Hoersholm; June 05, 2015 – Medical Prognosis Institute A/S (MPI.CO) announced today that Oncology Venture Sweden AB (OV), a spinout from and the drug development arm of MPI has decided to go public on the Swedish AktieTorget in Stockholm and aims to raise between 16 – 21 million SEK. MPI is a major shareholder with 24% of Oncology Venture Sweden AB.
MPI has developed a highly validated systems-biology-based biomarker platform, the Drug Response Predictor (DRP(TM)), which is useful for identifying likely responding patients for targeted enrollment of anticancer drug clinical trials. Oncology Venture acquires and invests in promising cancer drugs that have previously failed clinical efficacy trials, but which can be repurposed for the right indication and right patients utilizing MPI’s DRP(TM) Biomarkers.
OV raises capital for the use of clinical development of its anticancer drug APO010 and its newly in-licensed anticancer drug candidate Irofulven. The overall goal of OV is to in-license a total of five drug candidates and to run 5 focused clinical phase 2 trials within a period of three years from the planned IPO on AktieTorget. Hereafter the aim is that two drug candidates are successfully developed and can be out-licensed or sold.
Oncology Venture aims to raise at least 16 million SEK and up to 21 million SEK during a subscription period of 5th – 24th June 2015. First day of trading on AktieTorget will be the 22nd of July 2015.
“We are very happy to announce the Oncology Venture Sweden IPO with an emission of minimum 16 and maximum 21 million SEK. This enables OV to move ahead with its plans of in- licensing and develop anticancer drugs which have been put on the shelves due to lack of sufficient effect “Said Professor Peter Buhl Jensen, M.D., CEO of Oncology Venture and MPI. “The development of these drugs will if successful substantially verify the MPI DRP(TM) technology and add value to patients and both OV and MPI. Further MPI is a major shareholder of Oncology Venture and receives 10% in royalty from project incomes,” Buhl Jensen further commented.
This will not have any significant impact on the financial statement for 2015.
About Oncology Venture
Oncology Venture Sweden AB, a spinout from MPI, is focusing on finding and develop failed cancer drugs by conducting new, targeted-enrollment clinical trials utilizing highly predictive DRP(TM) Biomarkers to select, enroll, and treat the right patients and right cancers.
Medical Prognosis Institute advances personalized medicine by partnering with cancer drug developers to apply its DRP(TM) diagnostic platform to streamline and de-risk clinical trials and drug development via biomarker optimization, patient stratification, and development of companion diagnostics.
About MPI’s multiple biomarker called Drug Response Predictor – DRP(TM)
MPI’s lead product, the DRP(TM) diagnostic platform, is a tool to develop tumor-derived gene signatures that may predict which cancer patients are highly likely responders to a given anticancer product. The DRP(TM) has been tested in 32 trials, where 26 trials showed that drug-specific DRP(TM) Biomarkers could predict which patients had a positive effect of the treatment. The DRP(TM) platform has also been externally validated and published in collaboration with leading statisticians at the MD Anderson Cancer Center. The DRP(TM) method can be used to design the Clinical Development Plan, i.e. to select which indications are relevant for a given anticancer drug. Further to and in addition to this, individual patients’ gene patterns can be analyzed as part of a screening procedure for a clinical trial to ensure inclusion of those patients who have a high likelihood of response to the drug. The DRP(TM) platform can be used in all cancer types and has been patented for more than 60 anticancer drugs in the US.
For further information, please contact
CEO Peter Buhl Jensen, Professor, MD, PhD
Cell Phone: (+45) 21 60 89 22
Certified Advisor: Carsten Yde Hemme, PricewaterhouseCoopers, Strandvejen 44, 2900 Hellerup, Denmark