Oncoinvent to receive 12 MNOK in BIA funding from the Research Council of Norway
Press Release 05.2018: Oncoinvent is pleased to announce today that it has fulfilled the necessary requirements stipulated by the Research Council of Norway and is now eligible to receive 12 MNOK in BIA project funding to help develop its lead product Radspherin®.
The BIA project is a three-year program. The goal of this project is to take the Radspherin® product candidate to the next major inflection point in the process of value creation, and demonstrate feasibility and safety of Radspherin® in a clinical setting. Peritoneal carcinomatosis of ovarian cancer patients have been chosen as the first indication for Radspherin®. The project includes research related to development of manufacturing and control procedures, additional pre-clinical studies and the first in human study.
Radspherin® is a novel alpha-emitting radioactive microsphere designed for treatment of metastatic cancers in body cavities. The radium-224 based therapeutic, Radspherin® has shown strong and consistent anticancer activity at doses being essentially non-toxic in preclinical studies. It is anticipated that the product can potentially treat several forms of metastatic cancer. The first clinical indication for Radspherin® will be treatment of peritoneal carcinomatosis originating from ovarian cancer. Peritoneal carcinomatosis is one of the most serious complications of gastrointestinal and gynecological malignancies.
Oncoinvent AS is a privately held Norwegian company based in Oslo, Norway. The company is committed to developing new innovative products to provide better treatment options to cancer patients. The company's founders started Oncoinvent in 2010 with a view to designing better cancer treatments by applying known physical and chemical principles of selected novel materials in new ways to maximize their medical benefit while minimizing potential safety concerns. This approach has allowed the company to explore and develop multiple technological avenues before selecting a lead product candidate for preclinical testing.
For further information, please contact:
Jan A. Alfheim, Chief Executive Officer
Cell: +47 46 44 00 45
Ole Peter Nordby, Chief Financial Officer
Cell: +47 41 28 71 79