In 2011, Hybrigenics’ total revenues jumped 45% from €4.54m up to €6.57m 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 €4m over three years. In addition, Hybrigenics is entitled to milestone payments of up to €9.5m per pharmaceutical target yielding a commercialised 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 €3.54m in 2010 to €4.14m. 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 €0.54m from €0.60m in 2010. The cash position at the end of 2011 stood at €2.7m, 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 4mg per day and 85% of the patients with measurable prostate specific antigen (PSA) responded to the combination treatment.