Hybrigenics receives EUR 800,000 payment from Oseo

Hybrigenics (ALHYG), a bio-pharmaceutical group with a focus on research and development of new cancer treatments and a fully-owned subsidiary specialized in protein interactions services, today announces it has received EUR 800,000 as the second and last payment of a EUR 1.4 million refundable grant contract originally signed with France’s innovation agency, Oseo Innovation, in 2008. The transaction follows the successful completion of Phase IIa clinical tolerance study of oral inecalcitol in hormone-refractory prostate cancer patients. The first payment of EUR 600,000 was received at the signature of the contract.

“This is a highly significant grant for Hybrigenics. It shows Oseo’s confidence in our product and in our ability to successfully complete clinical trials,” explained Guillaume Floch, Hybrigenics’ CFO. “The total EUR 1.4M will be reimbursed between 2012 and 2015. No interest is payable. This final payment will help fund further clinical development of inecalcitol.”

Hybrigenics SA is a bio-pharmaceutical group listed (ALHYG) on Alternext (NYSE-Euronext) in Paris, focusing its internal R&D programs on innovative targets and therapies for the treatment of cancer. Hybrigenics’ development program is based on inecalcitol, a vitamin D analogue, for the treatment of hormone-refractory prostate cancer in combination with Sanofi-Aventis' Taxotere(R), which is the current gold-standard chemotherapeutic treatment for this indication. Hybrigenics’ research program explores the role of enzymes known as ubiquitin-specific proteases (USP) in the degradation of onco-proteins, and the effectiveness of proprietary USP inhibitors in treating various types of cancer.

Hybrigenics Services SAS is a fully-owned subsidiary of Hybrigenics SA, and the market leader in Yeast-Two Hybrid (Y2H) and related services to identify, validate and inhibit protein interactions for researchers in all areas of life science, using its ISO 9001-certified high-throughput Y2H screening platform, its sophisticated bioinformatics tools and extensive database, along with its chemical library and chemical screening platform.

HYBRIGENICS is listed on the Alternext by NYSE Euronext