Edison Investment Research Limited
London, UK, 20 January 2020
Edison issues outlook on Oryzon Genomics (ORY)
As we expected, 2019 was a year of data readouts for epigenetics specialist Oryzon. The company presented new data from the ongoing Phase IIa clinical trials with both assets at eight conferences last year. All readouts were still interim. This and the fact that Phase IIa trials, in general, are relatively small and focus on safety meant that the share price did not reach new highs despite all readouts being positive. Final results from the trials are expected throughout 2020-21 and Oryzon is already initiating a Phase IIb trial with its CNS asset in borderline personality disorder (BPD). This will provide plenty more catalysts in the coming months. Our valuation is slightly higher at €454m or €9.9/share.
Our valuation of Oryzon is slightly higher at €454m or €9.9 per share, up from €437m or €9.5 per share, mainly due to rolling our model forward. We leave our assumptions unchanged. The main near-term catalysts include vafidemstat Phase IIa REIMAGINE-AD data from AD patients in Q220; vafidemstat Phase IIa ETHERAL EU six-month interim trial results in H120; updated data from iadademstat Phase IIa CLEPSIDRA in SCLC and Phase IIa ALICE in AML some time in 2020.
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