ABZA Abzena

TIDMABZA

Abzena PLC

14 September 2016

London, UK, 14 September 2016

Edison issues research update on Abzena (ABZA)

Abzena announced a strong business update including a twelfth Abzena inside product entering Phase I clinical development and positive momentum in trading. This continues to underpin the rationale behind expanding the company to provide a broader range of services. We now use an estimated H117 cash position, which decreases the valuation slightly to GBP140m, offset slightly by the twelfth Abzena inside product.

We have slightly decreased our valuation to GBP140m (vs GBP143m) or 102p per share (vs 104p). This is primarily due to updating our estimated H117 cash position of GBP9.6m (vs GBP13.7m). We have also included the twelfth Abzena inside product entering Phase I clinical development, which adds $1.7m to our rNPV. We assume similar parameters to previous Abzena inside products in Phase I: peak sales of $750m, 1% royalty, launch in 2023 and a 15% probability of success. Abzena continues to demonstrate the potential in its integrated service offering and we expect potential uplifts to valuation as its Abzena inside products progress towards commercialisation, most notably GS-5745 in gastric cancer (Phase III).

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