Norwegian radiopharmaceutical company announces successful closing of a
private placement that will allow the company to initiate the next phase of
clinical development of its lead product candidate Radspherin®
Oslo 29, June 2021
Norway Oncoinvent AS, a clinical stage company advancing a pipeline of
radiopharmaceutical products across a variety of solid cancers, announced today that the
company has raised NOK 250 million in an oversubscribed pre-IPO financing round
syndicated by existing investors Hadean Ventures, Geveran, RADFORSK Investeringsstiftelse,
Sundt, Must Invest, Canica, MP Pensjon and Watrium. The net proceeds from the Private
Placement are expected to ensure financing past end of 2023 for its lead product candidate
Radspherin®, including financing of two clinical phase 2A studies (in ovarian cancer and
colorectal cancer) as well as the advancement of the company’s proprietary targeted
radiotherapy candidates. Oncoinvent has raised a total of NOK 535 million to date. The
closing marks the last round of planned funding before Oncoinvent goes to its contemplated
initial public offering (IPO) which the intends to carry out in the coming twelve months.
“We are pleased by the response to our private placement offering from both new investors
and those who had previously invested in the company”, said Jan A. Alfheim, Oncoinvent
CEO. “The demand was such that we increased the placement from NOK 200 million to NOK
250 million. The additional funding will allow the company to initiate preclinical
development of our proprietary antibodies OI-1 and OI-3 in order to develop our pipeline of
targeted radiotherapeutics one year earlier than planned.”
Roy H. Larsen, Board Chair stated, “We are pleased to secure financing for developing Oncoinvent
further and we thank our existing shareholders and new investors for their strong support.”
Ingrid Teigland Akay, Managing Partner of Hadean Ventures and board member of
Oncoinvent commented: “The strong demand from investors reflects both the growing
interest we see in the radiopharmaceutical space, as well as the conviction in the
Oncoinvent management, which has demonstrated the ability to execute on their strategy.
We are pleased with the outcome of this financing round, enabling the next stage of the
lead asset and an accelerated plan for the pipeline.”
The Company intends to carry out a repair offering of up to 961,538 new shares at the same
subscription price towards shareholders in the Company as of the 25th
June 2021 (as registered in VPS on the 29th June 2021) who were not allocated shares in the Private Placement.
Oncoinvent-secures-NOK-250-M-in-an-oversubscribed-pre-IPO.pdf
For further information, please contact:
Jan A. Alfheim, Chief Executive Officer
Cell: +47 46 44 00 45
Email: [email protected]
IR enquiries:
Courtney Turiano, Stern Investor Relations
Email: [email protected]