London, UK, 18 July 2018

Edison issues outlook on Oryzon Genomics (ORY)

The next year is shaping up to be transformative for Oryzon with two data readouts from Phase IIa trials with ORY-2001 in Alzheimer's disease (AD) and multiple sclerosis (MS). In addition, an innovative design basket trial with ORY-2001 in several neuropsychiatric disorders may also deliver first results next year. Oryzon is resuming the development of ORY-1001 in acute myeloid leukaemia (AML) and small-cell lung cancer (SCLC). While Roche's departure was a setback in 2017, the stars started to align again after the Biogen Abeta antibody data provided a much-needed boost for AD research industry and indirectly for Oryzon's ORY-2001. Furthermore, a fundamental study published in Cell described the potential of LSD1 inhibition in immunooncology setting adding a new dimension to ORY-1001's potential. We value Oryzon at EUR328m or EUR9.6/share (vs EUR9.4/share).

We have marginally increased our valuation of Oryzon to EUR328m or EUR9.6/share from EUR322m or EUR9.4/share due to rolling our model forward. Our estimates and valuation assumptions remain unchanged. The key catalysts in the near term are the results from the Phase IIa trials in AD and MS and the basket trial with ORY-2001.

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