Bulletin from the annual shareholders’ meeting on May 30, 2018 in Oncology Venture Sweden AB
Hoersholm, Denmark, May 30, 2018 – Today, on May 30, 2018 an annual shareholders’ meeting was held in Oncology Venture Sweden AB. A summary of the resolutions adopted follows below. All resolutions were adopted with the required majority of votes.
Resolution on adoption of accounts and allocation of the company’s result
The annual shareholders’ meeting resolved to adopt the profit and loss statement and balance sheet and the group profit and loss statement and the group balance sheet. The annual shareholders’ meeting also resolved to allocate the company’s result in accordance with the proposal from the board meaning that no dividends are paid and that available funds are carried forward to a new account.
Discharge from liability of the members of the board and the CEO
The annual shareholders’ meeting resolved to discharge the members of the board and the CEO from liability for the financial year 2017.
Election of members of the board and auditors as well as remuneration for the members of the board and auditors
The annual shareholders’ meeting resolved that remuneration to the board shall be paid with DKK 100,000 to the chairman of the board and with DKK 50,000 to each of the other members of the board who are not employed by the company. The annual shareholders’ meeting also resolved that the board shall be comprised of five board members without deputy board members. Peter Birk, Sanjeevi Carani, Ulla Hald Buhl, Steen Knudsen and Duncan Moore were re-elected as ordinary board members and Duncan Moore was re-elected as chairman of the board.
The annual shareholders’ meeting resolved to re-elect the company’s accounting firm Ernst & Young Aktiebolag as the auditor. The annual shareholders’ meeting also resolved that remuneration to the auditor shall be paid in accordance with approved invoice and customary charging standards. Ernst & Young Aktiebolag has informed that Stefan Andersson Berglund will continue to be appointed as the responsible auditor.
Resolution on adoption of merger plan
The annual shareholders’ meeting resolved in accordance with the proposal from the board to adopt the joint merger plan which was adopted by the board of directors of Oncology Venture Sweden AB and Medical Prognosis Institute A/S on March 9, 2018. The annual shareholders’ meeting also resolved that the chairman of the board shall be authorized to make the minor formal adjustments of the resolution which may be required for registration with the Swedish Companies Registration Office (Sw. Bolagsverket).
Malmö on May 30, 2018
Oncology Venture Sweden AB (publ)
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About the Drug Response Predictor - DRP® Companion Diagnostic
Oncology Venture uses the Medical Prognosis Institute (MPI) multi gene DRP® to select those patients who by the genetic signature of their cancer are found to have a high likelihood of responding to the drug. The goal is developing the drug for the right patients, and by screening patients before treatment the response rate can be significantly increased. The 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. DRP® is based on messenger RNA from the patient’s biopsies.
The DRP® platform, i.e. the DRP® and the PRP™ tools, can be used in all cancer types and is patented for more than 70 anti-cancer drugs in the US. The PRP™ is used by MPI for Personalized Medicine. The DRP® is used by Oncology Venture for drug development.
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 the MPI Drug Response Predictor in order to significantly increase the probability of success in clinical trials. The DRP® platform has proven its ability to provide a statistically significant prediction of the clinical outcome from drug treatment in cancer patients in 29 out of 37 clinical studies that have been examined to date. 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 first screened, and only the patients most likely to respond to the treatment will be treated. Via a more well-defined patient group, risks and costs are reduced while the development process becomes more efficient. This is very much in keeping with current trends in oncology where it is becoming more common for regulators to approve drugs based on their ability to treat tumors identified by their molecular biology as opposed to their histopathology or location in the body.
The current product portfolio consists of: LiPlaCis® in phase 2 for Breast Cancer, Irofulven developed from a fungus which is in phase 2 for Prostate Cancer, and APO010 an immuno-oncology product in phase 1/2 for Multiple Myeloma. Oncology Venture has spun out two companies: 2X Oncology Inc. is a US based company focusing on precision medicine for women's cancers, currently with a pipeline of two promising phase 2 product candidates: a PARPi from Eisai and a liposomal doxorubicin from 2BBB Medicines; and OV-SPV 2, a Danish company (special purpose vehicle) that is in-licensing and will develop dovitinib from Novartis.
This information was submitted for publication, through the agency of the contact person set out above, on May 30, 2018.