Hybrigenics (PA:ALHYG) has raised €6.8m in gross proceeds through preferential subscription rights with new and existing investors. We believe the proceeds will provide funding into 2019 and enable Hybrigenics to expand the ongoing Phase II studies with inecalcitol in acute myeloid leukaemia (AML) and chronic myeloid leukaemia (CML). Additionally, the company will use the cash to continue the research in the field of inhibitors of ubiquitin-specific protease 7 (USP7) or 8 (USP8). Our valuation, which does not yet include the offering, stands at €141m.
Inecalcitol Phase II studies to be expanded
The fund-raising will enable Hybrigenics to expand the ongoing Phase II study with inecalcitol in AML beyond the US and France. It will strengthen its Phase II study in CML by combining inecalcitol with other kinase inhibitors in France and will allow the launch of a new Phase II clinical trial in collaboration with the American consortium, Cure CML. The ongoing AML study will read out in H119 and the CML study will complete in H218. We project $118.9m peak sales in AML and $257m in CML, in the US and EU.
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