In 2011, Hybrigenics’ total revenues jumped 45% from EUR 4.54 up to 6.57 million primarily due to a one-time upfront payment triggered by the signature of a pharmaceutical research collaboration contract with Servier on de-ubiquitinating enzymes as drug targets. The total value of this contract amounts to EUR 4 million over three years. In addition, Hybrigenics is entitled to milestone payments of up to EUR 9.5 million per pharmaceutical target yielding a commercialized drug and to royalties on sales of companion diagnostic tests.

In 2011, Hybrigenics Services, the fully-owned subsidiary dedicated to protein interaction services, also contributed to the growth of Hybrigenics’ total revenues, with an increase of 17% in its own sales and research subsidies from EUR 3.54 million in 2010 to 4.14 million. In the last five years, this activity has enjoyed a remarkably steady average compounded organic growth of 14% per year.

Other revenues, which include subleases and services to subleasers, were down 10% to EUR 0.54 million from EUR 0.60 million in 2010. The cash position at the end of 2011 stood at EUR 2.7 million, 13% higher than at the end of 2010.

The final results of the Phase IIa clinical tolerance study of inecalcitol, Hybrigenics’ Vitamin D receptor agonist, in first-line metastatic castrate-resistant prostate cancer in combination with Taxotere® have been presented at the Annual Meeting of the American Society for Clinical Oncology in June 2011. The maximal tolerated dose (MTD) of oral inecalcitol is 4 milligram per day and 85% of the patients with measurable prostate specific antigen (PSA) responded to the combination treatment.

Next, Hybrigenics launched a Phase II clinical efficacy trial of oral inecalcitol at its MTD in moderate-to-severe psoriasis. Hybrigenics received partial funding for this study with a EUR 650,000 zero interest loan from OSEO Innovation. Fast enrolment of the planned 60 patients was completed in December 2011 and the results are expected in Q3 2012.

Finally, Hybrigenics has identified chronic lymphocytic leukemia (CLL) as a third potential therapeutic indication for inecalcitol, after an interesting clinical observation involving high levels of vitamin D receptors had been reported mid-2011 (Arlet et al., 2012, British Journal of Haematology, 156: 148-9; e-pub: 25 Aug 2011). Hybrigenics recently filed an IMPD application to the new French National Agency for Drug Safety to test oral inecalcitol in CLL. Authorization is expected in March 2012.

"In 2011, all three pillars of Hybrigenics’ strategy have delivered a strong performance: +17% in services revenue, a drug discovery collaboration with Servier boosting total revenue up +45%, and the clinical development of inecalcitol expanding into two new therapeutic areas in addition to prostate cancer" said Remi Delansorne, Hybrigenics’ CEO.