Oncorena raises SEK 14.5 million to prepare for clinical study in advanced kidney cancer
November 22, 2018
Oncorena Holding AB today announces that the company through a share issue has raised capital to build its organization and resources in preparation for clinical development with a patient study of a new treatment modality for advanced kidney (renal) cancer. The capital was raised from Oncorena’s largest shareholders P.U.L.S. AB and HealthCap, as well as other current shareholders. In addition, several new investors have made significant investments.
The new capital will be used to build the company’s organization and resources, as well as all activities needed in preparation for the planned clinical study. In the phase I-IIa study to be conducted in patients with advanced kidney cancer on dialysis will be treated with Oncorena’s potential new drug orellanine. Orellanine is a substance that is taken up specifically by kidney cancer cells and kidney cells, pre-clinical experimental studies have shown very promising results.
“The new capital provides an important infusion to enable necessary steps in the development of orellanine into a novel treatment for patients with advanced renal cancer. The medical need is high for these patients since there is no effective treatment with good tolerability available today,” says Lars Grundemar, CEO of Oncorena.
“It will be a strategically important step for Oncorena when the clinical patient study with this innovative compound can be started. I am therefore pleased to notice the great confidence in Oncorena amongst the existing shareholders as well as from new investors,” says Bengt-Åke Bengtsson, chairman of Oncorena’s board.
For further information, please contact
Lars Grundemar, CEO, Oncorena Holding AB, firstname.lastname@example.org,
phone +46 (0)76 209 5518
Bengt-Åke Bengtsson, Chairman of the Board, Oncorena Holding AB, email@example.com, phone +46 (0)70 746 0000
About kidney cancer
Approximately 1 in 10,000 is afflicted with kidney cancer annually. 80% of the patients are between 40 and 69 years of age when they are diagnosed (median age 63 years). The disease can often be cured with surgery if detected in time, but unfortunately the diagnosis is often made when the tumor has already spread to other organs. The prognosis is then considerably less favorable and certain groups have a median survival of only approx. 1.5 years. Today the disease is treated with various types of drugs, often with severe side effects, and standard chemotherapy drugs have only limited effect. There is therefore a high need for new, effective and safe drugs.
Oncorena develops a completely new and potentially revolutionizing treatment for patients with metastatic kidney cancer. The treatment is based on research from the University of Gothenburg in Sweden led by Professors Börje Haraldsson and Jenny Nyström. The project was initially developed with support from Vinnova (Sweden’s Innovation Agency) and GU Ventures in Sweden. Oncorena is a part of the P.U.L.S. AB’s portfolio since 2013 and also part of HealthCap´s portfolio since 2016. Learn more at www.oncorena.com.
The substance, orellanine, originally emanates from a mushroom and has been inadvertently ingested by a number of people. The clinical effects are well documented and are limited to the kidneys. As the target group for the treatment is patients with metastatic kidney cancer who are undergoing dialysis, the side effect profile is believed to be relatively mild. Experimental studies indicate that the effect may be dramatically positive.
PULS (Partners for Development Investments in Life Sciences, P.U.L.S. AB) is a Swedish life science company with a unique combination of researchers and industry representatives who work together with innovators to commercialize ideas through capital, know-how and a committed partnership. PULS invests in early projects and develops them in close collaboration with innovators, shepherding them all the way from idea to completed attractive project for industry. Since 2002 PULS has started eleven project companies: two were sold, one was discontinued, two were floated on the stock market (AcuCort and LIDDS), and one was outlicensed (Laccure). PULS has its headquarters in Helsingborg. Current PULS projects: Adenovir Pharma, Belina, Glactone Pharma, Oncorena and Trophea. www.pulsinvest.se.
HealthCap is a European venture capital firm investing exclusively and globally in life sciences. The investment strategy focuses on diseases with high unmet medical needs and breakthrough therapies that have the potential to be transformative and change medical practice, and the lives of patients suffering these conditions.
Having raised more than EUR 1 billion since 1996, HealthCap has backed and built more than 100 companies, taken more than 40 companies public and done numerous trade sales.
Over the years, HealthCap companies have developed more than 20 pharmaceutical products to market approval, many of which are breakthrough therapies helping patients with life-threatening diseases. www.healthcap.eu