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Thursday, December 10, 2015

Oryzon Genomics - A Pioneer in The Field of Epigenetics

Oryzon Genomics (ORY.IBEX), headquartered in Barcelona, Spain, is a clinical stage biopharmaceutical company and a European leader in the development of epigenetics-based therapeutics. The company is focused on developing its own innovative drugs to help patients suffering from serious conditions such as cancer and neurodegenerative diseases. It is one of the world leaders in epigenetics, a field which controls the biological function of genes. The company has approximately 30 employees and a U.S. corporate office in Cambridge, MA.

Download the Full 19-Page Report Here >> Oryzon Genomics_Dec 2015

The company was founded in 2000 by Tamara Maes and Carlos Buesa. From its founding through 2008, management focused the efforts of the company on growing a genomics diagnostics business model and on providing genomics services to the pharmaceutical industry in Europe. In 2008, with the acquisition of Crystax Pharmaceuticals, Oryzon initiated drug discovery programs in oncology and neurodegenerative diseases, with a focus on Alzheimer’s disease and hematological cancers. The business model is to develop proprietary drug candidates through clinical Phase 2.

Oryzon is focused on the developing epigenetic-based therapies and personalized drugs from its proprietary platform technology. The pipeline includes one compound in Phase 1/2 in oncology, ORY-1001, a highly potent LSD1 inhibitor with exquisite selectivity that has been granted orphan-drug status by the EMA for acute myeloid leukemia (AML), a second compound expected to enter in clinical development in 2016 for the treatment of Alzheimer's Disease, and additional programs in other cancer indications in various stages of preclinical development.

In April 2014, Oryzon entered into a worldwide collaboration with Roche to research, develop, and commercialize ORY-1001 and/or its backup compounds in return for an upfront payment and near-term milestones totaling $21 million, plus potential development, commercial and sales milestone payments across hematology, cancer and non-malignant indications that could exceed $500 million, together with tiered royalties on sales which range up to mid-double digits.

Management projects cash and investments of approximately €21 million ($22.5 million) on hand at the end of 2015, with a yearly operating burn of approximately €10-12 million for 2016. The company has secured several multiyear research grants and has revolving debt of approximately €6 million available through various commercial banks. Current debt is approximately €10 million.

Oryzon received approval to list on the Spanish Main Market on December 10, 2015. This likely precedes a U.S. equity listing on the NASDAQ or NYSE later in 2016 or 2017. Our valuation work pegs the fair-market value of the shares at approximately $225 million based on comparable and discounted cash flow analysis.

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