Market Cap 40.3M

Idogen is a Swedish biotech company developing tolerogenic cell therapy to prevent the patient’s immune system from attacking biological agents, transplanted organs or the body’s own cells or tissues. The company was founded in 2008 and has been listed on Spotlight since its IPO in 2015. Idogen has two projects in its pipeline and is currently in the process and production optimization stage and expects to enter clinic by the first half of 2020. The lead project is IDO 8, being developed for hemophilia A patients with inhibitors to factor VIII replacement therapy. Follow-on project IDO T is being developed for kidney transplant recipients to avoid graft rejection. Idogen has been granted orphan drug designation for IDO 8 in the EU and the company has received a Horizon 2020 grant that contributes funding for preclinical development and the phase I/IIa study in hemophilia A. Idogen currently has no income and there is still some time before a project could enter clinic. And while Idogen could, given the limited indication sizes, bring the IDO 8 project to late-stage clinical development or even commercialization, cell therapies are complicated to develop, and clinical and CMC costs will be significant. Thus, we believe that Idogen could seek out-licensing opportunities or other project deals prior to market approval if early clinical data is very good.

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