Business & Finance
Onxeo reports Q3 2018 consolidated revenues and provides business update
26 October 2018 -

Onxeo SA (CPH:ONXEO), a clinical-stage biotechnology company, on Thursday reported consolidated revenues of EUR3.3m for the third quarter of 2018.

These revenues consisted of EUR0.6m in recurring revenues, in line with 2017 figure, corresponding to product sales from the European named patient programme (NPP) and royalties on sales of partner Spectrum Pharmaceuticals. The latter has no cash impact as a result of the royalty monetisation implemented in June 2018 with SWK Holdings Corporation.

It also consisted of EUR2.7m in non-recurring revenues mostly including milestone payments from licensing agreements on historical products divested to Vectans Pharma in July 2017. Onxeo has retained the right to most milestones payments attached to the products sold to Vectans.

Also, as of 30 September 2018, the company had a consolidated cash position of EUR13m, compared with EUR11m as of 30 June 2018. This cash position includes EUR2.4m in gross proceeds from drawdowns of the equity line implemented on 15 June 2018, with Nice & Green SA.

In addition, provided full utilisation of this financing reserve, cash runway will extend into 2020, allowing the company to reach planned short-term value-creating milestones resulting from current preclinical and clinical programmes.

According to the company, during the quarter, the development of AsiDNA, its strongly differentiated lead product in the compelling field of DNA Damage Response (DDR), has considerably accelerated, especially on the clinical side with the DRIIV -1 study running at full speed.

Given the favourable recruitment pace, Onxeo is on track to publish the preliminary activity results before the end of this year.

Onxeo added that these activity data results will be of paramount importance as they should confirm that AsiDNA enters tumoral cells and engages with its biological targets. This demonstration that AsiDNA is active in man via intravenous administration will represent a significant catalyst in the value of this product.

This is expected to open the way to the initiation of phase Ib/IIa combination studies to confirm the interest of combining AsiDNA with PARP inhibitors or other tumour-DNA damaging agent and Onxeo plans to start a first combination study as soon as H1 2019.

Further, the optimisation of new leads from PlatON is also moving forward. Onxeo maintains its objective to announce a new drug candidate, with different targets from those of AsiDNA, by the end of 2018 in order to proceed with preclinical tests in 2019.