2X Oncology Inc. expands U.S. Executive Team, names George O. Elston as CEO

Hoersholm, Denmark, April 6th, 2017 – Oncology Venture Sweden AB (OV.ST) today announced that its Board of Directors has appointed veteran life science executive George O. Elston as its CEO (Chief Executive Officer) of 2X Oncology Inc. (2X) a privately-owned spinout of Oncology Venture that develops precision medicine for Women’s Cancers. Currently 92% of 2X Oncology is owned by Oncology Venture. Dr. Marie Foegh who has carried the role as CEO and CMO (Chief Medical Officer) since January 2017 will continue as CMO. Mr. Elston is also appointed to the Company’s Board of Directors. Elston will commence his roles immediately.

Mr. Elston brings more than 25 years of leadership as a life sciences executive and board member to 2X Oncology. Elston has, a proven track record of building, leading and growing businesses and advancing products through clinical development and partnering. He was most recently the CFO (Chief Financial Officer) of Juniper Pharmaceuticals, Inc. (Nasdaq: JNP), where he played a key role in negotiating and executing transformative technology and financing transactions for the women’s health therapeutics developer. Mr. Elston is also a member of the board of directors of Celldex Therapeutics, Inc. (Nasdaq: CLDX) and the Deutsche Bank DBX Trust. In a seed round 3.5 million USD was secured. With the expansion of Mr. Elston to the executive team, 2X Oncology is in a strong position to raise a Series A financing for the advancement of its’s pipeline of phase 2 oncology products, each with a unique Drug Response Prediction – DRP™ companion diagnostic.

"George brings broad executive experience in building and managing biopharma companies, including identifying and executing on critical financing and partnering transactions, and I believe that Mr. Elston’s and Dr. Foegh’s combined qualities positions 2X Oncology Inc. as a strong player within the precision medicines field of drug development for Women’s cancers” said Peter Buhl Jensen, M.D., DMSc, Chairman of the 2X Board and CEO of Oncology Venture. "George’s recent and relevant experience in both women’s health and oncology is a perfect tie-in to the 2X business vision and strategy. "

"2X Oncology is poised to advance important therapeutics to treat challenging women’s cancers with a novel proprietary DRP™ companion diagnostic that facilitates identifying likely responders,” said Mr. Elston, "The Company is uniquely positioned to quickly move programs into clinical development using established infrastructure and patient networks in Denmark. I am pleased to join 2X at this important time in its development." 

About 2X Oncology Inc. (2X)

2X Oncology Inc., is a US based oncology therapeutics spin-out from Oncology Venture. 2X is a Phase 2 biopharmaceutical company focused on developing therapeutics using a precision companion diagnostic for unmet needs in difficult-to-treat women’s cancers. The 2X pipeline includes drug candidates focused on breast, ovarian, and endometrial cancers and primary and secondary brain tumors.  With demonstrated validated clinical responses and established safety, these programs are positioned for focused Phase 2 studies with our precision companion diagnostic, which was developed using our proprietary biomarker Drug Response Predictor (DRP™) technology to significantly increase response rates. The DRP™ technology is highly validated and unique in being able to identify for each compound which patients are likely to respond. The spin-out will work in close collaboration with Oncology Venture, utilizing Oncology Ventures Nordic network. Currently 92% of 2X Oncology is owned by Oncology Venture.

About the DRP™ Companion Diagnostic

Developed by and in-licensed from Medical Prognosis Institute, the DRP™ screening platform utilizes messenger RNA (mRNA)-microRNA gene expression signatures from patient biopsies to identify patients with a high likelihood of responding to specific cancer-fighting therapies. 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. Specific DRP™’s are developed for each pipeline product, which will enable us to identify and predict which patients are most likely to respond and thereby benefit from a given pipeline product.  This would enable likely responders to receive appropriate treatment while expediting the decision path for predicted non-responders, saving them critical time and money in their cancer fight.
DRP is a trademark of 2X Oncology.

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 incorporated in Delaware 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 on Oncology Venture,

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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 April 6th 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.