Oncoinvent ASA (OSE: ONCIN) a clinical stage 2 radiopharmaceutical company
developing novel radiopharmaceutical therapies against cancer, announces its
fourth quarter 2024 results today.
Webcast scheduled for February 27th, 2025 at 10:00 CET. Link to webcast
Highlights
o Reported preliminary promising signal of efficacy and benign safety profile
from phase 1/2a trials
o Dosed first patient in a randomized, controlled phase 2 trial in ovarian
cancer
o Initiated US trial site including successful treatment of first patient and
trans-Atlantic shipment of Radspherin®(January)
o Completed safety lead-in recruitment in ovarian phase 2 trial (February)
o Executed significant cost savings
o Entered into collaboration agreement with ARTBIO
o Raised NOK 141m in an oversubscribed private placement (including subsequent
offering)
o Listed for trading at Euronext Growth Oslo
Financial update
During the 4th quarter Oncoinvent reported operating revenues of NOK 8,036
million (2023: NOK 5,309 million). The increase in revenues is due to a rental
agreement including services for the GMP laboratory facility, which shows the
ability of the experienced and skilled staff. As the company has received
multiple requests to provide radiopharmaceutical services of various kinds, it
is expected to provide an important source of income for the company going
forward. During the quarter the company has also selected important priorities,
enabling a reduction in staff, reducing payroll expenses to NOK 15,966 million
(2023: NOK 23,009 mill.) without jeopardizing the core business and future of
the company. The full financial effect of the tuning of the organization will be
felt from 2025. As a result Oncoinvent reported a EBITDA of minus NOK 22,592
million (2023: minus NOK 39,525 million) for the quarter. At Year-End, the
company reported a negative EBITDA of minus NOK 128,205 million. (2023: NOK
136,168 million).
About Oncoinvent
Oncoinvent is a clinical-stage biotechnology company developing novel
radiopharmaceutical therapies against cancer. The lead product candidate,
Radspherin, uses the alpha-emitting radionuclide radium-224, directly targeting
micro-metastases post-surgery, harnessing the benefits of modern
radiopharmaceuticals without the complexities of biological targeting.
Oncoinvent is investigating the safety and efficacy of Radspherin in a clinical
development program in two indications. Currently two phase 1/2a trials and one
randomized phase 2 trial are ongoing in the US, UK and Europe. More than 150
patients with peritoneal carcinomatosis, secondary to ovarian and colorectal
cancer, will be enrolled in the current program. Preliminary clinical efficacy
data are highly encouraging, and no serious toxicity or safety concerns have
been reported to date. The Oncoinvent team consists of approx. 30 employees and
runs a state-of-the-art manufacturing facility to produce drug products for
clinical trials in Nydalen, Oslo. Oncoinvent is listed on the Euronext Growth
Oslo.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press
release are forward-looking statements and are not a representation that
Oncoinvent's plans, estimates, or expectations will be achieved. These
forward-looking statements represent Oncoinvent's expectations as of the date of
this press release, and Oncoinvent disclaims any obligation to update the
forward-looking statements. These forward-looking statements are subject to
known and unknown risks and uncertainties that may cause actual results to
differ materially, including with respect to whether the results of clinical or
other studies will support the use of our product offerings, the impact of
results of such studies, our expectations of the reliability, accuracy and
performance of our tests, or of the benefits of our tests and product offerings
to patients, providers and payers.
For further information, please contact:
Øystein Soug, Chief Executive Officer
Email: soug@oncoinvent.com
Tore Kvam, Chief Financial Officer
Email: kvam@oncoinvent.com