PARIS–(BUSINESS WIRE) – Regulatory news:
Onxeo SA (Euronext Growth: ALONX; Nasdaq First North: ONXEO), a clinical-stage biotechnology company specializing in the development of innovative drugs targeting the response to tumor DNA damage (DDR), in particular against rare or resistant cancers, announces today that it has obtained financing of 5 million euros with a group of French banks, in the form of loans guaranteed by the State.
This non-dilutive funding is part of the measures put in place by the French government to support French companies in the context of the COVID-19 pandemic. It will enable the Company to strengthen its cash flow and extend its financial visibility through the 3rd quarter 2022, taking into account the programs already planned.
Nicolas Fellmann, Chief Financial Officer of Onxeo, commented: “We are very happy with the commitment alongside our banking partners as well as Bpifrance and we would like to thank them. This significant financing allows the company to gain financial visibility under good economic conditions, at a time when we are currently going through a difficult context. This funding secures the progress of our R&D programs with AsiDNA, currently being evaluated in two ongoing trials, and OX401, a new drug candidate from platON ™ with a particularly promising profile.
The loans are 90% guaranteed by the French government and have a maturity of 12 months. At the end of this initial period, the Company may, at its discretion, defer repayment of principal for up to five additional years.
Onxeo (Euronext Growth: ALONX, Nasdaq First North: ONXEO) is a clinical-stage biotechnology company developing innovative oncology drugs targeting the DNA-binding functions of tumors through unique mechanisms of action in the research area of DNA damage response (DDR). The company is focused on moving first-class or disruptive compounds from translational research to clinical proof of concept, an attractive value-creating inflection point for potential partners.
platON ™ is Onxeo’s proprietary chemistry platform of oligonucleotides acting as decoy agonists, which generates innovative new compounds and expands the company’s product portfolio.
AsiDNA ™, the first compound in platON ™, is a first-class, highly differentiated DNA damage response (DDR) inhibitor based on a decoy and agonist mechanism acting upstream of several DDR pathways. Translational research has demonstrated the distinctive properties of AsiDNA ™, in particular its ability to abrogate tumor resistance to PARP inhibitors regardless of the status of the genetic mutation. AsiDNA ™ has also shown strong synergy with other tumor DNA damaging agents such as chemotherapy and PARP inhibitors. The phase I DRIIV-1 (DNA Repair Inhibitor-Added IntraVenously) study evaluated AsiDNA ™ by systemic (IV) administration in advanced solid tumors and confirmed active doses as well as a favorable human safety profile. The ongoing DRIIV-1b extension study is evaluating the safety and efficacy of AsiDNA ™ at a dose of 600 mg in combination with the standard of chemotherapy, carboplatin – / + paclitaxel, in advanced metastatic tumors. Preliminary results from both cohorts showed good tolerance, stabilization of the disease and an increase in the duration of treatment compared to previous treatments. The ongoing phase 1b / 2 REVOCAN study is evaluating the effect of AsiDNA ™ on acquired resistance to the PARP inhibitor niraparib in relapsed ovarian cancer.
OX401 is a new drug candidate from platON ™, optimized to be a next generation PARP inhibitor acting both on the response to DNA damage and on the activation of the immune response, without inducing resistance. OX401 is the subject of preclinical proof of concept studies, alone and in combination with immunotherapies.
For more information, please visit www.onxeo.com.
This communication expressly or impliedly contains certain forward-looking statements concerning Onxeo and its business. Such statements involve certain risks, uncertainties and other known and unknown factors, which could cause the results, financial position, performance or achievements of Onxeo to differ materially from future results, performances or achievements expressed or underperformed. understood by these forward-looking statements. . Onxeo is providing this communication as of that date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. For an analysis of the risks and uncertainties that could cause Onxeo’s actual results, financial position, performance or achievements to differ from those contained in forward-looking statements, please refer to Chapter 3 “Risk Factors” ( “Risk factors“) of the Company’s universal registration document filed with the Financial Markets Authority on April 27, 2020 under number D.20-0362, available on the websites of the Financial Markets Authority (www.amf-france.org) and society (www.onxeo.com).