CHOSA Oncology AB has carried out a directed issue of SEK 1,55 million to further increase business development activities
The board of CHOSA Oncology AB (publ) ("CHOSA" or the "Company") has today, 13th October 2023, performed a directed issue of 2 099 280 shares at a price of SEK 0,738 per share. The reason for the deviation from conducting a shareholders’ preferential rights issue has been to raise capital in a time-efficient manner. The subscription price per share has been set under market conform conditions based upon Volume Weighted Average Price (VWAP) over a period of 10 trading days up to and including 12. October 2023, which was the last trading day for the share before the Board of Director’s decision on the Directed Issue. This will increase the number of shares from 62 774 633 to 64 873 913.
Through the directed issue, CHOSA receives SEK 1,55 million before transaction costs. The company intends to use the net proceeds from the directed issue to intensify its business development activities sooner than originally anticipated.
CEO Peter Buhl comments: “We are happy to announce the support we have received from a number of existing investors (with no insider information). Their investment will, in continuation of our strong clinical data presented at ASCO, be a financial supplement for us to intensify our business development activities sooner than originally anticipated. Our primary objective is to attract robust partners or potential buyers for our innovative products, LiPlaCis® and its companion diagnostic, cisplatin DRP®, with the ambition of bringing our products to market.
In two independent lung cancer studies our platin tailored response predictor DRP® is able to precisely predict who will benefit. We believe we here have a strong tool to improve cure in platin combinations with immuno checkpoint inhibitors (PD-1 inhibitors) and we now have phase 2b data in metastatic breast cancer patients showing that the DRP® identify the patients who will benefit from liposomal cisplatin LiPlaCis®. Furthermore, LiPlaCis® has shown significant activity in a population that has undergone numerous treatment shifts, and it appears to have a gentler toxicity profile than conventional cisplatin.
Our goal is to ensure these products reach cancer patients, providing them with the benefits they need. We are confident in the potential of our products and believe they will make a significant impact in the fight against cancer”.
This disclosure contains information that Chosa Oncology AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 13-10-2023 17:51 CET.
For additional information contact:
Peter Buhl Jensen, CEO
pbj@buhloncology.com
+ 45 21 60 89 22
CHOSA in short
CHOSA Oncology AB is an oncology biotechnology company led by a proven international team with veteran specialists in oncology; drug development; running clinical trials; regulatory expertise; and business development. CHOSA intends to enter into agreements for partnership or sublicensing of iCIP™.
About iCIP™ - LiPlaCis® and DRP®
CHOSA is focused on late-stage clinical development of iCIP™ (LiPlaCis® and its DRP® companion diagnostic together) to which it has worldwide rights. The cisplatin DRP is the only proven test to foresee and thereby select who to treat and who will benefit from cisplatin. In essence, iCIP™ combines the identification of patients that will benefit from cisplatin treatment with the ability to treat them with higher efficacy and less toxicity.
Breast: We have strong phase 2b data in metastatic breast cancer, demonstrating that patients selected by DRP® responded better to treatment; have longer progression-free survival; and maybe even an overall longer total survival than those patients who were identified as unlikely to respond well to the treatment.
Lung: The cisplatin DRP has previously shown its ability to foresee the value of cisplatin therapy in lung cancer. Cisplatin therapy after surgery is a gold standard that clearly increases lung cancer cure, but not always, and until now the doctors do not know who will benefit from cisplatin and who should have something else. This is where the cisplatin DRP is a potential game changer especially in new neoadjuvant treatment where immunotherapy obtains high efficacy rates when combined with cisplatin-doublets.
Cisplatin DRP was validated in a blinded retrospective study in two lung cancer patient cohorts receiving cisplatin after surgery to kill remaining tumor cells. Thus, patients with the 10% highest scores had a 3-year survival of 90% whereas the patients with the lowest 10% score had much lower survival with only 40% surviving 3 years1.
1) Buhl et al PLOS One doi: 10.1371/journal.pone0194609
DRP® is a registered trademark of Allarity Therapeutics, Inc., and is used under license granted to CHOSA.
LiPlaCis is in-licensed from Allarity Therapeutics Ltd (previous Oncology Venture ApS) and LiPlasome Pharma ApS.