World News: 10:05 GMT Friday 15th March 2019. [Oncology Venture A/S via Globe Newswire via SPi World News]
Considering the positive development of Oncology Venture (“OV” or the “Company”), the Board of Directors has concluded that it is favorable for the existing shareholders to have an alternative to the financing facility established with European High Growth Opportunities Securitization Fund (advised by Alpha Blue Ocean). The Board of Oncology Venture will therefore recommend the shareholders at the forthcoming annual shareholders’ meeting to approve a preferential rights issue of between SEK 60 and SEK 100 million.
The Company has received guarantees and undertakings of approximately SEK 60 million from underwriters and is planning for a rights issue where each shareholder will have the right to subscribe for one (1) new share and one (1) warrant for a total amount of SEK 4,00 for every two (2) existing shares. The warrant will have a strike price of at least SEK 7,50 and a tenure of twelve (12) months. If all warrants are exercised it will bring approximately SEK 188 million more to the company. The rights issue will be subject to approval by the Company’s shareholders at the forthcoming Annual General Meeting.
More information, including details on the rights issue and terms & conditions will be disclosed by the Company as soon as such information becomes available.
The current OV product portfolio includes: LiPlaCis, a liposomal formulation of cisplatin in an ongoing Phase 2 trial for breast and prostate cancer; 2X-121 a PARP inhibitor in an ongoing Phase 2 for breast cancer; dovitinib, which will enter Phase 2 trials for indications dependent on further Dovitinib-DRP retrospective/prospective analysis of studies completed by Novartis. 2X-111, a liposomal formulation of doxorubicin under manufacturing for Phase 2 in breast cancer; irofulven, a Phase 2 is ongoing for prostate cancer; and APO010, an immuno-oncology product in Phase 1/2 for multiple myeloma.
Oncology Venture has spun out two companies as Special Purpose Vehicles: Oncology Venture U.S. Inc. (previously 2X Oncology Inc.), a US-based precision medicine company focusing on developing 2X-121 and 2X-111, and OV-SPV 2, a Danish company that will test and develop dovitinib. Oncology Venture A/S has an ownership of 92% in Oncology Venture US and 55% of dovitinib with an opportunity to acquire further 30%.
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This information is information that Oncology Venture A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on March 15, 2019.
Globe Newswire: 10:05 GMT Friday 15th March 2019
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