Edison Investment Research Limited
London, UK, 21 June 2022
Scandion Oncology (SCOL): Initiation - Chemotherapy overcoming drug resistance
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 we expect 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 our view. We value Scandion Oncology at SEK586.5m or SEK18.3 per share.
Our 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. We foresee 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 (DDK17.9m in Q122) we estimate a cash runway into Q123.
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