Oncoinvent has completed a 40 million NOK round of financing, led by Hadean Ventures and with participation from existing investors CGS Holding AS, Helene Sundt AS, Alpine Capital AS, Artal AS, and Sciencons AS.
The investment brings Oncoinvent’s total funding to 268 million NOK and will help the company pursue clinical development of its lead product candidate Radspherin. It is estimated that the financing will secure Oncoinvent’s operations until the fourth quarter of 2021 and will provide the company the necessary capital to offset the potential impact and additional costs to the upcoming Radspherin clinical trials that may be caused by the ongoing COVID-19 pandemic.
“We are pleased to add Hadean Ventures to our list of shareholders,” said Oncoinvent Chief Executive Officer Jan A. Alfheim. “Having the financial support and industry expertise of Hadean Ventures will help us execute our vision even more rapidly and broadly.”
The development of Radspherin
This round of financing furthermore releases a 4,6 million NOK Innovation Funding from Innovation Norway that was awarded to Oncoinvent last year. The Innovation Funding will help finance the clinical trials with Radspherin as a treatment for colorectal cancer patients suffering from peritoneal carcinomatosis.
The financing will also permit the continued discovery research efforts of the company to develop new indications for its lead product candidate Radspherin and to develop other novel radiopharmaceuticals.
Teigland Akay joins the Board of Directors
Ingrid Teigland Akay, Managing Partner of Hadean Ventures will join the Oncoinvent Board of Directors.
“We are very excited to join forces with Oncoinvent,” said Ingrid Teigland Akay. “Oncoinvent holds world class expertise within radiopharmaceuticals and is now moving into clinical development with their lead compound to tackle conditions for which patients today have no good treatment options, including peritoneal carcinomatosis. We are looking forward to supporting Oncoinvent on this journey.”