Onxeo Reports Full-Year 2017 Financial Results and Provides Business Update
- Advancement of core pipeline assets on track with key development catalysts expected in 2018
- First new molecule generated from platON™, Onxeo’s proprietary development platform, to enter preclinical studies by end of 2018
- Cash position of €14.3m at December 31, 2017, to support current operating plan through mid-2019
Paris, March 29, 2018 – 6:00 pm CEST - Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO FR0010095596), a biotechnology company specializing in the development of innovative drugs in oncology, in particular against rare or resistant cancers, today reported its consolidated full-year financials, as of December 31, 2017 and provided a business update.
“2017 was a pivotal year for Onxeo that demonstrated the depth of our development pipeline and the strength of our translational expertise. Shortly following our decision to conclude the development of Livatag® in liver cancer, we quickly and successfully shifted our focus towards innovative and high-value mechanisms of action in oncology, DNA-targeting and epigenetics. This strategic shift is supported by two key development assets, AsiDNA™ and belinostat, as well as our unique proprietary chemistry platform of decoy oligonucleotides, platON™. AsiDNA™, our first-in-class DNA repair inhibitor generated from this platform, is currently the subject of an extensive development program aimed at demonstrating the breadth of its potential applications in oncology. Importantly, our robust AsiDNA™ preclinical program has already generated compelling outcomes as a single therapy, as well as significant synergy in combination with other treatments, including belinostat or PARP inhibitors. AsiDNA™ will shortly enter its second phase I clinical trial, DRIIV, as a systemic monotherapy in solid tumors, with initial results expected before the end of 2018. These results will be crucial to confirming the potency of AsiDNA™ via systemic administration. Furthermore, we intend to expand our development pipeline in the near-term with new innovative molecules screened from the platON™ platform. Specifically, a new compound generated from platON™ is expected to enter pre-clinical development by the end of 2018. Finally, based on the divestment of multiple non-core products, our cost-reduction plan and a successful international private placement, the Company’s cash position of €14.3 million at the end of 2017 is expected to support the continued planned advancement of our development programs well beyond the key value-creating milestones anticipated this year,” said Judith Greciet, CEO of Onxeo.