Hoersholm, Denmark, March 13, 2019 – Oncology Venture A/S (Nasdaq First North Stockholm: OV.ST) today announces a modification of the conditions of the financing agreement entered into with European High Growth Opportunities Securitization Fund (EHGOS, the “Investor”), which is advised by Alpha Blue Ocean (ABO) The new conditions allow Oncology Venture to solely decide the drawdown of the tranches, hence taking full control over the potential implementation of this complementary source of financing.
The initial agreement, based on the issuance of convertible notes and warrants, allows Oncology Venture to receive up to SEK 200 million distributed over twenty (20) tranches during a period of twenty-four (24) months. The initial agreement provided that the Investor could call up to five (5) of the twenty (20) tranches. Oncology Venture and the Investor have now agreed that Oncology Venture holds all calls and thereby has full control over how many tranches will be called upon and when they are called, subject to the satisfaction of the conditions set out in the initial agreement.
“The addition to the agreement with EHGOS, which is advised by Alpha Blue Ocean, secures Oncology Venture’s full control over the loan facility. This financing tool should be seen as a complement to other financial sources for the continued development of our anti-cancer precision medicines,” said Peter Buhl Jensen, CEO of Oncology Venture A/S.
“We aim to provide companies the flexibility they need to achieve their goals. In this case, the amendment to the financing agreement gives Oncology Venture greater control over its dilution which will benefit its shareholders, whilst providing the funds it needs to develop its pipeline” said Pierre Vannineuse, CEO and founder of London based Alpha Blue Ocean Investment Group and Head of European High Growth Opportunities Securitization Fund.
For further information, please contact:
|For investor inquiries|
Ulla Hald Buhl, IR & Communications
Telephone +45 21 70 10 49
|For media inquiries|
Thomas Pedersen, Carrotize PR & Communications
About Oncology Venture A/S
Oncology Venture A/S is engaged in the research and development of anti-cancer drugs via its wholly-owned subsidiary, Oncology Venture Product Development ApS. Oncology Venture uses Drug Response Prediction – DRP® –to significantly increase the probability of success in clinical trials. DRP® has proven its ability to provide a statistically significant prediction of the clinical outcome from drug treatment in cancer patients in 29 out of 37 clinical studies that were examined and is currently demonstrating promising results in an ongoing phase 2 study prospectively using LiPlaCis and its DRP® to track, match and treat patients with metastatic breast cancer. The DRP® alters the odds in comparison with traditional pharmaceutical development. Instead of treating all patients with a particular type of cancer, patients’ tumors genes are first screened, and only the patients most likely to respond to the treatment will be treated. Via a more well-defined patient group, risks and costs are reduced while the development process becomes more efficient.
The current OV product portfolio includes: LiPlaCis®, a liposomal formulation of cisplatin in an ongoing Phase 2 trial for breast and prostate cancer; 2X-121 a PARP inhibitor in an ongoing Phase 2 for breast cancer; dovitinib, which will enter Phase 2 trials for indications dependent on further Dovitinib-DRP retrospective/prospective analysis of studies completed by Novartis. 2X-111, a liposomal formulation of doxorubicin under manufacturing for Phase 2 in breast cancer; irofulven, a Phase 2 is ongoing for prostate cancer; and APO010, an immuno-oncology product in Phase 1/2 for multiple myeloma.
Oncology Venture has spun out two companies as Special Purpose Vehicles: Oncology Venture U.S. Inc. (previously 2X Oncology Inc.), a US-based precision medicine company focusing on developing 2X-121 and 2X-111, and OV-SPV 2, a Danish company that will test and develop dovitinib. Oncology Venture A/S has an ownership of 92% in Oncology Venture US and 55% of dovitinib with an opportunity to acquire further 30%.
Learn more at oncologyventure.com
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This announcement includes forward-looking statements that involve risks, uncertainties and other factors, many of which are outside of OV’s control and which could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements include statements concerning OV’s plans, objectives, goals, future events, performance and/or other information that is not historical information. All such forward-looking statements are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. OV undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent events or circumstances after the date made, except as required by law.
Certified Adviser: Sedermera Fondkommission, Norra Vallgatan 64, 211 22, Malmö, Sweden
This information is information that Oncology Venture A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on March 13, 2019.