Marie Foegh, MD, DrSc, has accepted the position as CEO of 2X Oncology Inc. an OV spinout

Hoersholm, Denmark, January 3rd, 2017 – Oncology Venture Sweden AB (OV.ST) today announced that Marie Foegh, MD, DrSc, has been appointed and has accepted the position as CEO of 2X Oncology Inc. (2XO). 2XO is a Women’s Cancer precision medicine company focused on advancing the development of promising, novel clinical-stage cancer drugs – in combination with the Drug Response Predictor (DRP™), a platform technology that develops companion diagnostics to select high likelihood responding patients.  Dr. Foegh has 28 years of global experience in the pharmaceutical and biotechnology industries in amongst others Ipsen Inc., Solvay Inc. (Abbvie), Agile Therapeutics Inc., and Ell Imaging LLC . She has a robust US and European network and a long track record in development and regulatory approval of drugs within the oncology and women’s health field. Dr. Foegh is based in New York City.  The  therapeutic focus of 2X Oncology will be unmet medical needs in Breast Cancer,  Ovarian Cancer, Endometrial Cancer and primary and secondary Brain Cancer. The spin-out will work in close collaboration with Oncology Venture, utilizing OV’s Nordic network. 

With proven US-track record in the three essential fields of drug development, regulatory approval and capital raise in the US Marie Foegh has an excellent background as the CEO of 2X Oncology Inc. I’m really proud that we have been able to attract such talent and believe that Dr. Foegh will be successful in advancing the development of promising, novel clinical-stage cancer drugs – in combination with the Drug Response Predictor (DRP™), a platform technology that develops companion diagnostics to select responding patients,” says Peter Buhl Jensen, M.D., CEO of Oncology Venture  

“I’m excited by this opportunity to bring innovative precision oncology to fight woman’s cancer – a field with a large unmet medical need. Women’s health has been the focus of my professional carrier and I look forward to use my whole armamentarium of experience in this fight by quickly moving forward effective cancer therapies,” says Marie Foegh, CEO of 2X Oncology Inc. “I’m dedicated to raise funds for this important and worthy project and look forward to developing the 2XO drugs in collaboration with a proven and experienced drug development team at Oncology Venture ”, Foegh further comments .

About 2X Oncology Inc  

2X Oncology Inc., is a US oncology therapeutics spin-out from Oncology Venture. The company is a Women’s Cancer precision medicine company focused on advancing the development of promising, novel clinical-stage cancer drugs - in combination with Drug Response Predictor (DRP™), a platform technology that utilizes mRNA-microRNA testing to select responding patients. The initial therapeutic focus of 2X Oncology will be unmet medical needs in Breast Cancer and Ovarian Cancer. The spin-out will work in close collaboration with Oncology Venture, utilizing Oncology Ventures Nordic network.

About the Drug Response Predictor - DRP™ screening tool

The DRP screening tool was developed by and in-licensed from Medical Prognosis Institute utilizes mRNA-microRNA gene expression signatures to identify high likelihood responding patients. The goal is to develop the drug for the right patients and by screening patients before treatment the response rate can be significantly increased.

This 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 clinical correlates in a systems biology network. The DRP™ is based on messenger RNA from the patients biopsies.

About Special Purpose Vehicles (SPVs)

OV has until now built two privately held companies, so called ”Special Purpose Vehicles” (SPV) utilizing the in-licensed Drug Response Prediction DRP™-technology for drug development. These companies will be owned by Oncology Venture and investors/collaboration partners. Future ownership and future revenue will depend on individual negotiations. The incorporation and building of the SPV’s will open the possibilities of attracting international and private capital without diluting the existing share owners. By this Oncology Venture will get a larger number of drug candidates in pipeline and more indications of the drugs in development can be investigated. This will give Oncology Venture a significantly larger market potential.

Oncology Venture has spun out 2X Oncology Inc. a company focused on developing precision medicine for women’s cancer with three anticancer products in pipeline and OV-SPV2 will test and potentially develop an oral Tyrosine Kinase inhibitor from a Big Pharma for the treatment of cancers.

For further information, please contact

Ulla Hald Buhl , COO and Chief IR & CommunicationsMobile: +45 2170 1049E-mail: uhb@oncologyventure.com Or Peter Buhl Jensen , CEOMobile: +45 21 60 89 22E-mail: pbj@oncologyventure.com 

This information is information that Oncology Venture Sweden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on January 3rd 2017.

About Oncology Venture Sweden AB (OV)  

OV is engaged in the research and development of anti-cancer drugs via its wholly owned Danish subsidiary Oncology Venture ApS. Oncology Venture has a license to use Drug Response Prediction – DRP™ – in order to significantly increase the probability of success in clinical trials. DRP™ has proven its ability to provide a statistically significant prediction of clinical outcomes from drug treatment in cancer patients in 29 of the 37 clinical studies that were examined. The Company uses a model that alters the odds in comparison with traditional pharmaceutical development. Instead of treating all patients with a particular type of cancer, patients’ tumors genes are screened first and only those who are most likely to respond to the treatment will be treated. Via a more well-defined patient group, the risk and costs are reduced while the development process becomes more efficient.

The current product portfolio: LiPlaCis for Breast Cancer in collaboration with Cadila Pharmaceuticals, Irofulven developed from a fungus for prostate cancer and APO010 – an immuno-oncology product for Multiple Myeloma.

Oncology Venture has spun out 2X Oncology Inc. a company focused on developing precision medicine for women’s cancer with three anticancer products in pipeline and OV-SPV2 which will test and potentially develop an oral Tyrosine Kinase inhibitor from a Big Pharma the treatment of cancers. 

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