Having studied the effects of radioisotopes on ovarian cancer, I believe that alpha-emitting radiopharmaceuticals represent a promising new approach for treating patients suffering from advanced ovarian cancer, who have been debulked to no residual tumor. All opportunities to improve the lives of ovarian cancer patients should be explored. Radspherin® has demonstrated compelling preclinical activity in multiple cancer models, and I am looking forward to further investigate it in this phase 1 study.

We are pleased that both phase 1 trials are now underway. This is a major milestone for the company. These studies are the first step in the clinical development of Radspherin®, and we expect them to provide important information about safety and distribution of the product candidate in the peritoneal cavity of patients suffering from peritoneal carcinomatosis. With the high unmet need in this underserved patient population and based on our encouraging preclinical data, we hope that Radspherin® may provide ovarian cancer and colorectal cancer patients with better outcomes. We are excited to have started the Phase 1 clinical program and we look forward to working closely with the hospitals and clinical researchers to advance the clinical development of Radspherin® as quickly as possible.

Radspherin® represents a promising new approach for treating patients with metastates to the peritoneal cavity from colorectal cancer that may potentially provide a better outcome with longer progression free survival for patients that undergo cytoreductive surgery together with hypertherm intraperitoneal chemotherapy. We are always looking for opportunities to improve patient outcomes and give patients a better quality of life. Radspherin® has demonstrated preclinical activity in a range of cancer models, and we are excited to further investigate it in this Phase 1 study.

Radspherin® is a potentially transformative approach for a range of difficult-to-treat metastatic cancers. The mode of action of Radspherin® is to deliver a lethal dose of short range alpha radiation to remaining tumour cells in the peritoneum after surgery. Radium-224 emits alpha particles with high linear energy transfer (LET). There are no known cellular resistance mechanisms to this type of ionizing radiation, which may therefore be effective against dormant and chemo-resistant cancer cells remaining after surgical resection of macroscopic visible tumours and thereby increase the prospect of a complete response. We believe it could provide a profound benefit for patients that are in dire need of new therapies

“We are very excited to join forces with Oncoinvent,” said Ingrid Teigland Akay, Managing Partner with Hadean Ventures. “Oncoinvent holds world class expertise within radiopharmaceuticals and is now moving into clinical development with their lead compound to tackle conditions for which patients today have no good treatment options, including peritoneal carcinomatosis. We are looking forward to supporting Oncoinvent on this journey”

“We are pleased to add Hadean Ventures to our list of shareholders,” said Oncoinvent Chief Executive Officer Jan A. Alfheim. “Having the financial support and industry expertise of Hadean Ventures will help us execute our vision even more rapidly and broadly. Furthermore, we are excited about the experience, perspective and relationships that a Nordics focused life science investor such as Dr. Teigland Akay can provide to our board of directors.”

Oncoinvent Board Chair, Dr. Roy H. Larsen commented, “It is satisfying to note that after careful scrutiny of Oncoinvent via a thorough due diligence process, a professional life science fund manager such as Hadean Ventures has decided to make a significant investment in the company. I would like to welcome Dr. Teigland Akay to the Oncoinvent Board of Directors, and I look forward to working with her. “

“We are pleased at the response that we have received from the investment community regarding our private placement. The round was heavily oversubscribed. With this financing round we now have, in addition to the new funding, a shareholder base in the company that will enable Oncoinvent to bring Radspherin™ to a clinical proof of concept.”