Oncoinvent AS, a clinical stage company advancing a pipeline of radiopharmaceutical products across a variety of solid cancers, today announced plans to raise a private round of financing.
The company has engaged
The Managers have received non-binding indications of interest from existing shareholders and new investors for a substantial part of the offering size, including pre-commitments of
'We are extremely satisfied to be finishing off a successful year of clinical trials with Radspherin, during which we have been able to navigate the COVID-19 pandemic and execute the phase 1 trials with solid recruitment rate. This enables us to move fast into phase 2A studies after having demonstrated that Radspherin can be administered safely and effectively. The safety profile of Radspherin is very good and we have determined the clinically relevant dose for the product.', said
Alfheim continued by saying,' We are pleased that our current investors continue to believe in the company and our technology, and we welcome their strong participation in this current round of financing.'
'It has been a very busy year for Oncoinvent running two clinical trials and manufacturing of radionuclides, microparticles, and finished product as well as performing quality controls for clinical supplies at the same time as working on developing pipeline candidates. This has been performed in a cost efficient and reliable way and we thank all the employees, and collaborators, as well as the staff at the clinical trial sites, for their efforts. We will hereby thank existing and new investors for their current and future financial support of Oncoinvent' says
About RAD-18-001 and RAD-18-002
The Phase 1 open-label, dose-escalation clinical trials are designed to assess the dose, safety and tolerability of Radspherin, an emitting radionuclide therapy, administered into the intraperitoneal cavity in subjects with peritoneal carcinomatosis from ovarian cancer and colorectal carcinoma respectively. The trials include a dose escalation phase followed by repeated injection and expansion cohort phases at the recommended clinical dose. Key objectives in the studies include determining maximum tolerated dose, abdominal biodistribution, and preliminary anti-tumor activity. Please refer to www.clinicaltrials.gov for additional clinical trial details.
About Radspherin
Radspherin is a novel alpha-emitting radioactive microsphere suspension designed for treatment of metastatic cancers in body cavities. The radium-224 based therapeutic, Radspherin has shown strong and consistent anticancer activity at doses being essentially non-toxic in preclinical studies. It is anticipated that the product can potentially be used to treat several forms of metastatic cancer.
About Oncoinvent
Oncoinvent AS is a clinical stage company developing innovative radiopharmaceutical technology that delivers precise, alpha-emitting particles across solid cancers. By leveraging internal manufacturing and supply chain capabilities to enable a clinical supply of radioisotopes, the company is advancing a pipeline of novel products that use alpha particles, a higher Linear Energy Transfer (LET) form of radiation, that can potentially eradicate cancer cells. Oncoinvent's lead candidate, Radspherin, is designed for treatment of metastatic cancers in body cavities, and its versality allows it to be deployed for the treatment of a variety of cancer indications. Radspherin is in two ongoing Phase 1 studies to treat peritoneal carcinomatosis from both ovarian cancer and colorectal cancer.
Contact:
Tel: +47 46 44 00 45
Email: alfheim@oncoinvent.com
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