Onxeo Reports Half-Year 2019 Financial Results and Provides Business Update
- Finalization of DRIIV-1 Phase 1 study confirming AsiDNA™ activity and safety profile
- Initiation of DRIIV-1b study of AsiDNA™ with chemotherapy, on track with preliminary results expected end H2 2019 and final results in H1 2020
- New optimized lead OX401 undergoing proof-of-concept preclinical studies
- Cash position of €6.3 million at June 30, 2019 complemented by the Nice & Green equity line, providing financial visibility until Q3 2020
Paris (France), July 25, 2019 – 7.00 pm CEST – Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO – FR0010095596), (“Onxeo” or “the Company”), a clinical-stage biotechnology company specializing in the development of innovative drugs targeting tumor DNA Damage response (DDR) in oncology, in particular against rare or resistant cancers, today reported its consolidated half-year financials, as of June 30, 2019, and provided a business update.
Judith Greciet, Chief Executive Officer of Onxeo, said: “During the first half of 2019, we have achieved major progress in our developments that continue to enhance the value of our first-in-class lead drug candidate AsiDNA™ and our other R&D assets. With regards to AsiDNA™, the well-executed DRIIV-1 phase I study of AsiDNA™ in solid tumors provided positive results by meeting each of its core objectives and notably confirming both the activity and the tolerance of AsiDNA™. Based on these sound data, we have launched the first phase 1b study of AsiDNA™ in combination with a reference chemotherapy (carboplatin and paclitaxel) in patients suffering from eligible solid tumors. In parallel, we plan to initiate a second combination clinical study with a PARP inhibitor by year-end to assess the ability of AsiDNA™ to abrogate the acquired resistance to PARP inhibitors, a major limitation for their clinical use. We also recently expanded our pipeline with our new optimized lead OX401 that entered a proof-of-concept preclinical phase. OX401 is based on the same decoy agonist mechanism as AsiDNA™ and was designed to be a next-generation PARP inhibitor that does not induce resistance but triggers a strong immune response through the activation of the STING pathway. This new candidate is at the crossroads of DNA Damage Response and immuno oncology, the two most attractive domains in cancer treatment. By renewing our equity financing line with Nice & Green last June, we have secured the needed financial resources over at least the next 12 months to confidently move forward the developments of these two high potential candidates.”