Cancer Innovation Pitched to Investors

A full house presented itself when Inven2 pitched 8 of their most promising cancer research projects at Oslo Cancer Cluster Incubator June 12th.

In total approximately 60 people gathered inside Oslo Cancer Cluster Innovation Park, and among the participants several experienced investors from other cancer projects.

— I’m positively surprised that so many potential and experienced investors found their way here today, commented Ole Kristian Hjelstuen, CEO at Inven2.

The event was the second in line of Inven2’s new pitching strategy, were they open up their projects at an early stage for potential investors and entrepreneurs with the will to transform the research into working companies.

— This shows that pitching is a good way to spread the word on the potential of our portfolio. The event today strengthens my belief that financing for our projects will be easier in the future, said Hjelstuen.

Eight Potential Treatments and Companies
Norway is among the very best when it comes to cancer research. Norwegian research has created top notch companies like Algeta, Nordic Nanovector, Ultimovacs and Zelluna Immunotherapy. Tuesdays  pitch proves that many more are on the horizon.

The eight-project presented at OCC Incubator are all exciting innovations that need financial backing and entrepreneurship to commercialize. The common denominator is a focus on modern treatments like immunology or precision medicine that are emerging as a result of what has been labelled “a breakthrough in cancer treatment” in later years.

Presentations of all eight projects available here.

The projects presented:

  • Tankyrase inhibition in cancer therapy
  • A new drug against Acute Myeloid Leukaemia (AML)
  • Autologous anti-CD20 TCR-engineered T-cell therapy for recurrent Non-Hodgkin’s Lymphoma
  • Lymphocyte Booster – Lymphocyte boosting growth medium for Adoptive Cell Therapy
  • CD37 CAR for cancer immunotherapy
  • IL-15 Immunotherapy – Fusion protein for immunotherapy of solid tumors
  • Backscatter: A communication technology enabling colon-cancer screening

AI Speeds Up Pharmaceutical Testing

Oslo Cancer Cluster member Immunitrack has landed investments worth millions. The money will be used to develop a computer program that can predict how the immune system will react to different substances.

Already Immunitrack, co-founded by Stephan Thorgrimsen and Sune Justesen, is offering contracted research to the pharmaceutical industry predicting how the immune system react to different pharmaceuticals, by producing reagents that can be used to examine the immune systems reaction.

New AI in The Making
When scientists discover promising substances they think can be developed into medicine for future treatments, only a small percentage will prove to have an effect after testing. The testing process is important, but at the same time expensive, time and resource consuming. What if a lot of this testing could be done virtually by a computer program? This is what Immunitrack want to offer with their new AI- technology.

The new investment will take this further and enable the company to boost its production and analytical capabilities. The investment will enable increased efforts in the development of a new best in class Prediction Software using artificial intelligence (AI). The software is seen as a vital cornerstone for applying the technology from Immunitrack in large scale projects within cancer treatment and precision medicine.

The applications of the new AI platform are multiple: The technology increases vaccine potency, speeds up the development of personalized cancer vaccines and remove negative immunological effects. Additionally, it enhances precision medicine efforts by improving patient profiling and treatment selection.

And everything is really moving fast for Immunitrack.

— Until September last year it was only the two of us that stood for everything. Production, marketing, you name it. Then things started happening for real and now we have employed 4 new colleagues, says Stephan Thorgrimsen.

The Investor
The new investment is from Blenheim Capital Limited. They are a diversified investment company focusing on geographically, commercially and technologically frontier companies and projects.

The investment in Immunitrack ApS with its emphasis on transforming market proven immunology-based skill set into a commercially viable AI solution matches Blenheim’s investment profile.

About Immunitrack
Immunitrack aims at becoming a world leader within prediction and assessment of biotherapeutic impact on patient immune response. The company has until now provided services and reagents to more than 70 biotech companies worldwide, including 6 of the top 10 Pharma companies.

Immunitrack was founded in 2013 by Sune Justesen and Stephan Thorgrimsen. Sune Justesen brings in experience from more than a decade of working in one of the world leading research groups at the University of Copenhagen. The company started commercialization of its products in 2016, and has grown its staff from 2 to 6 within the last 8 months.

Inven2-Pitch: Morgendagens kreftselskaper

Er du investor eller gründerspire? Vi trenger deg!

Norge har en sterk tradisjon innen kreftforskning i verdensklasse. Basert på denne fremragende forskningen har selskaper som Algeta, Nordic Nanovector, Ultimovacs og Zelluna Immunotherapy blitt spunnet ut. Og det kommer mer.

Inven2 inviterer investorer, gründerspirer og andre interesserte til en presentasjon av de mest lovende nye prosjektene innen kreft i Oslo Cancer Cluster Innovasjonspark den 12. juni kl. 14.

Dette er alle spennende innovasjonsprosjekter som når de går over i kommersiell fase om kort tid vil trenge finansiering og gründere. Er du gründer, investor eller helseinteressert, er dette en unik sjanse.

Bli med å skape morgendagens helsenæring!

12. juni kl. 14-16 | Oslo Cancer Cluster Incubator (OCCI)

Meld deg på her!

Prosjektene som skal pitches:
  1. Tankyrase inhibition in cancer therapy
  2. A new drug against Acute Myeloid Leukaemia (AML)
  3. Autologous anti-CD20 TCR-engineered T-cell therapy for recurrent Non-Hodgkin’s Lymphoma
  4. Lymphocyte Booster – Lymphocyte boosting growth medium for Adoptive Cell Therapy
  5. CD37 CAR for cancer immunotherapy
  6. IL-15 Immunotherapy – Fusion protein for immunotherapy of solid tumors
  7. Backscatter: A communication technology enabling colon-cancer screening.

Need Money For Your Life Science Start-up?

Inven2 are distributing start-up funds in Life Science! Very good news for Biotechs and cancer research companies in their early stages of development.

 

Attention all Oslo Cancer Cluster and Incubator members.  Inven2 received in late December 5 million NOK from Innovation Norway. They are now, subsequently, handing them out to Life science start-ups. Inven2 call them “presåkornkapital” meaning that the money is to serve as capital that stimulates the first stage of establishing a life science company. However, some criteria’s must be met to be eligible to apply. The application deadline is the 20th of February 2018.

Follow these criteria:

  • Investment can constitute 3 million NOK per company
  • Private investors must contribute with capital that at a minimum is equivalent with the Inven2-money “pre-såkornmidlene”.
  • At least 50 percent of private capital must be from independent investors, investors that are not a founder or an employee of the company.
  • The investment with “pre-såkorn” capital must be on equal terms with the private investments.
  • Companies receiving the investment must at the time of investment be Norwegian and younger than five years counted from the registry date at The Brønnøysund Register Center
  • Companies invested in must not be stock marked listed or large companies as defined in the EØS agreement state subsidy rules.
  • Companies invested in must be innovative as defined by the EØS Agreement state subsidy rules.
  • Investments can amount to 3 million NOK.

Be sure that your application contains the following:

  • A short introduction of your company
  • Business plan
  • How the money will be used
  • Explain how the matching money will be gathered
  • A plan for the execution of the new equity

Application deadline: 20th of February.

Send the application to: olav.steinnes@inven2.com

Join NOME – Nordic mentoring programme for life sciences companies

NOME is the first Nordic mentor network connecting prospective life science entrepreneurs with handpicked international mentors.

The goal is simple: to help the very best biotech and medtech startups in the Nordics to become the next growth successes. Oslo Cancer Cluster Incubator coordinates the NOME-programme in Norway and collaborates with Oslo Medtech and the incubator Aleap to find the best match of mentors and entrepreneurs.

 

Watch the NOME information video here

Contact Bjørn Klem, General Manager of Oslo Cancer Cluster Incubator, if you would like to join NOME or if you want more information about the programme in Norway.

Take a look at the NOME website and the information flyer for more information about the programme. 

 

Podcast on cancer research and development

Oslo Cancer Cluster member Radium Hospital Research Foundation, Radforsk, has launched their own podcast. The podcast is named Radium, and is about cancer research and development of new cancer treatments, as well as updates on Radforsk´s portfolio companies.

Radium has so far made nine episodes, and the ambition of Jónas Einarsson, CEO Radforsk and Elisabeth Kirkeng Andersen, communication manager in Radforsk, is to make one new episode a week. The podcasts are in Norwegian, if they do not interview people from abroad, as they did in the Cancer Crosslinks special.

Einarsson and Andersen is usually joined by guests in the studio, and so far they have had guests from Oslo Cancer Cluster members; PCI Biotech, Ultimovacs, Targovax, Vaccibody, Oncoinvent, as well as Roy Larsen and Øyvind Bruland, talking about Algeta, Nordic Nanovector and Oncoinvent.

Upcoming epiosodes will include guests such as Professor Håvard Danielsen from Institute for Cancer Genetics and Informatics, Anne Lise Ryel, General Secretary in the Norwegian Cancer Society and CEO, Kjetil Hestdal in Photocure.

Here you may find all podcast episodes launched so far.

Oncoinvent closes $ 25 Million Private Placement

Our portfolio company Oncoinvent announced today the closing of a 210 MNOK (approx. 25 MUSD) private placement of ordinary shares. Financing will support development of Radspherin™, a novel radiotherapeutic treatment for peritoneal carcinomatosis.

Large privately owned investment companies joining the Company as new investors include Geveran Trading Co. Ltd., Canica AS, CGS Holding AS, Helene Sundt AS and Must Invest AS. Oncoinvent AS is developing therapeutics to combat various cancers based on delivery of tumour-cell killing doses of radiation and/or immunotargeting of tumor cells.

“We are pleased at the response that we have received from the investment community regarding our private placement. The round was heavily oversubscribed. With this financing round we now have, in addition to the new funding, a shareholder base in the company that will enable Oncoinvent to bring Radspherin™ to a clinical proof of concept.” said Jan A. Alfheim, Oncoinvent’s CEO.

About Radspherin™
Radspherin™ is a novel alpha-emitting radioactive microsphere designed for treatment of metastatic cancers in body cavities. The radium based therapeutic, Radspherin™ has shown strong and consistent anticancer activity without any visible signs of product related toxicity in preclinical studies. It is anticipated that the product can potentially treat several forms of metastatic cancer.

The first clinical indication for Radspherin™ will be treatment of peritoneal carcinomatosis originating from ovarian cancer. Peritoneal carcinomatosis is one of the most serious complications of gastrointestinal and gynecological malignancies.

About Oncoinvent
Oncoinvent AS is a privately held Norwegian company based in Oslo, Norway. The company is committed to developing new innovative products in order to provide better treatment options to cancer patients.

The company’s founders started Oncoinvent in 2010 with a view to designing better cancer treatments by applying known physical and chemical principles of selected novel materials in new ways in order to maximize their medical benefit while minimizing potential safety concerns. This approach has allowed the company to develop a rich development pipeline and to explore multiple technological avenues before selecting a lead product candidate for preclinical testing.

www.oncoinvent.com

 

The PCI Biotech and Ultimovacs collaboration awarded NOK 500,000 from Innovation Norway

The PCI Biotech and Ultimovacs collaboration awarded NOK 500,000 from Innovation Norway

Oslo (Norway), 6 January 2017 – PCI Biotech (OSE: PCIB), a cancer focused biopharmaceutical company, and Ultimovacs, a pharmaceutical company developing novel immunotherapy against cancer, today announced that they are awarded NOK 500,000 for further development of the existing preclinical research collaboration. The purpose of the collaboration is to utilise the companies’ complementary scientific platforms to explore potential synergies and the grant will support these activities. The Innovation Norway grant of NOK 500,000 is awarded for 2017 and the grant is made available through Oslo Cancer Cluster a Norwegian Centre of Expertise.

Please see attached press release for further details.

Contact information:
PCI Biotech Holding ASA, Ullernchausséen 64, N-0379 Oslo, Norway. www.pcibiotech.com
Per Walday, CEO, pw@pcibiotech.no, Mobile: +47 917 93 429.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

 

Targeted drug delivery platform company Phoenix Solutions AS completes its Series A financing

The Board of Directors of Phoenix Solutions is pleased to announce that the company has completed a series A financing led by a small group of healthcare angel investors. CEO Per Sontum, -We are very pleased to announce this first round of financing. This funding will give us the ability to reach a key developmental milestone for our preclinical work in pancreatic cancer.

Phoenix Solutions is a Norwegian bio-tech company sprung out from GE Healthcare in 2013, currently developing a technology platform for targeted drug delivery – Acoustic Cluster Therapy (ACT®). ACT® is a unique approach to ultrasound mediated, targeted drug delivery – capable of enhancing significantly the clinical utility of a wide range of therapeutic molecules and nano-drugs for a wide range of clinical indications. Its primary mode of action is in defeating the vascular barrier, enhancing extravasation, distribution and uptake of drug in the targeted tissue, thereby increasing efficacy and/or reducing toxicity. ACT® is generally indicated towards diseases where current clinical practice treats known, localized pathologies (e.g. solid tumours) with medicinal therapy, and where Standard of Care is being limited from an inability to deliver sufficiently high concentrations of drug to the tumour without excessive systemic toxicity. Phoenix is currently targeting the oncology segment, looking in particular at pancreatic, liver, triple negative breast and prostate cancers, and have had extremely promising preclinical results so far.

 

For further information, please contact: Per Christian Sontum, CEO of Phoenix Solutions AS

E-mail: Per.Sontum@phoenixsolutions.no

Mobile: +47 47261042

Vaccibody raised MNOK 220

Oslo Cancer Cluster member Vaccibody succesfully raised NOK 220 million (€ 24 million). The Private Placement was significantly oversubscribed by both existing shareholders and new investors.

The net proceeds from the Private Placement will be used to conduct Vaccibody’s early stage clinical development plan for personalized cancer neoantigen vaccines (two phase I/Ib trials) and for general corporate purposes.

Martin Bonde, CEO of Vaccibody, said: “We are grateful for the confidence in, and commitment to, the Company from our new investors as well as our existing investors. With the investment we will be able to pursue our ambition of making an entirely novel therapy available. In collaboration with expert clinicians we will work to initiate clinical trials with our to cancer neoantigen vaccines to show benefit in patients suffering from advanced and severe cancer”.

 

www.vaccibody.com