Oncorena receives a capital injection of 66 million SEK from one of the company’s principal shareholders together with two new investors.
Under the terms of the agreement, Oncorena can receive an additional 94 million SEK in the future. The capital will primarily fund Oncorena’s first clinical study, a phase I/II study with orellanine in patients with advanced kidney cancer undergoing dialysis.
“We are grateful for this capital injection that enables us to get necessary and crucial results that will be decisive for Oncorena’s continued clinical development of orellanine and new ventures in the field of kidney cancer. We also hope that the results from the upcoming clinical study will be of great benefit to patients in the future,” says Lars Grundemar, Chief Executive Officer of Oncorena.
HealthCap, Linc and Fåhraeus Startup and Growth
The current shareholder HealthCap has together with the two new investors, Linc AB and Fåhraeus Startup and Growth AB, invested a total of SEK 66 million in new capital to finance the first part of the Oncorena’s Phase I/II study. If the first part of the Phase I/II study shows positive results (Proof of Concept), the parties intend to invest an additional sum of SEK 94 million in the second part of the study. The investment is subject to approval by an Extraordinary General Meeting to be held in January 2022.
Earlier this year, the Swedish Medical Products Agency approved Oncorena’s first clinical trial of orellanine in patients with advanced renal cancer undergoing dialysis. Orellanine is a substance with a unique mode of action that has demonstrated specific and powerful anti-tumour effects on advanced renal cancer in a number of preclinical models.
“It is gratifying to announce that Oncorena is now entering a new stage with a capital injection of up to a total of SEK 160 million in a Serie A-round from three strong life science investors. With the financing in place, Oncorena can now focus on exploiting the potential of the company’s innovation in kidney cancer, developing the company further and accelerating the growth journey,” says Andreas Segerros, Oncorena’s Chairman of the Board.
Photo of Lars Grundemar, CEO Oncorena AB