2020 has been a memorable year for Ryvu. Menarini, the partner sponsoring SEL24/MEN1703 development, completed the Phase I part of the Phase I/II trial in acute myeloid leukaemia (AML) and presented the first ever data with an in-house developed asset. In April 2020, Ryvu signed a discovery agreement in inflammatory diseases with Galapagos. Ryvu could receive up to €53.5m (€1.5m paid upfront). On the internal R&D front, the company has terminated two preclinical stage projects for strategic reasons (A2A/A2B antagonist and SMARCA2 inhibitor) and submitted a clinical trial application to start a new Phase I/II trial with SEL120 in solid tumours. Notably, the FDA granted an orphan drug designation for SEL120 in AML in March 2020. The share issue in July 2020 will support existing plans for the next two years. Our updated valuation of Ryvu is PLN1.17bn or PLN63.6/share vs PLN68.9/share previously.
