About Oncology Venture
Oncology Venture A/S (Nasdaq First North Growth Market Stockholm: OV.ST) develops drugs for the personalized treatment of cancer using drug-specific companion diagnostics (cDx) generated by its proprietary drug response predictor technology, DRP®. The Company has three high-priority programs: 2X-121 – a PARP inhibitor in Phase 2 trials for treatment of ovarian cancer; IXEMPRA® (Ixabepilone) – an approved and marketed (U.S.) microtubule inhibitor being advanced for Phase 2 clinical development (in EU) for treatment of breast cancer; and Dovitinib – a pan-tyrosine kinase inhibitor (pan-TKI) that is post Phase 3 trials, being prepared for a U.S. new drug approval (NDA) filing in renal cell carcinoma (RCC).
About the DRP®
Oncology Venture uses its drug-specific DRP® cDx to select those patients who, by the genetic signature of their cancer, are found to have a high likelihood of responding to the specific drug. The DRP® method builds on the comparison of sensitive vs. resistant human cancer cell lines, including genomic information from cell lines combined with clinical tumor biology and prior clinical trial outcomes. The DRP® platform can be used in all cancer types and is patented for more than 70 anti-cancer drugs in the U.S.
Oncology Venture A/S was founded in 2004 by Professor Emeritus Steen Knudsen, who has a background within the mathematics of bioinformatics. At the time, the company was named Medical Prognosis Institute A/S.
Steen Knudsen is educated at DTU, Denmark’s Technical University, as Master of Science in Engineering, specialized in Bio Technology. Furthermore, Knudsen holds a PhD in Microbiology from University of Copenhagen, and a position as Post Doctor in Computing Research Resources within Molecular Biology at Harvard Medical School. Since 1996, Knudsen has been part of building the Center for Biological Sequence Analysis at DTU, Denmark’s Technical University. Based on bioinformatics, his research clarified the potential of using genetic chips in fighting cancer. In 2002, Steen was appointed professor for his research within this field.
To make the software technology (the mathematical algorithm) which is applied to the data from the gene chip beneficial for cancer patients, authority approval and marketing approval was needed. For this purpose, Knudsen founded MPI in 2004, as a spin out from DTU and with DTU Innovation A/S as the primary investor. The software technology, based on data from the gene chips, offered possibilities within many different fields.
Therefore, the first focus of Oncology Venture A/S was to identify which specific clinical uses of the software were most promising to be commercialized. Supported by surveys among oncological experts, on the need for a sufficient number of patients, Steen Knudsen chose in 2005 to focus on prognostics for Lung Cancer.
In further developing the software, Steen Knudsen made an important discovery. By comparing data from the National Cancer Institute, USA, Oncology Venture could predict which patients would get a positive effect from chemotherapy. In 2006 Oncology Venture submitted a patent application, which was approved by the American patent authorities in 2013.
In 2012, Peter Buhl Jensen became the CEO to enhance the oncological width and further prepare the organization for international commercialization.
The initial strategy was as a service provider to sell DRP® to pharma/biotech to be used for drug development. During the past years, Oncology Venture has focused on drug development, including strategy and business model for establishing co-operation agreements with drug development and biotech companies regarding research, development and commercialization of drug candidates.
In 2019, a new Executive Management team came into office. Steve Carchedi joined the company as new CEO and was also elected for the Board of Directors. Henrik Moltke joined the company as new CFO. Both were appointed based on their professional merits and proven ability to commercialize life science-products and experience in investor relations management.
Equipment from Oncology Venture’s labs.