Oncoinvent AS, an Oslo, Norway-based developer of new products to provide treatment options to cancer patients, completed a 40m NOK round of financing.
The round, which brought total funding raised to date to 268m NOK, was led by Hadean Ventures with participation from existing investors CGS Holding AS, Helene Sundt AS, Alpine Capital AS, Artal AS, and Sciencons AS. In conjunction with the funding, Dr. Ingrid Teigland Akay, Managing Partner of Hadean Ventures, will join the Oncoinvent Board of Directors.
The company will use the funds to pursue clinical development of its lead product candidate Radspherin® and advance other novel radiopharmaceuticals.
Led by Jan A. Alfheim, Chief Executive Officer, Oncoinvent is committed to developing new innovative products to provide treatment options to cancer patients. Radspherin® is a novel alpha-emitting radioactive microsphere suspension designed for treatment of metastatic cancers in body cavities. The radium-224 based therapeutic has shown anticancer activity at doses being essentially non-toxic in preclinical studies. It is anticipated that the product can potentially be used to treat several forms of metastatic cancer.