Oncology Venture incorporates 2X Oncology Inc., a Women’s Cancer Company in the US
Hoersholm, Denmark, September 9th, 2016 – Oncology Venture Sweden AB (OV:ST) today announced that it has incorporated an oncology therapeutics spin-out, 2X Oncology Inc., in the US. 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 OV’s Drug Response Predictor (DRP™), a platform technology that develops companion diagnostics to select high likelihood 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 OV’s Nordic network. 2X Oncology Inc. is finalizing term sheets to in-license a suite of promising oncology drugs for the treatment of unmet needs in women’s cancers and is in the process of hiring management.
As communicated in the last Prospectus, OV is planning to build one or more foreign daughter companies, so called ”Special Purpose Vehicles” (SPV). 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 we will get a larger number of drug candidates in pipeline and more indications of the drugs in development can be investigated. This will give the company a significantly larger market potential.
In the latest capital raise and as communicated in the Prospectus funding was raised to build international daughter companies and to establish the organization, legal counselling, auditing and marketing.
“I’m really excited about the incorporation of 2X Oncology in the US. 2X Oncology, which is our first spin-out.
2X Oncology will focus on developing Precision Therapeutics for the personalized treatment of women’s cancers. says Peter Buhl Jensen, M.D., CEO of Oncology Venture. I believe that this will further establish the value and importance of our Drug Response Predictor (DRP™) biomarker technology to select high likelihood responder patients to significantly increase the response rates of drugs in development. The goal is to bring to market new women’s cancer therapies that are effective in an appropriate patient population,” Buhl Jensen further comments .
About the Drug Response Predictor - DRP™ screening tool
Oncology Venture uses the MPI multi gene DRP™ to select those patients that by the gene signature in their cancer is found to have a high likelihood of response to the drug. 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.
For further information, please contact
|Ulla Hald Buhl
, COO and
Chief IR & Communications
Mobile: +45 2170 1049
|or||Peter Buhl Jensen
+45 21 60 89 22
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 9th September 2016.
About Oncology Venture Sweden AB
Oncology Venture Sweden AB 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, Irofulven developed from a fungus for prostate cancer and APO010 – an immuno-oncology product for Multiple Myeloma.