On June 22, 2020 Saniona (OMX: SANION), a clinical-stage biotech company focused on rare diseases, reported that it has raised SEK 22 million (USD 2.3 million) through the sale of shares in Scandion Oncology A/S (Spotlight Stock Market: SCOL) (Press release, Saniona, JUN 22, 2020, View Source(OMX%3A%20SANION)%2C,Spotlight%20Stock%20Market%3A%20SCOL).&text=The%20sale%20of%20shares%20brings,in%20Scandion%20Oncology%20below%2015%25. [SID1234561406]).
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Saniona sold 754,577 shares of Scandion Oncology. The sale of shares brings Saniona’s ownership stake in Scandion Oncology below 15%. Proceeds will be used to continue Saniona’s advancement of mid/late-stage clinical trials with Tesomet in two rare eating disorders: hypothalamic obesity (HO) and Prader Willi Syndrome (PWS), as well as to build its U.S.-based leadership team in support of these programs.
"Saniona continues to tighten our focus on building a global, commercial-stage rare disease company, which will require significant capital investment over the next few years" said Rami Levin, CEO of Saniona. "The 2017 spin-out of our oncology assets into Scandion Oncology has resulted in a win-win situation, creating a highly successful cancer start-up in Scandion Oncology, while allowing Saniona to remain strategically focused on rare diseases, and providing funding for our rare disease programs."
Saniona is preparing to initiate two pivotal clinical trials over the next 12 months, one in hypothalamic obesity and the other in Prader Willi Syndrome. This follows the recent release of the positive top line data from its phase 2 trial in Hypothalamic obesity and the positive FDA interactions on Tesomet in Prader Willi Syndrome.