Norwegian cancer therapeutics firm Oncoinvent raised NOK 210 million (approximately ($25 million) in a private placement with new corporate investors Geveran Trading, Canica, CGS Holding, Helene Sundt, and Must Invest.
The round was heavily oversubscribed, according to Oncoinvent CEO Jan A. Alfheim. “With this financing round we now have, in addition to the new funding, a shareholder base in the company that will enable Oncoinvent to bring Radspherin™ to a clinical proof of concept.”
Founded in 2010, Oncoinvent is developing immunotargeting and radiation delivery systems for treating cancer. The firm’s preclinical and discovery-stage pipeline spans radiotherapeutic, radioimmunotherapeutic, and immunotherapeutic products, including proprietary and licensed antibodies, for treating a range of solid cancers. Lead candidate Radspherin is a radium-based, alpha-emitting microsphere therapy designed to target metastases in body cavities. The initial indication is peritoneal carcinomatosis originating from ovarian cancer. Rather than deliver pharmaceutical or biologic drug molecules, the microparticles deliver high-powered radiation within a short range and degrade slowly in the body, which Oncoinvent says enables effective radiation doses to be delivered within the target area.
Oncoinvent was awarded its first Radspherin patent, in the U.S., last month. The composition of matter patent No. 9,539,346 is entitled “Radiotherapeutic particles and suspensions.” It covers a particle or pharmaceutical composition comprising one or more particles, or a suspension of same or different particles comprising a degradable compound and an alpha-emitting radionuclide and/or a radionuclide-generating alpha-emitting daughter. Additional composition, medical, and medical device patent applications are under review.
Also last month, Oncoinvent announced that it will be moving into new facilities in Oslo, during April. The site will provide larger offices, as well as space for production and laboratory facilities.