23 June 2021

Following a year of outstanding performance, Oncoinvent aims to raise NOK 150 -200 million to move into efficacy studies with Radspherin®

Norwegian radiopharmaceutical company is contemplating a private placement to raise funds for the phase 2A development of it’s lead product candidate Radspherin®


Oncoinvent AS, a clinical stage company advancing a pipeline of radiopharmaceutical products across a variety of solid cancers, today announced plans to raise a private round of financing.  The company has engaged Arctic Securities AS and DNB Markets, a part of
DNB Bank ASA, as Joint Global Coordinators and Joint Bookrunners (together, the “Managers”) to advise on and carry out a private placement (the “Private Placement”) estimated to raise gross proceeds to the Company of approximately NOK 150 – 200 million. The net proceeds from the Private Placement are expected to ensure financing past end of 2023, including financing of two clinical phase 2A studies (in ovarian cancer and colorectal cancer). The price per share in the Private Placement has been set to NOK 52, implying a total pre-money market capitalisation of NOK 744 million.

The Managers have received non-binding indications of interest from existing shareholders and new investors for a substantial part of the offering size, including pre-commitments of NOK 114 million from large existing shareholders Hadean Ventures, Geveran, RADFORSK Investeringsstiftelse, Sundt, Must Invest, Canica, MP Pensjon and Watrium.

“We are extremely satisfied to be finishing off a successful year of clinical trials with Radspherin®, during which we have been able to navigate the COVID-19 pandemic and execute the phase 1 trials with solid recruitment rate.  This enables us to move fast into phase 2A studies after having demonstrated that Radspherin® can be administered safely and effectively.  The safety profile of Radspherin® is very good and we have determined the clinically relevant dose for the product.”, said Jan A. Alfheim, Oncoinvent CEO. “We are now looking to move forward with the clinical development of Radspherin® and to focus on measuring the efficacy of the product in the upcoming phase 2A clinical trials.”

Alfheim continued by saying,” We are pleased that our current investors continue to believe in the company and our technology, and we welcome their strong participation in this current round of financing.”

“It has been a very busy year for Oncoinvent running two clinical trials and manufacturing of radionuclides, microparticles, and finished product as well as performing quality controls for clinical supplies at the same time as working on developing pipeline candidates. This has been performed in a cost efficient and reliable way and we thank all the employees, and collaborators, as well as the staff at the clinical trial sites, for their efforts. We will hereby thank existing and new investors for their current and future financial support of Oncoinvent” says Roy H. Larsen, Chairman of the Board.

Ingrid Teigland Akay, Oncoinvent board member and Managing Partner of Hadean Ventures which together with Geveran are the largest anchor investors in the upcoming financing round, commented: “We have been impressed by the company’s ability to run two parallel clinical trials in a very difficult year where so many trials have been impacted by the pandemic. The results we have seen so far from these trials are promising in regard to the future development of Radspherin® and we are very pleased to continue to support Oncoinvent on this journey.”

About RAD-18-001 and RAD-18-002
The Phase 1 open-label, dose-escalation clinical trials are designed to assess the dose, safety and tolerability of Radspherin®, an α-emitting radionuclide therapy, administered into the intraperitoneal cavity in subjects with peritoneal carcinomatosis from ovarian cancer and colorectal carcinoma respectively.  The trials include a dose escalation phase followed by repeated injection and expansion cohort phases at the recommended clinical dose. Key objectives in the studies include determining maximum tolerated dose, abdominal biodistribution, and preliminary anti-tumor activity. Please refer to www.clinicaltrials.gov for additional clinical trial details.

About Radspherin®
Radspherin® is a novel alpha-emitting radioactive microsphere suspension 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 be used to treat several forms of metastatic cancer.

About Oncoinvent
Oncoinvent AS is a clinical stage company developing innovative radiopharmaceutical technology that delivers precise, alpha-emitting particles across solid cancers. By leveraging internal manufacturing and supply chain capabilities to enable a clinical supply of radioisotopes, the company is advancing a pipeline of novel products that use alpha particles, a higher Linear Energy Transfer (LET) form of radiation, that can potentially eradicate cancer cells. Oncoinvent’s lead candidate, Radspherin®, is designed for treatment of metastatic cancers in body cavities, and its versality allows it to be deployed for the treatment of a variety of cancer indications. Radspherin® is in two ongoing Phase 1 studies to treat peritoneal carcinomatosis from both ovarian cancer and colorectal cancer.

For further information, please contact:
Jan A. Alfheim, Chief Executive Officer
Cell: +47 46 44 00 45
Email: alfheim@oncoinvent.com

IR enquiries:
Courtney Turiano, Stern Investor Relations
Email: Courtney.Turiano@sternir.co


This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering or its securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to “qualified institutional buyers” as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “Prospectus Regulation” means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither of the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

Anders Månsson

Chief Executive Officer


Anders Månsson is a business executive with over 25 years of experience from management roles in the pharmaceutical industry, focusing on commercialisation and M&A + licensing. Mr. Månsson has held leading roles in the industry both in his native Sweden and in other European countries, and he has worked extensively with the USA and Asia as focus markets in global roles.

Mr. Månsson holds a B.Sc. degree in Business & Economics from Lund’s University in Sweden as well as an MBA from Business School Lausanne in Switzerland. He has a broad-based industrial experience, featuring both large multinational companies such as Meda, Ferring & LEO Pharma, and including leading roles in start-ups and smaller biotech companies. On top of his executive role in Oncoinvent, Mr. Månsson holds two non-executive director positions serving on the board of EQL Pharma AB as well Immetric AB, the latter being an investment company focusing on life science.