Oryzon Genomics (ORY)

Business description

Oryzon is a Spanish biotechnology company focused on developing novel epigenetic compounds. Lead compound ORY-1001 is partnered with Roche and is undergoing a Phase I/IIa study for acute leukaemia. ORY-2001 has potential for Alzheimer’s disease and has been approved to enter Phase I.

Stock data

Market cap.€117m
Last close€4.11
High / Low (52 weeks)€5.1 / €2.6
Stock market listingSP
Forecast net debt (€m)12.6
Forecast gearing ratio (%)88
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual2.4(12.4)36.8
Relative *(5.9)(20.5)18.3

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 7.2 0.7 (0.1) (0.57) N/A 94.3
2016A 5.0 (3.7) (4.7) (17.02) N/A N/A
2017E 4.2 (4.7) (6.1) (21.48) N/A N/A
2018E 4.5 (5.5) (6.8) (24.05) N/A N/A

Last updated on 13/03/2017

Investment summary

Oryzon has two assets, ORY-1001 and ORY-2001, in the clinical stage of development, with ORY-3001 being investigated for oncology indications in the preclinical stage. While the most advanced, ORY-1001, is now in Roche’s hands, Oryzon has been making progress with the newer programmes. Data from the Phase I trial with ORY-2001 for Alzheimer’s disease (AD) will be announced by end March 2017 and fresh preclinical data from ORY-2001 studies support its potential in a second indication, multiple sclerosis (MS). We make minor adjustments to our valuation, increasing it slightly to €266m.

Last updated on 13/03/2017

Industry outlook

Epigenetics is a relatively young field in terms of drug development. HDACs were among the first epigenetic therapeutics brought to market, and although effective, they have side effects. Oryzon is among the leading clinical stage drug developers with a second generation of epigenetic therapeutics, which have greater selectivity and are expected to show a favourable safety/efficacy profile.

Last updated on 02/03/2017

Key management

Carlos Buesa, CEO

Company address

Sant Ferran 74
Cornellà de Llobregat
Barcelona
08940
United Kingdom
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