OPM announces its 2022 annual results and provides an update on its clinical developments
Dijon, France, April 13, 2023, at 6:30 p.m. CEST – Oncodesign Precision Medicine (OPM) (ISIN: FR001400CM63; Mnemonic: ALOPM), a biopharmaceutical company specializing in precision medicine for the treatment of resistant and metastatic cancers, announces its 2022 financial results.
- Revenues and operating income in 2022 of €8.3 M (+110% vs. 2021 proforma), including revenues of €8 M, mainly driven by a €7 M milestone and a €0.5 M up-front
- Net income almost at break-even (€0.2) M
- Strong financial visibility with a cash position of €13.4 M ensuring the development of our programs for the coming year
- Two molecules from our proprietary Nanocyclix® technology (LRRK2 and RIPK2 inhibitors) currently in Phase I trials in healthy volunteers
Philippe GENNE, Chief Executive Officer of Oncodesign, said:
“OPM officially started its activity in September 2022 following the split with Oncodesign Biotechnology SA, and was listed on Euronext Growth in December by successfully raising €8 million (of which €5 million from the company’s management). During this period, the company set up its organization (25 people) de novo around its development projects and technologies. Servier exercised its option to license our LRRK2 inhibitor, triggering a €7 million milestone and the beginning of the clinical phase I with healthy volunteers under their responsibility. Servier has also entered into a new scientific collaboration with us on the Oncosniper technology for the discovery of new therapeutic targets in pancreatic cancer, resulting in an upfront payment of €1 million, of which €0.5 million will be received in 2022, and another potential payment in 2024. In early 2023, OPM started the clinical development of its RIPK2 inhibitor, ODS 101, in healthy volunteers. Recognizing our current and future challenges, we have optimized our efforts on our priorities so as not to lose time. We have started the year with a strong cash position of 13.4 million euros, which will allow us to cover the year 2023, protected from the general stock market gloom. This young company benefits from the experience and dynamism created in Oncodesign SA, which became Oncodesign Services SAS at the end of December, with which it has a strategic agreement to carry out its research work, which is very important for the continuation of its course and the success of its mission.”
About Oncodesign Precision Medicine (OPM)
Oncodesign Precision Medicine (OPM), the result of the transfer of Oncodesign’s Biotech and AI activities, is a biopharmaceutical company specializing in precision medicine to treat resistant and metastatic cancers.
OPM’s innovative technologies are (i) OncoSNIPER for the selection of therapeutic targets using artificial intelligence; (ii) Nanocyclix® for the design and selection of macrocyclic small molecule kinase inhibitors and (iii) Theranostics for the design and selection of radiolabeled biological molecules for systemic radiotherapy.
From these technologies, OPM has built a portfolio of therapeutic products. A first drug candidate based on the Nanocyclix® technology entered the clinical phase in 2022, in partnership with SERVIER (which exercised its option for an exclusive worldwide license on the program) to treat Parkinson’s disease. ODS 101 is OPM’s second candidate to enter the clinic, in the treatment of chronic immuno-inflammatory diseases. Finally, OPM is also collaborating with Servier to discover new therapeutic targets for the treatment of pancreatic adenocarcinoma based on its OncoSNIPER technology. In addition, OPM is seeking a partner for Florepizol, a radiotracer specific for the mutated EGFR target, which has successfully completed Phase 1. Two projects are in early partnership phase with TIUMBIO (pulmonary fibrosis) and SEngine in oncology. Finally, OPM has a significant portfolio of early-stage projects with Nanocyclix® and Theranostics in oncology. With this portfolio of molecules and diversified therapeutic targets, OPM’s mission is to discover effective therapies to treat resistant and advanced cancers. Based in Dijon, at the heart of the university and hospital cluster, OPM has 25 employees.