)

Dividend per share (ore)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

237,096

158,895

161,583

160,569

Intangible Assets

236,733

155,978

155,849

155,849

Tangible Assets

363

2,917

2,032

1,018

Other

0

0

3,702

3,702

Current Assets

 

 

14,401

22,306

114,886

259,760

Stocks

0

0

0

0

Debtors

5,262

5,937

8,640

23,685

Cash

1,547

10,176

96,522

221,766

Other

7,592

6,193

9,724

14,309

Current Liabilities

 

 

(35,407)

(31,497)

(58,641)

(38,656)

Creditors

(16,515)

(27,919)

(54,151)

(34,166)

Short term borrowings

(18,892)

(3,578)

(4,490)

(4,490)

Long Term Liabilities

 

 

(34,234)

(8,370)

(143,049)

(543,049)

Long term borrowings

0

0

(135,000)

(535,000)

Other long term liabilities

(34,234)

(8,370)

(8,049)

(8,049)

Net Assets

 

 

181,856

141,334

74,780

(161,376)

CASH FLOW

Operating Cash Flow

 

 

(31,392)

(54,511)

(67,938)

(274,701)

Net Interest

(2,391)

(26,846)

395

0

Tax

6,159

8,942

5,352

0

Capex

0

(56)

(56)

(56)

Acquisitions/disposals

9,855

0

(13,365)

0

Financing

198

62,715

23,329

0

Dividends

0

0

0

0

Other

(3,299)

(4,253)

(278)

0

Net Cash Flow

(20,870)

(14,009)

(52,561)

(274,757)

Opening net debt/(cash)

 

 

(3,326)

17,345

(6,598)

42,968

HP finance leases initiated

0

0

0

0

Exchange rate movements

(199)

(98)

(36)

0

Other

398

38,050

3,031

0

Closing net debt/(cash)

 

 

17,345

(6,598)

42,968

317,724

Source: Oncology Venture accounts, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by Oncology Venture and prepared and issued by Edison, in consideration of a fee payable by Oncology Venture. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

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General disclaimer and copyright

This report has been commissioned by Oncology Venture and prepared and issued by Edison, in consideration of a fee payable by Oncology Venture. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison).

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Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

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95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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