Oncoinvent's CEO comments on Q3 and funding plans
| Published October 25, 2023

Oncoinvent's CEO comments on Q3 and financing plans

The third quarter was a productive period for Oncoinvent, with several important milestones in the clinical development of the radiopharmaceutical product Radspherin. Among other things, clinical data for the candidate was presented at two major congresses. To gear up for phase IIb in 2024, the company is now planning to raise capital. BioStock contacted CEO Anders Månsson to find out more.

Oncoinvent is an Oslo-based pharmaceutical company specializing in the development of radiopharmaceutical products. This area of ​​oncology is attracting great interest from large pharmaceutical companies and investors, said Oncoinvent's CEO Anders Mansson recently in an interview with BioStock.

Radspherin for the treatment of peritoneal metastases

The company's lead product candidate is Radspherin, an alpha-emitting radioactive drug designed for the local treatment of metastatic cancer in body cavities. The product is being developed for the treatment of peritoneal carcinomatosis, which originates from ovarian and colorectal cancer. Peritoneal carcinomatosis is characterized by cancer cells or tumors in the peritoneum, a thin membrane that covers the abdominal cavity and organs. This usually develops when cancer spreads from its original site, such as ovarian or colorectal cancer.

Oncoinvent's product Radspherin is used as an adjunct to cancer surgery to remove micrometastases in the peritoneum that the surgeon cannot see. The product is placed in the peritoneum via a catheter during surgery, allowing for simple local radiopharmaceutical treatment of the body cavity, without systemic administration. Radspherin's alpha radiation has a short range (0,1 mm), which minimizes the risk of damage to healthy tissue and side effects.

Capital raising in 2024 for phase IIb

Oncoinvent plans to shortly complete Phase I/IIa studies with Radspherin for the treatment of peritoneal carcinomatosis from ovarian and colorectal cancer. These studies have so far shown promising safety and efficacy results, not least in preventing cancer recurrence. The next step will be to prepare for Phase IIb clinical studies in 2024.

In order to commence the studies, Oncoinvent needs to secure additional capital. At the end of the third quarter, the company's cash amounted to 71 MNOK, which is expected to cover the costs of the operation until the first quarter of 2024 and the completion of the ongoing studies. In advance of the transition to phase IIb, the company intends to conduct a capital raising in 2024.

Presentation of clinical data at conferences

The financing plans were outlined in the company's Q3 report, which also highlighted several important advances during the period. At the end of September, Oncoinvent presented initial safety data from the Phase I study of Radspherin in ovarian cancer at 24th Congress of the European Society of Gynecological Oncology (ESGO) in Istanbul, Turkey.

Shortly thereafter, preliminary 18-month safety and efficacy results from the ongoing Phase I/II clinical study in colorectal cancer were presented at 13th International Congress on Peritoneal Surface Malignancies of the Peritoneal Surface Oncology Group International (PSOGI) in Venice, Italy. After 18 months, none of the patients treated with the recommended dose had experienced peritoneal cancer recurrence. In addition, the study so far has shown that Radspherin has a robust safety profile, with no serious adverse events reported.

Anders Månsson appointed CEO

Anders Mansson
Anders Månsson, CEO of Oncoinvent

Another important event during the third quarter was that Anders Mansson took office as the company's new CEO. Månsson has almost three decades of experience from leading roles in the biotechnology and pharmaceutical industries, most recently from smaller biotechnology companies, but also from senior positions at large multinational companies such as LEO Pharma and Ferring PharmaceuticalsHe has also held some non-executive roles in pharmaceuticals/biotech, as well as advisory roles in private equity and venture capital.

BioStock contacted Anders Månsson to learn more about his new role as CEO of Oncoinvent, and the company's performance during the third quarter.

You took on the role of CEO of Oncoinvent in the third quarter. Can you share your insights and initial thoughts about the company?

- Above all, I am really impressed by Radspherin’s product concept – a radioactive drug administered locally after surgery to eradicate micrometastases in the peritoneum that the surgeon could not see and therefore could not remove. Our local treatment method is easy to use, safe and effective in preventing cancer recurrence in patients with peritoneal metastases. This is a large group of patients who currently have no other effective treatment options. As far as we know, there is also no drug developer active in this area. I strongly believe that we are on to something big with our unique – and elegant – local radiopharmaceutical treatment strategy!

What were the key highlights during the third quarter?

- One of the key highlights was when we presented preliminary 18-month follow-up data from the Phase I/IIa study in colorectal cancer, indicating that we still had no peritoneal recurrences in the initial cohort of patients who have now reached 18 months of follow-up. This is undoubtedly above expectations.

- Additionally, our plan to incrementally increase production capacity is progressing as larger studies and potential commercialization approach.

- And I guess I have to highlight the fact that I started as the new CEO as a key event. In a short period of time, we have put together a very clear and concise plan for the future and how we are going to advance through Phase IIb to Phase III, and the funding required to do this.

How do you plan to financially prepare for the upcoming clinical development of Radspherin?

– We consider ourselves fortunate to be operating in the radiopharmaceutical field, which is currently a hot spot for investment and interest from Big Pharma. This is exemplified not least by RayzeBIO's successful IPO and Eli Lilly's recent acquisition of Point Biopharma. Oncoinvent will need approximately $50 million to take Radsperin to Phase III in late 2025 or early 2026, and we will be seeking capital both nationally and internationally. That's all I can say about it at this time. Stay tuned for more news on this soon.

Finally, what else can we expect from Oncoinvent in 2024?

– You can expect to raise a significant portion of the $50 million needed to reach Phase III. We also expect to be able to initiate randomized, controlled Phase IIb studies in both the US and Europe, in patients with peritoneal metastases from ovarian and colon cancer. We also expect to commission a new manufacturing facility in 2024.

– We have high ambitions and a sharp focus on the most important value-creating activities. In addition, shareholders should notice a new level of communication about the progress!