Nordic Nanovector: Results from first quarter 2017

Our portfolio company Nordic Nanovector shows  continued progress in clinical development programmes with Betalutin® in their first quarter 2017 presentation. 

Luigi Costa, CEO of Nordic Nanovector, comments: “In the first quarter of 2017 we continued the positive momentum of 2016. I am pleased to report the excellent progress Nordic Nanovector is making to advance its clinical development programmes with Betalutin® in FL and now in DLBCL. We are also excited at the prospect of starting new clinical trials later in the year, which potentially could significantly expand the market opportunities for our novel ARCs.”

Nordic Nanovector reported continued operational progress during the first quarter. The Phase 1/2 clinical trial with Betalutin® in relapsed indolent non-Hodgkin’s Lymphoma (iNHL) advanced according to schedule. Safety Review Committee (SRC)’s approval of continued clinical evaluation of 20 MBq/kg Betalutin® with 100 mg/m2 lilotomab enables the company to build a robust database of clinical data. Management is confident on plans to initiate the pivotal Phase 2 PARADIGME study in the second half of 2017. The first patient was dosed in a Phase 1 dose-escalation study of Betalutin® in relapsed refractory DLBCL. The company also made the decision to expand investigations of its ARC therapeutics with initial preparations underway for a Phase 2 combination study of Betalutin® and rituximab, and a Phase 1 study of Humalutin™, a chimeric anti-CD37 Antibody Radionuclide Conjugate (ARC). Both studies are expected to start during the second half of 2017.

Please read the full press release and report here.


Photocure: Results for the first quarter 2017

Our portfolio company Photocure reported a Hexvix/Cysview revenue growth of 9% to NOK 36.5 million in the first quarter of 2017 (Q1 2016: NOK 33.5), with an EBITDA of NOK 4.9 million for the Hexvix/Cysview commercial franchise. The company reported a growth of 32% for the important US market, were the company recently unveiled the new growth strategy towards 2020.

“Hexvix/Cysview delivered strong growth in major markets, outside the Nordic regions, during the first quarter. In particular, we saw good momentum in the US, driven by strong demand for Cysview. As planned, we are increasing our investments in sales and marketing in the US in order to drive further awareness for Cysview and growth in the region,” says Kjetil Hestdal, president and CEO.

Full report and presentation may be found here.

Targovax ASA: First quarter 2017 results

Targovax is a clinical stage company focused on developing immuno-oncology therapies to target solid tumors. On april 25th, the company announced its first quarter 2017 results.


  • Targovax announced encouraging top line two-year survival data from the phase I/II TG01 clinical trial in resected pancreatic cancer patients – 68%[1] of evaluated patients (13/19) were still alive after two years
  • Erik Digman Wiklund was appointed CFO of Targovax, taking over from Øystein Soug, who was promoted last year to CEO. Erik took on the role post-period in April 2017
  • Targovax upgraded its share listing from Oslo Axess to Oslo Børs, the main Oslo Stock Exchange



  • Targovax was accepted to present clinical data from its phase I/II TG01 clinical trial in resected pancreatic cancer patients at the 2017 ASCO Annual Meeting in Chicago, Illinois in June
  • Targovax initiated an exploratory Phase Ib clinical trial of TG02 in patients with locally recurrent RAS-mutated rectal cancer scheduled to have surgery

Øystein Soug, CEO said: “2017 is looking to be a transformational year for Targovax. In the first quarter we reached a central value inflection point when we announced encouraging top-line survival data from our phase I/II TG01 trial in resected pancreatic cancer patients. We will be presenting survival, safety and immune activation data from this study in a poster presentation at the ASCO Annual Meeting in June. During the quarter we were pleased to appoint Erik Digman Wiklund as CFO, who joins us from Aker BioMarine Antarctic. This quarter our listing was upgraded to Oslo Børs, the main board at the Oslo Stock Exchange – another exciting milestone for the company.”

For more information:


OncoImmunity wins prestigious EU grant

OncoImmunity AS was ranked fourth out of 250 applicants for the EU SME Instrument grant.

OncoImmunity is one of the portfolio companies of the Radium Hospital Research Foundation and is developing innovative software solutions to guide the discovery of neoantigen-based personalized immunotherapies and biomarkers.

We applied for the SME instrument grant as it represents an ideal vehicle for funding groundbreaking and innovative projects with a strong commercial focus. The call matched our ambition to position OncoImmunity as the leading supplier of neoantigen identification software in the personalised cancer vaccine market”, says Dr. Richard Stratford, Chief Executive Officer and Co-founder of OncoImmunity.

Read more bout the grant they received here on Oslo Cancer Cluster´s website and more about the company here on the company website.



Targovax ASA: Fourth quarter and full year 2016 results

Our portfolio company Targovax ASA has announced its fourth quarter and full year 2016 results. Targovax is a clinical stage company focused on developing immuno-oncology therapies to target solid tumors,


  • Targovax was granted a European Patent for the ONCOS platform lead product, ONCOS-102, extending patent coverage following the award of a similar US patent in June. These patents expire in 2029
  • Øystein Soug was appointed as CEO on 1 November
  • Targovax presented at a number of scientific and investor conferences in the period, including the European Society of Gene and Cell Therapy in October in Florence, Biotech and Money in November in London, and the DNB Nordic Healthcare Conference in December in Oslo
  • Net loss for the fourth quarter 2016 was NOK 32 million (USD 4 million), compared with a net loss of NOK 44 million (USD 5 million) in corresponding quarter in 2015
  • Cash and cash equivalents at 31 December 2016 was NOK 172 million (USD 20 million) vs NOK 193 million (USD 24 million) at 30 September 2016

Subsequent events:

  • Targovax announced encouraging top line two-year survival data from TG01 clinical trial in resected pancreatic cancer patients
  • Erik Digman Wiklund was appointed CFO of Targovax, succeeding Øystein Soug, the Company’s new CEO, and will take up this role in April 2017


Øystein Soug, CEO said: “2016 was a successful year for Targovax. During the year we listed our shares on Oslo Axess, we successfully raised funds to finance the clinical trial program and we were granted European and US patents for ONCOS-102, extending the protection till 2029. Furthermore, in 2016 we prepared and set up five new clinical trials in five indications. 2017 will be an even more important year as we start harvesting the data from these trials. We have already generated good momentum as we recently announced encouraging overall survival data in our TG01 proof of concept trial. We also expect to start a proof of concept trial of ONCOS-102 in checkpoint inhibitor refractory melanoma, where key interim data are expected later in the year.”


Photcure with full year report

Radforsk porfolio company Photocure reported a revenue growth of 10 % to NOK 38.1 million in the fourth quarter of 2016 (Q4 2015: NOK 34.5), with an EBITDA of NOK 10.7 million for the Hexvix/Cysview commercial franchise. 

“2016 was a positive year for Photocure as we continued to build momentum in the US with Cysview. A significant milestone was reached by the inclusion and recommendations of Cysview in National treatment guidelines in the US. In addition, several papers including strong new clinical evidence supporting the use of Hexvix/Cysview were published during 2016. These events, together with the increase in installed base of Blue Light enabled Cystoscopes in the US and a higher level of patient awareness, provide us with confidence that our planned increase in investment in the US commercial urology franchise will create value for our shareholders in the future. Lastly, we are also looking forward to receiving results from our expanded use Phase 3 study in the US with the Karl Storz flexible scope in the surveillance setting in the middle of the year.” said Kjetil Hestdal, President and CEO.

Photocure reported total revenues of NOK 38.1 million in the fourth quarter of 2016 (34.5), with an EBITDA of NOK -0.3 million (-8.7). Net profit was NOK 17.9 million (-9.4), while the cash position ended at NOK 169.2 million. Hexvix/Cysview revenues grew 13% for the full year but declined 5% in the fourth quarter mainly due to inventory reductions at distributors, as well as a negative impact from foreign exchange rates. In-market unit sales increased with 3% in the quarter.

“Photocure has built considerable experience in the urology sector through its Hexvix/Cysview franchise and sees significant long-term value creation potential in this market segment. The company has over the last years experienced a strong and growing penetration of Hexvix in key European markets and aims to capitalize on the inclusion in the AUA guidelines as well as the increased patient awareness to significantly increase penetration in the US market. Photocure does however believe that in order to increase market shares in the US to European levels, an investment in the US salesforce is required,” said Hestdal.

The company will therefore double its salesforce and increase sales and marketing expenses accordingly towards the end of 2017. The company believes these efforts will result in revenues from the US operations to quadruple to a range of USD 15 million by 2020.

“As a result of the increased activity level, the added operating expenses will contribute to an EBITDA decline for the group in 2017 and 2018. Photocure is fully funded for this market strategy. Photocure has also completed enrollment in its Phase 3 study of Hexvix/Cysview in the surveillance patient segment and expect to report clinical results in mid-2017. The company will then submit an sNDA to the US FDA, with a possible approval in 2018 for use of Blue Light Flexible Cystoscopy with Cysview in this setting,“ Hestdal concludes.

Photocure is continuing its discussions and due diligence processes with potential partners to establish strategic partnerships for its non-urology products, Visonac and Cevira.

Please find the full financial report and presentation enclosed.


Oncoinvent closes $ 25 Million Private Placement

Our portfolio company Oncoinvent announced today the closing of a 210 MNOK (approx. 25 MUSD) private placement of ordinary shares. Financing will support development of Radspherin™, a novel radiotherapeutic treatment for peritoneal carcinomatosis.

Large privately owned investment companies joining the Company as new investors include Geveran Trading Co. Ltd., Canica AS, CGS Holding AS, Helene Sundt AS and Must Invest AS. Oncoinvent AS is developing therapeutics to combat various cancers based on delivery of tumour-cell killing doses of radiation and/or immunotargeting of tumor cells.

“We are pleased at the response that we have received from the investment community regarding our private placement. The round was heavily oversubscribed. With this financing round we now have, in addition to the new funding, a shareholder base in the company that will enable Oncoinvent to bring Radspherin™ to a clinical proof of concept.” said Jan A. Alfheim, Oncoinvent’s CEO.


About Radspherin™
Radspherin™ is a novel alpha-emitting radioactive microsphere designed for treatment of metastatic cancers in body cavities. The radium based therapeutic, Radspherin™ has shown strong and consistent anticancer activity without any visible signs of product related toxicity in preclinical studies. It is anticipated that the product can potentially treat several forms of metastatic cancer.

The first clinical indication for Radspherin™ will be treatment of peritoneal carcinomatosis originating from ovarian cancer. Peritoneal carcinomatosis is one of the most serious complications of gastrointestinal and gynecological malignancies.

About Oncoinvent
Oncoinvent AS is a privately held Norwegian company based in Oslo, Norway. The company is committed to developing new innovative products in order to provide better treatment options to cancer patients.

The company’s founders started Oncoinvent in 2010 with a view to designing better cancer treatments by applying known physical and chemical principles of selected novel materials in new ways in order to maximize their medical benefit while minimizing potential safety concerns. This approach has allowed the company to develop a rich development pipeline and to explore multiple technological avenues before selecting a lead product candidate for preclinical testing.


PCI Biotech awarded NOK 13.8 million from The Research Council of Norway

Our portfolio company PCI Biotech has been granted NOK 13.8 million to the project “Photochemical vaccination – novel immunotherapy concept for treatment of cancer and infectious diseases”.


The main goal of the project is to document in a proof-of-principle clinical study in cancer patients that PCI Biotech’s photochemical internalization (PCI) technology can be used to improve the efficacy of a therapeutic cancer vaccine. Other important aspects of the project is to develop the PCI technology for use in vaccination against certain types of viral and bacterial infections, and to explore the technology for use with mRNA-based vaccination.


‘This grant supports further development of the promising fimaVacc technology, as well as the important vaccination application of the fimaNAc technology. Both of these applications are well suited for the development of new types of immunotherapy against cancer, and also for the prevention and treatment of some types of infectious diseases, including certain types of chronic virus infections. We are very pleased to see that the expert evaluators and the Research Council share our view on the potential of these technologies.’ says CEO in PCI Biotech, Per Walday.


The project will be initiated in Q3 2017 and run for three and a half years. The grant will cover up to 35% of the project costs and the project will be implemented in the company’s current plans. The grant is subject to final contract negotiations.


Established in 2006, the BIA programme is the largest industry-oriented programme at the Research council of Norway (Forskningsrådet).  This broad-based programme supports high-quality R&D projects with good business and socio-economic potential.


About PCI Biotech
PCI Biotech is a biopharmaceutical company focusing on development and commercialisation of novel therapies for the treatment of cancer through its innovative photochemical internalisation (PCI) technology platform.  PCI is applied to three distinct anticancer paradigms: fimaChem (enhancement of chemotherapeutics for localised treatment of cancer), fimaVacc (T-cell induction technology for therapeutic vaccination), and fimaNAc (nucleic acid therapeutics delivery).


PCI Biotech and Ultimovacs awarded NOK 500,000 from Innovation Norway

The grant will be used to further development of the existing preclinical research collaboration of the two companies. 

PCI Biotech and Ultimovacs are both companies in the Radium Hospital Research Foundation´s portfolio and situated in the Oslo Cancer Cluster Innovation Park, above, in co-localisation with the Foundation.
In our podcast Radium we have interviewed both Per Walday, CEO of PCI Biotech and Øyvind Kongstun Arnesen, CEO of Ultimovacs.

The purpose of the collaboration is to utilise the companies’ complementary scientific platforms to explore potential synergies and the grant will support these activities.

The Innovation Norway grant of NOK 500,000 is awarded for 2017 and the grant is made available through Oslo Cancer Cluster, a Norwegian Centre of Expertise.

Per Walday, CEO of PCI Biotech, said: “It is very encouraging that Innovation Norway acknowledges the potential in this promising industry and support collaboration initiatives within the Oslo Cancer Cluster, which lie at the heart of the cluster philosophy. We look forward to continue and further strengthen our efforts in this exciting collaboration, exploring synergies between our fimaVACC
technology and Ultimovacs peptide vaccine.“

Øyvind Kongstun Arnesen, CEO of Ultimovacs, commented: “Most early stage life science companies are based on one single technology. Exploring possible synergies in combining these technologies must be done through cooperation between companies. We are very pleased that Innovation Norway sees this point and supports this project.”

Ketil Wideberg, CEO of Oslo Cancer Cluster, commented: “Oslo Cancer Cluster encourages collaboration between companies and are happy to facilitate funding of this exiting project of PCI Biotech and Ultimovacs.”


Vaccibody raised MNOK 220

Vaccibody has succesfully raised NOK 220 million (€ 24 million). The Private Placement was significantly oversubscribed by both existing shareholders and new investors. 

The net proceeds from the Private Placement will be used to conduct Vaccibody’s early stage clinical development plan for personalized cancer neoantigen vaccines (two phase I/Ib trials) and for general corporate purposes.

Martin Bonde, CEO of Vaccibody, said: “We are grateful for the confidence in, and commitment to, the Company from our new investors as well as our existing investors. With the investment we will be able to pursue our ambition of making an entirely novel therapy available. In collaboration with expert clinicians we will work to initiate clinical trials with our to cancer neoantigen vaccines to show benefit in patients suffering from advanced and severe cancer”.

Vaccibody is one of Radium Hospital Research Foundation´s portfolio companies.