Oncorena Achieves Full Subscription of New Share Issuance
In a significant development, Oncorena, a Swedish pharmaceutical company based in Lund, announced that its latest share issuance has been fully subscribed, raising a total of 133 million SEK, which equates to approximately 13.9 million USD. This substantial capital will play a critical role in advancing the company’s clinical studies, primarily focusing on the drug ONC175, which is under investigation as a potential treatment for metastatic renal cell carcinoma (mRCC).
Funding the Future of Cancer Treatment
The funds generated from this share issuance are earmarked for the second phase of the Oncorella-1 clinical study (NCT05287945, ONC001-CL-001). This ongoing study aims to determine the safety and efficacy of ONC175, specifically targeting patients with advanced forms of kidney cancer. Having successfully completed Part A of the study, Oncorena is set to begin Part B, which plans to enroll approximately 20 patients undergoing hemodialysis to establish the appropriate dosing regimen for future pivotal trials.
These clinical advances, now supported by a robust financial backing, will allow Oncorena to conduct the study across several hospitals located in both the United States and Europe, including the Karolinska University Hospital in Stockholm, Sweden, where the trials are currently underway.
Insights from Leadership
Börje Haraldsson, the CEO and co-founder of Oncorena, expressed his gratitude toward the substantial support received from majority stakeholders like HealthCap, Linc, and FSG, along with several smaller investors. He emphasized the importance of this funding in developing a groundbreaking therapy for patients who are in dire need, stating, "Thanks to the strong support of investors, key opinion leaders, and patients, it is possible to develop this first-in-class, disruptive therapy for patients in high medical need. Within the next year, we should know if ONC175 lives up to our expectations."
Details on ONC175
The investigational drug, ONC175, features orellanine as its active ingredient. This compound demonstrates high specificity for kidney tissue and has been documented to induce irreversible renal failure, making it crucial for patients with no remaining kidney function. The promising preclinical studies suggest that ONC175 could effectively eliminate metastatic renal cancer cells without affecting other organs, positioning it as a potentially curative treatment option for patients suffering from mRCC.
The Unmet Need in Kidney Cancer
Globally, kidney cancer impacts approximately 400,000 individuals, according to the World Health Organization. The disease can often be successfully treated if caught early; however, the prognosis worsens significantly once metastasis occurs. Despite advancements in targeted and immune-based therapies, there remains an urgent and unmet medical need for new, effective, and safe treatment options for advanced kidney cancer patients. ONC175 aims to address this pressing gap in treatment.
Oncorena's Commitment to Innovation
Founded based on research from Professor Börje Haraldsson at the University of Gothenburg, Oncorena's innovative approach has garnered support from Sweden's Innovation Agency, private investors, and venture capital firms. The company is on track to change the landscape of renal cancer treatment, and with the recent financial boost, it stands poised to make significant strides in clinical research.
For more information on this exciting development and to follow Oncorena’s journey, visit their official website at
www.oncorena.com.