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Oncoinvent closes $25 million private placement

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Norwegian company Oncoinvent has announced the closing of a 210 MNOK (approx. 25 MUSD) private placement of ordinary shares.

Large privately owned investment companies joining the company as new investors include Geveran Trading Co. Ltd., Canica AS, CGS Holding AS, Helene Sundt AS and Must Invest AS.

Oncoinvent AS is developing therapeutics to combat various cancers based on delivery of tumour-cell killing doses of radiation and/or immunotargeting of tumor cells. Financing will support development of Radspherin, a novel radiotherapeutic treatment for peritoneal carcinomatosis.

“We are pleased at the response that we have received from the investment community regarding our private placement.  The round was heavily oversubscribed.  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.” said Jan A. Alfheim, Oncoinvent’s CEO.

 

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