London, UK, 6 January 2017

Edison issues outlook on Onxeo (ONXEO)

The major near-term catalyst for Onxeo will likely be the Livatag Phase III data in second-line liver cancer, which is expected around mid-2017. During 2017 we also expect new asset AsiDNA to advance into clinical testing, and progress with Beleodaq (belinostat), which could start the regulatory required Phase III trial. Onxeo is increasingly focused on exploring further opportunities for these assets, and has a number of preclinical collaborations ongoing. While data from these early-stage studies are not likely to be a major share price driver, in the longer term, these efforts could help to maximise value. Onxeo recently raised EUR12.5m to help fund these programmes. Our updated valuation is EUR350m.

Our updated Onxeo valuation is EUR350m (from EUR339m) owing to rolling our valuation forwards in time and a higher net cash position following the recent EUR12.5m private placement (gross proceeds). Our updated valuation also incorporates a number of changes, including a Livatag launch in 2019 (from H218), and a slowdown in sales of the non-core products (Oravig and Sitavig).

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