Oncodesign Société Anonyme announced that, as part of the planned separation of its two business areas, “Service” and “Biotech” (the “Separation”), the Board of Directors has approved the subsidiarisation of its Biotech business.
At its meeting of 29 June 2022, the Board of Directors authorised the signature of the draft agreement for the partial transfer of assets under the legal regime for spin-offs, with ONCODESIGN Precision Medicine (“OPM”, a 100% owned subsidiary of ONCODESIGN), under which ONCODESIGN will transfer to OPM all assets and liabilities relating to its Biotech Business Unit (BU; development of new molecules dedicated to precision medicine and new targets identifiable thanks to Artificial Intelligence) valued at 3.4 million euros by Cabinet Arthaud & Associés. The purpose of OPM will remain the discovery of effective new treatments for cancers and other diseases where no effective therapies currently exist. To this end, OPM will draw on the Nanocyclix and Oncosniper technologies as well as on an innovative technological approach linked to systemic radiotherapy. This subsidiarisation forms part of the process of separation of business activities within ONCODESIGN that began more than two years ago with the creation of the 3 BUs (Service, Biotech and AI), with the goal of isolating the Biotech/AI BU from the Service BU with a view to: Increasing the visibility of the new therapeutic and diagnostic product discovery activities under the ONCODESIGN Precision Medicine (OPM) brand, and differentiating them from the activities of ONCODESIGN Service (ODS); Accelerating the development of innovative therapeutic molecules produced by the proprietary Nanocyclix® technology and Molecular RadioTherapy (MRT), based on the discovery of new therapeutic targets; Separating the two business areas for reasons of management and optimisation of monitoring and development of the transferred business area; Enabling, eventually, the acquisition of the Service business by Edmond de Rothschild Equity Strategies IV SLP, advised by Elyan Partners, to include a reinvestment by Philippe Genne and the management team.