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Scandion Oncology
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== Summary == '''Scandion Oncology is a Danish biotechnology company that specialises in developing drugs to reverse chemotherapy resistance. Its lead asset, SCO-101, is being investigated as an add-on therapy to existing treatments in metastatic colorectal cancer (mCRC) and unresectable pancreatic cancer (PC). Management’s clinical programme is spearheaded by the Phase II CORIST study in FOLFIRI-resistant mCRC, from which Edison Investment Research expects crucial proof-of-concept results in Q322. The company is also pursuing the Phase Ib PANTAX trial in PC. Assuming proof-of-concept is met, the positioning of SCO-101 in higher lines of mCRC treatment will be essential to maximise value, in Edison Investment Research's view. Edison values Scandion Oncology at SEK586.5m or SEK18.3 per share.''' {| class="wikitable" |+Key financials summary<ref>Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.</ref> !Year end !Revenue (DKKm) !PBT* (DKKm) !EPS* (DKK) !DPS (DKK) !P/E (x) !Yield (%) |- |12/20 |1.0 |(21.5) |(0.53) |0.0 |N/A |N/A |- |12/21 |0.8 |(57.2) |(1.61) |0.0 |N/A |N/A |- |12/22e |0.8 |(60.1) |(1.70) |0.0 |N/A |N/A |- |12/23e |0.8 |(114.7) |(3.40) |0.0 |N/A |N/A |} === Proof-of-concept incoming === Scandion Oncology with its lead asset SCO-101 is targeting indications where there exists significant unmet medical need and resistance to chemotherapy is common. Part 2 of Scandion Oncology’s CORIST study in mCRC will report top-line data in mid-2022. The study is investigating the effect of SCO-101 in tumours that have become resistant to treatment with FOLFIRI, representing last-line therapy. Positive results here would represent the first clinical proof-of-concept for SCO-101 and represent a significant near-term catalyst, in Edison Investment Research's view. === Further studies will require fresh capital === Edison Investment Research's estimates see the company funded to complete the ongoing CORIST and PANTAX clinical trials. However, Edison Investment Research expects the company will need a fresh capital injection in 2023 to conduct larger studies. CORIST is an open-label study and Edison Investment Research expects potential Big Pharma partners would likely prefer to review randomised data prior to striking a deal. Edison Investment Research expects the company will require an additional Phase II (or Phase II/III) trial beyond CORIST to obtain a licensing deal targeting the major US and European markets. Edison Investment Research notes that as of 1 June 2022, the company is undergoing a rights issue (for c DKK54m), which is 80% committed. === Valuation: SEK586.5m or SEK18.3 per share === Edison Investment Research's valuation is based on a risk-adjusted net present value calculation for SCO-101 in last-line mCRC (SEK8.5 per share) and unresectable metastatic PC (SEK5.8 per share) plus a cash position of DKK88.0m at end-March 2022. Edison Investment Research foresees considerable value uplift potential should the company succeed in repositioning SCO-101 to earlier lines of mCRC therapy. At the company’s current burn rate (DKK17.9m in Q122) Edison Investment Research estimates a cash runway into Q123.
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