Last close As at 05/08/2026
EUR3.26
▲ 0.05 (1.56%)
Market capitalisation
EUR77m
Research: Healthcare
Despite the challenging macroeconomic environment, OSE announced an encouraging funding win with the receipt of €8.4m in non-dilutive public funding from Bpifrance (a French public sector financing institution). Proceeds will be directed to support the upcoming registrational Phase III study of lead asset Tedopi, in second-line treatment in HLA-A2 positive non-small cell lung cancer (NSCLC) patients with secondary (acquired) resistance to anti-PD-(L)1 immunotherapy. This announcement follows the company’s $713m deal with AbbVie, reported in February, for preclinical asset OSE-230 (in chronic inflammation). Bpifrance in Q223 had granted €1.5m in non-dilutive funding to support the development of a companion diagnostic screening test to help identify HLA-A2 positive NSCLC patients, who have a higher likelihood of responding to Tedopi.
Written by
OSE Immunotherapeutics |
Funding accelerates Tedopi clinical development |
Funding update |
Pharma and biotech |
12 April 2024 |
Share price performance
Business description
Analysts
OSE Immunotherapeutics is a research client of Edison Investment Research Limited |
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Despite the challenging macroeconomic environment, OSE announced an encouraging funding win with the receipt of €8.4m in non-dilutive public funding from Bpifrance (a French public sector financing institution). Proceeds will be directed to support the upcoming registrational Phase III study of lead asset Tedopi, in second-line treatment in HLA-A2 positive non-small cell lung cancer (NSCLC) patients with secondary (acquired) resistance to anti-PD-(L)1 immunotherapy. This announcement follows the company’s $713m deal with AbbVie, reported in February, for preclinical asset OSE-230 (in chronic inflammation). Bpifrance in Q223 had granted €1.5m in non-dilutive funding to support the development of a companion diagnostic screening test to help identify HLA-A2 positive NSCLC patients, who have a higher likelihood of responding to Tedopi.
Year |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
18.3 |
(18.0) |
(0.96) |
0.0 |
N/A |
N/A |
12/23 |
2.2 |
(23.2) |
(1.18) |
0.0 |
N/A |
N/A |
12/24e |
56.9 |
25.3 |
1.15 |
0.0 |
4.0 |
N/A |
12/25e |
65.5 |
33.7 |
1.49 |
0.0 |
3.1 |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Tedopi is an off-the-shelf cancer vaccine that comprises a unique combination of neoepitopes, and is being developed to treat NSCLC patients with secondary (acquired) resistance to checkpoint inhibitors. It is designed to directly activate tumour-specific T-cells that bind tumour-associated antigens presented on the surface of cancer cells by the HLA-A2 receptor. NSCLC accounts for c 85% of lung cancers, and c 45% of patients express HLA-A2. Tedopi has already demonstrated efficacy and safety in the ATALANTE-1 trial, showing a median overall survival of 11.1 months, and associated with a low rate of severe adverse events at 11% (versus 7.5 months, and 35%, respectively, with standard of care). While positive, the data were not sufficient for regulatory approval as the study did not reach full patient enrolment due to disruption from the COVID-19 pandemic. However, the FDA and EMA supported a follow-on confirmatory pivotal Phase III trial. This will build on the results observed to date by evaluating Tedopi specifically in the second-line setting (ATALANTE-1 targeted the second- or third-line setting), in a larger patient population of c 350 (ATALANTE-1 involved 139 patients in the Tedopi arm). With cancer vaccines garnering increasing recognition, the encouraging data seen to date, and with the NSCLC treatment market estimated by Spherical Insights to reach c $39bn by 2030, we believe there is sizable opportunity for OSE.
The newly announced funding from Bpifrance follows the €1.5m (June 2023) previously granted to support the development of a companion diagnostic screening test to help identify HLA-A2 positive NSCLC patients, who have a higher likelihood of responding to Tedopi. The clinical trial application dossier (including the study protocol and use of the diagnostic companion test, developed in collaboration with GenDx) was accepted by the FDA in mid-January; study initiation is expected in Q224 and will represent an important milestone for OSE. Management plans to submit the dossier to the EMA in the coming weeks; we expect an extension to European trial sites from H224.
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Research: TMT
EML Payments has entered into an agreement to settle all the outstanding deferred consideration payments relating to the acquisition of Prepaid Financial Services Group (PFS) for £15.0m/A$28.8m, which represents a £7.9m/A$15.2m discount to the originally agreed amount. This agreement concludes all outstanding actual and potential liabilities relating to the PFS acquisition in 2020. Combined with the agreed sale of Sentenial for A$54m, this substantially strengthens EML’s balance sheet and simplifies the group’s structure.