Last close As at 05/08/2026
EUR3.26
▲ 0.05 (1.56%)
Market capitalisation
EUR77m
Research: Healthcare
OSE Immunotherapeutics has announced the first patient dosing in a new trial, marking the introduction of the company’s fifth asset to clinical development. The first-in-human Phase I/II trial will investigate the use of the company’s proprietary anti-PD-1 monoclonal antibody, OSE-279, in solid tumours or lymphomas. We expect data from this new trial will be important in informing the development of new drug candidates and combinations for the company. The use of anti-PD-(L)1 therapies is commonplace in oncology, but their use can be limited by a lack of response and resistance. Hence, if OSE can demonstrate a competitive profile for OSE-279, we believe the opportunity for the company could be considerable. OSE-279 also forms the backbone of the company’s bifunctional checkpoint inhibitor platform (BiCKI). In our view, this announcement provides further evidence that OSE can consistently bring new projects to the clinic. Our valuation and financial estimates are under review while we incorporate OSE-279 into our assumptions.
Written by
OSE Immunotherapeutics |
Introducing its fifth clinical asset |
Clinical update |
Pharma and biotech |
22 December 2022 |
Share price performance
Business description
Analysts
OSE Immunotherapeutics is a research client of Edison Investment Research Limited |
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OSE Immunotherapeutics has announced the first patient dosing in a new trial, marking the introduction of the company’s fifth asset to clinical development. The first-in-human Phase I/II trial will investigate the use of the company’s proprietary anti-PD-1 monoclonal antibody, OSE-279, in solid tumours or lymphomas. We expect data from this new trial will be important in informing the development of new drug candidates and combinations for the company. The use of anti-PD-(L)1 therapies is commonplace in oncology, but their use can be limited by a lack of response and resistance. Hence, if OSE can demonstrate a competitive profile for OSE-279, we believe the opportunity for the company could be considerable. OSE-279 also forms the backbone of the company’s bifunctional checkpoint inhibitor platform (BiCKI). In our view, this announcement provides further evidence that OSE can consistently bring new projects to the clinic. Our valuation and financial estimates are under review while we incorporate OSE-279 into our assumptions.
Year end |
Revenue |
PBT* (€m) |
EPS* |
DPS |
P/E |
Yield |
12/20 |
10.4 |
(18.5) |
(1.02) |
0.0 |
N/A |
N/A |
12/21 |
26.3 |
(16.5) |
(0.89) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The new Phase I/II trial is a first-in-human, dose escalation/expansion study that aims to establish the maximum tolerated dose and/or recommended Phase II dose of OSE-279 monotherapy in solid tumours or lymphomas. We expect data from this trial will be important in assessing not only the potential of OSE-279 as a monotherapy but also as a key component of the BiCKl platform and in combination with other drugs. We note that while the immune checkpoint inhibitors (ICI) market is a competitive space, considerable potential opportunities remain for drugs that can improve response rates or overcome resistance. To highlight the opportunity, we note that the global market for anti-PD-(L)1 therapies is expected to grow at c 11% CAGR to c US$73bn in 2028 (EvaluatePharma).
ICIs have become a standard of care for many cancers, and while they are remarkably effective in some patients, a significant percentage (depending on the cancer type) of patients either do not respond to treatment (primary resistance) or develop resistance after an initial period or response (secondary resistance). OSE hopes that anti-PD-1 bispecific antibodies based on OSE-279 will help overcome this resistance. As a reminder, BiCKI is a bispecific/fusion antibody platform that consists of a humanised high-affinity anti-PD-1 monoclonal antibody (OSE-279) with engineered proteins attached to the Fc region. OSE’s first candidate from this platform is BiCKI IL-7 (OSE-279 plus an IL-7 cytokine), which the company has demonstrated can reinvigorate exhausted immune cells in in vitro chronic antigenic stimulation models.
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Research: TMT
discoverIE is acquiring Magnasphere, a US-based designer and manufacturer of magnetic sensors and switches for cash of £19.1m. The business will operate within the Variohm cluster in the Sensing & Connectivity division. The deal fits well with the group’s strategy, providing strong operating margins (28% in CY21) and good growth prospects, as well as further access to international markets. We estimate the deal is likely to improve FY24 underlying operating margin by c 0.3pp to 11.5% and FY24 EPS by c 1.8%. We will update our forecasts when the deal closes, with vendor shareholder approvals expected in Q423.