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Hybrigenics (ALHYG)

Business description

Hybrigenics is a French biotech company. It is developing its lead drug, inecalcitol, against orphan adult leukaemias and is currently conducting an international Phase II study in acute myeloid leukaemia. The company has a research programme on USP inhibitors and an R&D collaboration with Servier focused on USP inhibitors in oncology.

Stock data

Market cap.€5.5m
Last close€0.12
High / Low (52 weeks)€0.7 / €0.0
Stock market listingEG
Forecast net cash (€m)1.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual29.7(74.9)(82.2)
Relative *34.6(72.4)(80.3)

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 2.6 (3.5) (4.0) (11.2) N/A N/A
2017A 1.9 (6.8) (7.3) (17.7) N/A N/A
2018E 3.6 (3.5) (4.1) (8.7) N/A N/A
2019E 2.2 (3.3) (4.0) (7.6) N/A N/A

Last updated on 07/11/2018

Investment summary

Hybrigenics has adopted a development strategy with vitamin D3 derivative inecalcitol, focusing on adult haematological cancers. In addition to chronic lymphocytic leukaemia (CLL) and chronic myeloid leukaemia (CML), Hybrigenics is prioritising acute myeloid leukaemia (AML) given inecalcitol's orphan status in the US and Europe and the scarcity of treatment options in this aggressive and difficult to treat leukaemia. Inecalcitol has the potential to enhance rather than replace approved therapies, particularly with its benign safety profile. The company has refocused exclusively on R&D after the MBO of its subsidiary dedicated to proteomic services. Cash position at end December 2017 was €7m.

Last updated on 29/11/2018

Industry outlook

An international Phase II study in AML has completed recruitment. Interim futility data are expected potentially in December 2018 and full data in mid-2019. Final data from a Phase II in CML was presented: 20% of patients who had completed one year in the study achieved a deep molecular response (DMR) which may allow patients to discontinue treatment (functional cure). Finally, the collaboration with Servier on inhibitors of ubiquitin-specific proteases for oncology is ongoing; up to €12m in potential payments is associated with this programme until registration.

Last updated on 29/11/2018

Key management

Alain Muňoz, Chairman
Rémi Delansorne, CEO
Guillaume Floch, CFO

Company address

3-5 impasse Reille
75014
Paris
France
01 58 10 38 00
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