Strategy, page-6

@Stayso 54

I agree a potential licensing partnership or acquisition by BMS could be very lucrative, but struggle to see this occurring in 2021 due to the IONIC-1 trial essentially being a pilot study. Positive trial results will undoubtedly generate more interest by BMS, but at best I would only expect them to purchase the rights to licensing and potentially fund a phase 2b or 3a clinical trial. This will help them secure the rights to licensing should the readout from any subsequent clinical trial be positive.

The trial itself (although exciting) is a 30 patient, phase1/phase 2a trial, split into two different cohorts, among a number of different types of cancers. In my opinion, the data generated won't be enough to get BMS to lock up Veyonda as a matter of urgency, but it could still secure the rights to license. I couldn't give you even a single example where big deals were made from the results of similarly phased and powered clinical trials. The good news is Prof. Paul de Souza is heading the trial.




The global cancer immunotherapy market is expected to grow at a CAGR of 13.8% from 2018 to 2024 to reach USD 152.83 billion by 2024.

When you filter out monoclonal antibodies, adoptive cell transfers, vaccines, cytokines and checkpoint inhibitors, then the potential market becomes much, much smaller. However, Veyona does have a very interesting MOA.


I think that 2021 will be a bigger year than you seem to think

Can you elaborate further on this?