June 29, 2020
CEO letter to our shareholders:
It has been a busy time for Oncology Venture in spite of the Corona virus. We continue to identify opportunities with a focus on driving our most advanced programs toward commercialization, and I am excited to announce one of our key milestone events to achieving our long-term strategy.
Today, we announced the signing of a definitive agreement out-licensing two clinical pipeline assets, LiPlaCis® and 2X-111, to Smerud Medical Research International for further clinical and commercial development.
Under the terms of the agreement, OV will receive regulatory milestone fees in total of nearly US $30M plus royalties on sales of each drug payable to OV, if all the milestones are met for both products combined.
This ensures the continued development of these two important therapeutics together with their DRP® companion diagnostics, while it at the same time allows us to monetize our clinical assets for the benefit of our Company and our shareholders.
We remain enthusiastic about the therapeutic potential of both LiPlaCis® and 2X-111 together with their DRP® companion diagnostics.
In addition, we continue to make progress on our Dovitinib program as well as our current work with 2X-121, our PARP inhibitor, including a focus in evaluating it for Covid-19.
I personally want to thank the Oncology Venture team for their dedicated work toward bringing our new strategy to life during these challenging times.
The future of the company is bright and I look forward to updating you on future events.
After all the patients are waiting!
EVENTS, PRESENTATIONS & INTERVIEWS
Watch presentation by CEO Steve Carchedi
Oncology Venture’s CEO Steve Carchedi participated in the online investor event “Aktiedagen” on 4 May 2020. Watch the presentation and Q&A.
April 3, 2020
Management’s Remarks Regarding Surveillance Listing
- On April 3, 2020, Oncology Venture was placed on the surveillance list by Nasdaq. This is a result of Nasdaq First North’s policy that a company may be placed on the surveillance list if it enters into an agreement regarding financing through convertible notes without a fixed conversion price and/or fixed amounts of shares to be issued and deemed as working capital.
- On March 31, 2020, Oncology Venture had published its annual reports, audited by PwC (formerly PricewaterhouseCoopers), without any concerning remarks regarding the company’s current or future financial situation. The Annual Report 2019 can be found here.
- In the current economic crisis caused by the Corona virus pandemic, the company’s management strongly believes that the agreement with Negma Group and Park Partners is the best current financing option for the company and all of its shareholders. Over the last weeks the company management has explored several potential, alternative financial arrangements with a range of potential investors, and decided that the current agreement is clearly the best and most cost-efficient agreement to ensure that the company has sufficient financing for 2020 and beyond.
- The management is diligently looking into how to get Oncology Venture removed from the surveillance list at the earliest possible time.
- The company is working continuously and diligently on ensuring the progress of our high-priority pipeline projects: Dovitinib, IXEMPRA®, and 2X-121.
Searching for a treatment of Covid-19 in partnership with Northern Arizona University
On April 22nd, we announced we have entered into an agreement with the Pathogen and Microbiome Institute at Northern Arizona University to test the antiviral activity of 2X-121, Oncology Venture’s PARP inhibitor, against Coronavirus.
The background is that another PARP inhibitor, Mefuparib (CVL218), has been shown to have promising antiviral activity against the virus that causes COVID-19.
Based on the promising results seen with CVL218, Oncology Venture will now test the similar ability of its PARP inhibitor, 2X-121, to block the infection of cells and replication of coronavirus in pre-clinical experiments.
Northern Arizona University built the Pathogen and Microbiome Institute labs in 2008 to enable researchers to handle dangerous pathogens, including research on diseases such as West Nile virus and Zika virus. Oncology Venture’s 2X-121 will be the first therapeutic agent to be tested against the COVID-19 virus at the newly launched COVID-19 Testing Service Center at the Pathogen and Microbiome Institute.
Sean Donahue interviews our Principal Infrastructure Engineer
A remote video interview by Sean Donahue focusing on how Oncology Venture’s need of a high degree of performance, security and flexibility led to a partnership with Citrix and Google Cloud in order to ensure the best possible cloud solution for Oncology Venture.
We are building a personalized medicine company developing new therapeutics for unmet needs in the treatment of human cancers through use of our world-class predictive diagnostics platform.
Founded in 2004 in Denmark and publicly traded on NASDAQ First North (Stockholm).
Robust pipeline of several novel anti-cancer drugs
Robust Pipeline of several novel anti-cancer drugs that address significant cancer markets.
3 prioritized clinical programs
Best-in-class DRP® platform
Best-in-class DRP® platform creates drug-specific, predictive diagnostics to:
- Help select & treat the most likely responder patients for each of our pipeline drugs.
- Accelerate clinical development of each of our programs.
Strong intellectual property position
Strong intellectual property position with over 30 patents/applications in key world markets, covering DRP® diagnostics for more than 75 different cancer drugs.