Onxeo Reports its 2021 Half-Yearly Financial Results and Provides an Update on its Activities
- Cash position of €24.5 million as of June 30, 2021, providing financial visibility until the end of 2022 and enabling the Company to accelerate its development and its portfolio
- Preparing an ambitious clinical plan for AsiDNA™, with implementation to be initiated in the fall of 2021
Paris (France), July 29, 2021 – 6 pm CEST - Onxeo S.A. (Euronext Growth Paris: ALONX, Nasdaq First North: ONXEO), « Onxeo », a clinical-stage biotechnology company specializing in the development of innovative drugs targeting tumor DNA Damage response (DDR) in oncology, today announced its consolidated half-yearly financial results to June 30, 2021 and provides an update on its activities.
Judith Greciet, Chief Executive Officer of Onxeo, said: “Building upon the advances achieved in 2020, the first half of 2021 was marked by the strengthening of our financial resources and the furtherance of several preclinical and clinical programs, in particular those aimed at AsiDNA™.
With regard to AsiDNA™, the data obtained during the first half of the year confirm the exceptional properties of this drug candidate and will give rise to a wider range of clinical prospects.
AsiDNA™’s highly novel mechanism of action hijacking DNA repair functions is the basis of its novel antitumor properties, such as the ability to fight tumor resistance to several important classes of targeted therapies, to induce a deficiency of the HR repair pathway, necessary for PARPi to be fully effective, to increase the efficacy of reference treatments such as chemotherapy. Other properties such as action on tumor metabolism and antitumor immune response are also under investigation.
Over the past few weeks, we have assembled a Scientific Advisory Committee composed of eminent members of the international medical and scientific community in the fields of DDR, resistance to treatment and, more generally, drug development in oncology. The appointment of Dr. Shefali Agarwal, a global clinical development expert, as Chairwoman of our Board of Directors, is also a strong signal of a new strategic focus in the Company's development.
With their support and expert advice, we are currently revisiting the opportunities and priorities for the development of AsiDNA™, with the aim of implementing, starting this fall, an ambitious global clinical plan that will aim to maximize its worth by targeting the indications and combinations creating the most value.
In the meantime, the REVOCAN study of AsiDNA™ in combination with PARP inhibitors is continuing under the guidance of its sponsor, Gustave Roussy, and the AsiDNA™ Children study, sponsored by the Institut Curie to evaluate AsiDNA™ in combination with radiotherapy in recurrent high-grade glioma (HGG) in children, is also expected to begin this year.
In addition, we have secured Onxeo's financial visibility until the end of 2022, notably through a rights issue widely supported by our shareholders, and in particular by our core shareholders, Invus and Financière de la Montagne.
Lastly, the first half of 2021 has still been largely subject to the uncertainties of the global pandemic, and I would like to warmly thank the Onxeo teams, our partners and our shareholders for their involvement and unfailing support, which will enable us to approach the major strategic steps that will be taken in the next 18 months with confidence and self-assurance. “
 Long Stabilization and Disease Control with AsiDNA™, a first-in-class DNA Repair Inhibitor in Combination with Carboplatin Oncology & Cancer Case Reports 2021, Vol.07, Issue 2, 001-007 – Dr Nuria Kotecki – March 2021