Oncology Venture receives 1,000,000 SEK through exercise of warrants of series 2019
Hørsholm, Danmark, March 8th 2017 – Oncology Venture Sweden AB (“Oncology Venture”) announces that Medical Prognosis Institute A/S (”MPI”) has exercised 100,000 of the 302,243 warrants in Oncology Venture that MPI received in return for Oncology Venture’s extended global three year exclusive license to the MPI Drug Response Prediction (DRPTM) technology for drug development and commercialization. Through the exercise of warrants Oncology Venture will receive 1,000,000 SEK.
For the warrants of series 2019 the following terms and conditions applies. By exercising warrants of series 2019, the share capital in Oncology Venture can be increased by a maximum of 42,314.02 SEK by issuing a maximum of 302,243 shares, each with a par value of 0.14 SEK and a share price of 10.00 SEK per share. The total issue amount at full exercise of all 302,243 warrants is a maximum of 3,022,430 SEK.
The above will be adjusted following dilution in the rights issue in Oncology Venture decided by the Board of Directors in Oncology Venture on February 10th 2017 and approved by an extraordinary general meeting in Oncology Venture on the 1st of March 2017, which calls for a recalculation of warrants of series 2019 in accordance with set warrant terms.
MPI holds 202,243 outstanding warrants after the exercise. The warrants can be exercised until December 31st 2019.
“This transaction further underpins the interdependence of the business models of Oncology Venture and MPI in our united goal of achieving the development of better evidence based treatment regimens in clinical oncology”, says Duncan Moore, Chairman of Oncology Venture.
For further information, please contact:
|Ulla Hald Buhl, COO and Chief IR & CommunicationsMobile: +45 2170 1049E-mail: email@example.com||Or||Peter Buhl Jensen, CEOMobile: +45 21 60 89 22E-mail: firstname.lastname@example.org|
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 March 8th, 2017.
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 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 two companies in Special Purpose Vehicles: 2X Oncology Inc. a US based company focusing on Precision medicine for women’s cancers with a pipeline of three promising phase 2 product candidates and Danish OV-SPV 2 will test and potentially develop an oral phase 2 Tyrosine Kinase inhibitor.