OV announces prolongation of option to buy back shares in OV SPV2 that holds dovitinib
On May 31, 2018, Oncology Venture Sweden AB ("Oncology Venture") has agreed with Sass & Larsen ApS in OV-SPV2 ApS to prolong the option to buy back shares in OV-SPV2 that holds the dovitinib from Novartis. The option will be prolonged until August 31, 2018. The major investor wishes to maintain an ownership of 15% in OV-SPV2 ApS.
Sass & Larsen and Oncology Venture has agreed to prolong Oncology Venture’s option to buy back shares in OV-SPV2 ApS.
Previously the Oncology Ventures option was to acquire 50% of the shares for 5 million USD before June 1st 2018.
The option has been modified - now Oncology Venture can acquire 35% of the shares in OV-SPV2 for 3,5 million USD before August 31 2018.
Oncology Venture currently owns 40% of OV-SPV2. If Oncology Venture exercises the option Oncology Venture will own 75% of OV-SPV2.
Comparable TKI products approved for the market has annual global sales of 700 – 1.100 million USD and Oncology Venture’s TKI product at hand has demonstrated same efficacy and safety in a direct comparison with one of these already market approved product in a clinical trial. If OV can demonstrate that the DRP® can find responders it will contact the FDA and ask for an “end of phase 2 meeting”.
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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 31 May 2018.
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, 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.