Oncorena strengthens its Board
November 10, 2016
Oncorena Holding AB today announces that the company at an extra shareholder’s meeting decided to strengthen the board following the capitalization earlier this autumn.
Björn Odlander is elected as new member of the board. Co-founder of HealthCap where he is managing partner since the start in 1996. Before that leading ABB Aros Securities Health Care Equity Research Team. MD, PhD from Karolinska Institutet with extensive experience from multiple boards in the life-science sector including Q-Med AB, NicOx SA, Jerini AG, Nordic Nanovector ASA and BoneSupport AB.
Ann-Charlotte Rosendahlis elected as deputy member of the board. Many years of experience from drug development and commercialization internationally, lately as Global Product VP in AstraZeneca and before that Global Commercial Lead for Nexium. Based in the US 2002-2008 with responsibilities including branding in oncology. B.Sc. of Economy from Lund University. She is now working at GU Ventures with Business Development.
In September, Oncorena Holding AB announced that the company through a new share issue had secured capital to conduct clinical studies of a completely new treatment principle for kidney cancer. The capital has been raised from Oncorena’s current largest owner P.U.L.S. AB and through an investment by HealthCap.
“The already strong board is now complemented with competence facilitating the upcoming clinical trials and the planned exit,” says Jan Törnell, CEO of Oncorena. “At this stage it’s strategically important for Oncorena to get a new strong owner like HealthCap, which in addition to capital also contributes great knowledge and a broad contact network,” says Pontus Ottosson, CEO of PULS.
“Oncorena has a drug candidate under development that could meet a big medical need in a field lacking adequate treatment. The product has the potential to be classified as an orphan drug and HealthCap has gained substantial experience in this area,” says Björn Odlander, managing partner at HealthCap.
“It’s encouraging that Oncorena enjoys such a great confidence among investors. We welcome the new members of the board and look forward to a fruitful collaboration,” says Bengt-Åke Bengtsson, Chairman of the Board of Oncorena.
For further information, please contact
Jan Törnell, CEO, Oncorena Holding AB, email@example.com,
phone +46 (0)70 676 0008.
Björn Odlander, partner, HealthCap, firstname.lastname@example.org,
phone +46 (0)8 442 5850.
Pontus Ottosson, CEO, P.U.L.S. AB, email@example.com,
phone +46 (0)70 535 9334.
Bengt-Åke Bengtsson, Chairman of the Board, Oncorena Holding AB,
firstname.lastname@example.org, phone +46 (0)70 746 0000.
About kidney (renal) cancer
Approximately 1,000 patients are affected by kidney cancer annually in Sweden and around 600 of them die. 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 targeted drugs, often with severe side effects, and standard chemotherapy drugs have only very limited effect. There is therefore a great need for new, effective and safe drugs.
Oncorena develops a completely new and potentially revolutionizing treatment for patients with metastasized kidney cancer. The treatment is based on research from the University of Gothenburg led by professors Börje Haraldsson and Jenny Nyström. The project was initially developed with support from Vinnova and GU Ventures. Oncorena is a part of the P.U.L.S. AB portfolio since 2013 and PULS remains the largest shareholder after the recent financing. The substance, orellanine, originally emanates from a mushroom and has been ingested by mistake by a number of people. The effects are well documented and are limited to the kidneys. As the target group for the treatment is patients with metastasized 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. The preclinical studies will be completed in the autumn of 2016, whereupon the clinical study is expected to start in the spring of 2017. www.oncorena.com.
HealthCap was founded in 1996 and is today one of the largest specialized VC firms in Life Science in Europe. HealthCap has raised more than EUR 1 billion in capital, invested in over 100 companies and carried out more than 30 stock market IPOs around the world. HealthCap’s portfolio companies have brought more than 20 drugs and 40 med tech devices to the market. www.healthcap.eu.
P.U.L.S. AB (Partners för Utvecklingsinvesteringar inom Life Sciences) is a unique life science development company. PULS invests in projects at an early stage and develops the innovations in close collaboration with the innovators from ideas to an attractive investment opportunity for the pharmaceutical industry. Since 2002 PULS has started 10 companies and exited three, one of which (LIDDS) has been listed. PULS has its headquarters in Helsingborg, Sweden. Active project companies are: AcuCort, Adenovir Pharma, Glactone Pharma, Laccure, Oncorena and Trophea. www.pulsinvest.se.