This improved to 80% capacity after the Easter break.ĭue to mainly remote working, which hinders due diligence, Ryvu also expects that partnering discussions may be delayed somewhat, but ultimately this will depend on data, in our view. Preclinical work seems to be going relatively well and Ryvu’s laboratories were able to work at around 75% capacity in March. Clinical trials in all markets affected by the pandemic face difficulties such as the suspension of new patient recruitment and restrictions related to monitoring recruited patients (eg remote monitoring instead of patients travelling to sites). Currently, its R&D pipeline is diversified across clinical and preclinical stage assets. Ryvu is a relatively well differentiated biotech company in that its origins are in drug discovery.
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Although it acknowledges that it is not possible to predict the full extent of the impact, the company seems to be managing the situation well.
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In its FY19 annual report, Ryvu provided an update on the expected impact of the ongoing COVID-19 pandemic. In addition, Galapagos is an experienced European drug developer with a long history, so a good partner for Ryvu and yet another external validation of Ryvu’s ability to innovate.ĬOVID-19 impact: Full extent not yet known, but diversified R&D pipeline and good funding situation are mitigating factors
Given the stage of the programme (discovery), the €1.5m upfront is limited, but the upside could be significant. Ryvu will receive an upfront payment and will be eligible for further option, milestone and royalty payments, but financial details have not been disclosed. If Galapagos exercises this option, it will be responsible for the remaining development. Ryvu is responsible for early drug discovery and Galapagos has an option to in-license the IP. This is a joint research collaboration and both companies will provide resources. The drug target was identified by Ryvu and, since the company is predominantly focused on oncology indications, it makes sense, in our view, to partner non-core assets. The work will focus on the discovery and development of novel small molecule drugs in inflammation.
One of the recent key developments is the research collaboration between Ryvu and Galapagos, announced on 16 April 2020. This research report may not be redistributed, retransmitted or disclosed in whole or in part, without the express written permission of Absolute Strategy Research Ltd.New partner on board: Joint research collaboration with Galapagos Opinions expressed are our current opinions as of the original publication date appearing on this material only and the information, including the opinions contained herein, are subject to change without notice. The information contained was obtained from sources that we believe to be reliable but we do not guarantee that it is accurate or complete, and it should not be relied upon as such. This research report provides general information only. This report is not intended to provide personal investment advice and it does not take into account the investment objectives, financial situation and the particular needs of any particular person who may read this report.
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