Onxeo Reports Third Quarter Financial Information and Provides Business Update

Regulatory News:

Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO FR0010095596), a clinical-stage biotechnology company specializing in the development of innovative drugs in oncology targeting tumor DNA Damage Response (DDR) to fight resistant cancers, today reported its consolidated revenues and cash position at September 30, 2018, and provided a business update.

Judith Greciet, Chief Executive Officer of Onxeo, said: “The development of AsiDNA, our strongly differentiated lead product in the compelling field of DNA Damage Response (DDR), has considerably accelerated in the third quarter of 2018, especially on the clinical side with the DRIIV -1 study running at full speed. Given the favorable recruitment pace, we are on track to publish the preliminary activity results before the end of this year. These activity data will be of paramount importance as they should confirm that AsiDNA enters tumoral cells and engages with its biological targets. This demonstration that AsiDNA is active in man via intravenous administration will represent a significant catalyst in the value of this product. This will open the way to the initiation of phase Ib/IIa combination studies to confirm the interest of combining AsiDNA with PARP inhibitors or other tumor-DNA damaging agent, and Onxeo plans to start a first combination study as soon as H1 2019. The optimization of new leads from PlatON is also moving forward. We maintain our objective to announce a new drug candidate, with different targets from those of AsiDNA, by the end of 2018 in order to proceed with preclinical tests in 2019. ”

Q3 2018 financial information

Revenues for the third quarter of 2018 reached €3.3 million and consisted of:

• €0.6 million in recurring revenues, in line with 2017 figure, corresponding to product sales from the European named patient program (NPP) and royalties on sales of partner Spectrum Pharmaceuticals. The latter has no cash impact as a result of the royalty monetization implemented in June 2018 with SWK Holdings Corporation.
• €2.7 million in non-recurring revenues mostly including milestone payments from licensing agreements on historical products divested to Vectans Pharma in July 2017. Indeed, Onxeo has retained the right to most milestones payments attached to the products sold to Vectans.

At September 30, 2018, the Company had a consolidated cash position of €13 million compared with