NDF Research – 2019: Another year of progress expected for Onco-PDO

EXCERPT:

This note updates our 20 April 2018 note headlined ‘The next step in predicting cancer treatment outcomes’. Since our initiation report
on Invitrocue nine months ago, the company has made progress towards its goal of becoming a leading global provider of cancer
treatment prediction services. The flagship Onco-PDO product is now available in Singapore, Hong Kong, Australia and Germany with
other markets to follow. Onco-PDO is an affordable but accurate and fast tool for selecting the right drugs from an in vitro model of a
patient’s tumour. With Onco-PDO, the way is open for cost-effective personalised cancer medicine, where the market opportunity lies
in the billions. For an idea of the potential upside, consider Roche’s June 2018 acquisition of the minority shareholders of the American
cancer diagnostics company Foundation Medicine. That transaction valued Foundation, a pioneer of cancer genomic analysis, at US$
5.3bn. With this note we are maintaining our DCF-based valuation of 7.3 cents base case and 24.4 cents per share optimistic case. Our
target price of 16 cents per share sits at the midpoint of our valuation range.

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