Oncology Venture receives guarantees and undertakings for a proposed rights issue
Considering the positive development of Oncology Venture ("OV" or the "Company"), the Board of Directors has concluded that it is favorable for the existing shareholders to have an alternative to the financing facility established with European High Growth Opportunities Securitization Fund (advised by Alpha Blue Ocean). The Board of Oncology Venture will therefore recommend the shareholders at the forthcoming annual shareholders' meeting to approve a preferential rights issue of between SEK 60 and SEK 100 million.
The Company has received guarantees and undertakings of approximately SEK 60 million from underwriters and is planning for a rights issue where each shareholder will have the right to subscribe for one (1) new share and one (1) warrant for a total amount of SEK 4,00 for every two (2) existing shares. The warrant will have a strike price of at least SEK 7,50 and a tenure of twelve (12) months. If all warrants are exercised it will bring approximately SEK 188 million more to the company. The rights issue will be subject to approval by the Company's shareholders at the forthcoming Annual General Meeting.
More information, including details on the rights issue and terms & conditions will be disclosed by the Company as soon as such information becomes available.
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
Telephone +45 60 62 93 90
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. Epost: firstname.lastname@example.org, telefon 040-615 14 10
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 15, 2019.