#Norway #Oslo #Oncoinvent ASA #Radspherin #Private Placement

Oncoinvent ASA's Successful Private Placement

Oncoinvent ASA, a clinical-stage radiopharmaceutical company, has successfully completed an oversubscribed private placement, raising NOK 130 million through the issuance of 65 million new shares priced at NOK 2 per share. This announcement, made on December 5, 2024, marks a pivotal moment for the company as it aims to bolster the development of its promising cancer treatment, Radspherin.

The completion of the bookbuilding process signifies strong interest from both existing shareholders and new investors, showcasing confidence in Oncoinvent’s strategic vision and future potential. CEO Øystein Soug expressed gratitude for the overwhelming support from shareholders and emphasized that this funding will be crucial for accelerating Radspherin's development, particularly for patients suffering from peritoneal carcinomatosis.

Significant Demand and Upsized Offering

The private placement was initially set to raise NOK 100 million, but due to high demand, it was upsized to NOK 130 million. This increase reflects the extensive interest from both current and prospective investors, showcasing their trust in Oncoinvent's innovative approach towards cancer treatment.

The transaction was managed by Carnegie AS and DNB Markets, both acting as joint bookrunners. Following the conclusion of the bookbuilding period, the conditional allocation of the new shares has been directed by Oncoinvent’s board in conjunction with the Managers. Notable investors include Sciencons AS, Hadean Capital I AS, and Canica AS, amongst others.

Advancing Radspherin Development

The proceeds from this funding round will be instrumental in reaching critical clinical milestones for Oncoinvent’s lead product candidate, Radspherin. The company aims to advance its Phase 1/2a clinical trials set for the second half of 2025, focusing on peritoneal metastases originating from ovarian cancer, providing hope to patients with limited treatment options.

As part of its growth strategy, Oncoinvent will also seek admission to trading on Euronext Growth Oslo, with trading expected to commence in mid-December 2024. The completion of the private placement is contingent upon various approvals, including the issuance of the new shares and registration with the Norwegian Register of Business Enterprises.

Future Offerings and Shareholder Considerations

Looking ahead, the board of directors is evaluating the potential for a subsequent offering to existing shareholders, specifically targeting those who held 16,000 shares or fewer as of November 27, 2024. This offering will be designed to expand accessibility for shareholders while ensuring compliance with applicable securities laws.

The strong uptake of this private placement underlines the growing interest in biopharmaceutical innovations, especially those targeting cancer treatments. Oncoinvent’s Radspherin stands to transform the treatment landscape for patients facing some of the most challenging cancers today.

As Oncoinvent progresses with its development plans and continues to build on this momentum, there's cautious optimism within the investment community regarding the company's trajectory and its potential to deliver groundbreaking treatments with significant benefits for patients in need.

For further information regarding Oncoinvent and its initiatives, interested parties are encouraged to contact CEO Øystein Soug or CFO Tore Kvam via their official communication channels.