Hybrigenics - Hybrid business model

Friday, Feb 08 2013 by

Feb 08th 2013 - Edison Investment Research today published a report on Hybrigenics entitled "Hybrid Business Model". In summary, the report says:

Hybrigenics’ main value driver remains inecalcitol, based on its potential in oncology, while its development in its former key indication, psoriasis, is on hold. Key data from a Phase II trial in chronic lymphocytic leukaemia (CLL) are due in 2013 and could lead to a licensing deal, and potentially, resumption of trials in castration resistant prostate cancer (CRPC). Meanwhile, Hybrigenics is expanding its service division to reduce its dependence on inecalcitol and recently launched its novel small molecule screening service, YChemH. Our base case valuation is reduced to €23m excluding psoriasis, rising to €29m if trials in this indication resume.




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