On September 10, 2021 Oncoinvent reported that Quarterly report Q2 2021 (Press release, Oncoinvent, SEP 10, 2021, https://www.oncoinvent.com/wp-content/uploads/Oncoinvent-Quarterly-report-Q2-2021.pdf [SID1234587581])
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Highlights
• Secured NOK 250 mill. in an oversubscribed private placement
• The Safety and Monitoring Committee approved 7 MBq as recommended clinical dose for Radspherin in the ongoing RAD-18-002 phase 1 trial in patients suffering from colorectal cancer.
• The repeated dose cohort in the RAD-18-002 phase 1 trial has been completed. Operational review During the second quarter of 2021 Oncoinvent secured NOK 250 million in an oversubscribed private placement that was syndicated by existing investors Hadean Ventures, Geveran, RADFORSK Investeringsstiftelse, Sundt, Must Invest, Canica, MP Pensjon and Watrium.
The net proceeds from the Private Placement ensures financing past the end of 2023 for the lead product candidate Radspherin, including financing of two clinical phase 2A studies (in ovarian cancer and colorectal cancer). The funding will also allow the company to initiate preclinical development of proprietary antibodies OI-1 and OI-3 to further develop the pipeline of targeted radiotherapeutics one year earlier than originally planned. As previously announced in April 2021, Oncoinvent completed the recruitment of patients in the final dose level of the ongoing RAD-18-002 Phase 1 trial, in colorectal cancer patients suffering from peritoneal carcinomatosis.
The Safety and Monitoring Committee (SMC) concluded that the 7 MBq dose of Radspherin to be safe and it was recommended as the clinically relevant dose. During the second quarter the company has recruited patients to both the repeated dose cohort and expansion cohort. The repeated dose cohort has been completed and four of the six patients in the expansion cohort have been enrolled.
The company plans to complete enrollment of the entire RAD-18-002 colorectal cancer phase 1 study before the end of the third quarter.
During the second quarter of 2021 the company also enrolled patients for third dose level (4MBq) for the RAD-18-001 Phase 1 trial in platinum sensitive recurrent ovarian cancer patients suffering from peritoneal carcinomatosis. During this quarter the recruitment for the study has been slower than anticipated, and the company is currently taking steps to improve the enrollment going forward.
Financial review Oncoinvent had an EBITDA of minus NOK 17.4 mill. in the 2nd quarter of 2021, compared to minus NOK 12.8 in 2nd quarter of 2020. The operating expenses increased during the quarter and were NOK 18.3 mill. compared to NOK 15.7 mill. in 2020.
Furthermore, the company reported EBITDA of minus NOK 35.0 mill. for YTD compared to minus NOK 25.8 mill. in 2020 after reporting NOK 36.2 mill. in operating expenses compared to NOK 28.8 mill. in 2020. The increase reflects the progress in the ongoing clinical trials and are according to plan.
The company had NOK 79.5 million in cash and cash equivalents at the end of the quarter. With the closing of the private placement at the end of the quarter the company also have gross proceeds of NOK 250 mill. that falls due in July. After the private placement the number of common shares in the company are 19 147 215.