CEO: Michael Engsig


Established in: 2006

Vaccibody is a clinical-stage biopharmaceutical company dedicated to the discovery and development of novel immunotherapies.

The company is a leader in the rapidly developing field of individualized cancer neoantigen vaccines and is using the Vaccibody technology to generate best-in-class therapeutics to treat cancers with a high unmet medical need. A phase I/IIa neoantigen clinical trial is now enrolling patients with locally advanced or metastatic melanoma, non-small cell lung carcinoma, clear renal cell carcinoma as well as urothelial or squamous cell carcinoma of head and neck.

Vaccibody’s front runner program (VB10.16) is a therapeutic DNA vaccine against HPV16 induced pre-malignancies and malignancies. The first-in-human study (phase I/IIa), evaluating the safety and immunogenicity of VB10.16 in women with high grade cervical intraepithelial neoplasia (HSIL; CIN 2/3) has been finalized and has reported positive 12 months data.

Vaccibody has started a collaboration with Roche, which will explore VB10.16 in combination with PD-L1 inhibitor atezolizumab (Tecentriq®) in up to 50 patients with advanced or recurrent cervical cancer. First patient in this study is expected to be vaccinated in Q1 2020.

RADFORSK is an active owner in Vaccibody,  and has been heavily involved in the process of commercialising the Vaccibody technology. RADFORSK is one of the main shareholders in the company.

As of December 2019, Anders Tuv, Investment Director Radforsk, is Chairman of the Board.


CEO: Jan Alfheim


Established in: 2010

Oncoinvent AS is a privately held Norwegian company based in Oslo, Norway.

The company is committed to developing new innovative products 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 to maximize their medical benefit while minimizing potential safety concerns.

This approach has allowed the company to explore and develop multiple technological avenues before selecting a lead product candidate for preclinical testing.

The company´s lead product candidate is Radspherin®, a novel alpha-emitting radioactive microsphere suspension designed for treatment of metastatic cancers in body cavities. The radium-224 based therapeutic, Radspherin® has shown strong and consistent anticancer activity at doses being essentially non-toxic in preclinical studies. It is anticipated that the product can potentially treat several forms of metastatic cancer.

The company was founded by Roy Larsen, the entrepreneur behind Algeta and Nanovector.

RADFORSK was the first external investor in Oncoinvent, and has taken an active role in the commercialisation process of the technology.

Jónas Einarsson, CEO in RADFORSK is a Board member, and has been so since xxxx. RADFORSK is one of the major shareholders in the company.

Nordic Nanovector

Established in: 2009

Interim CEO: Lars Nieba


Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care.

The company aspires to become a leader in the development of targeted therapies for haematological cancers.

Nordic Nanovector’s lead clinical-stage candidate is Betalutin®, a novel CD37-targeting antibody-radionuclide-conjugate designed to advance the treatment of non-Hodgkin’s lymphoma (NHL). NHL is an indication with substantial unmet medical need, representing a growing market forecast to be worth nearly USD 29 billion by 2026.

Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets.

Researchers Roy Larsen and Øyvind Bruland, whom also developed the Algeta technology, established the company in 2009.

RADFORSK was Nordic Nanovector’s first investor, and Jónas Einarsson was a member of the Board from the establishment in 2009 and until the company was listed in 2015.

RADFORSK still remains a significant shareholder in the company.


CEO: Geir Åge Løset


Established in: 2009

Nextera is a drug and target discovery company, offering a unique and novel approach for improved therapeutic intervention in the major disease areas autoimmunity, chronic inflammatory disorders and cancer.

Nextera´s approach is to modulate the disease at the core of the escalating immune cascade translating to disease-specific treatment without compromising systemic immunity.

A profound insight into the complex disease mechanisms of cancer and autoimmunity combined with unique technology innovation has led to the development of a unique discovery platform named NextCore. NextCore mimics the pivotal interaction between Antigen Presenting Cells (APC) and T helper cells (Th).

The company is spun out from a world class Centre of Excellence research environment at the University of Oslo and Oslo University Hospital.

RADFORSK is a major shareholder in the company.

Anders Tuv, Investment Director in RADFORSK, has been a Board member since 2012.


CEO: Daniel Schneider


Established in: 1993

Photocure, The Bladder Cancer Company, delivers transformative solutions to improve the lives of bladder cancer patients.

The company ´s unique technology, which makes cancer cells glow bright pink, has led to better health outcomes for patients worldwide.

Photocure is headquartered in Oslo, Norway, and listed on the Oslo Stock Exchange (OSE: PHO). The US headquarters for Photocure Inc., are in Princeton, New Jersey.

RADFORSK founded Photocure in 1996 in collaboration with other actors, and we have been heavily involved in the development of the company ever since.

RADFORSK is still one of the major shareholders in the company.


Established in: 2001

CEO: Håvard Hildeng Hauge


Biomolex specialises in digital autoradiography. The Biomolex technology measures radioactive emissions directly and in real time and is RADFORSK ´s only hardware-investment.

RADFORSK founded Biomolex in 1999, and still holds shares in the company.

PCI Biotech

Established in: 2000

CEO: Per Edvard Walday


PCI Biotech is a biopharmaceutical late stage clinical development company focusing on development and commercialisation of novel therapies for the treatment of cancer through its innovative photochemical internalisation (PCI) technology platform.

Photochemical internalisation induces triggered endosomal release that is used to unlock the true potential of a wide array of therapeutic modalities.

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).

The company’s lead programme fimaChem consists of a pivotal study in bile duct cancer, an orphan indication with a high unmet need and without approved products.

fimaVacc applies a unique mode of action to enhance the essential cytotoxic effect of therapeutic cancer vaccines, which works in synergy with several other state-of-the-art vaccination technologies.

fimaNAc utilises the endosomal release to provide intracellular delivery of nucleic acids, such as mRNA and RNAi therapeutics, thereby addressing one of the major bottlenecks facing this emerging and promising field.

PCI Biotech was listed on Oslo Axess in 2008, and the listing was transferred to the Oslo Stock Exhange in 2018.

PCI Biotech was founded by RADFORSK and Photocure.

RADFORSK was deeply involved in the early development of the company, and is still a significant shareholder.


Established in: 2010

CEO: Øystein Soug


Targovax is a clinical stage immuno-oncology company developing oncolytic viruses to target hard-to-treat solid tumors.

Targovax’s lead product candidate, ONCOS-102, is a genetically modified oncolytic adenovirus, which has been engineered to selectively infect cancer cells and activate the immune system to fight the cancer.

ONCOS-102 is currently being tested in mesothelioma, melanoma and peritoneal malignancies and has already shown promising clinical results both as monotherapy and in combination with chemotherapy, and a checkpoint inhibitor.

In January 2020 Targovax entered an exclusive option agreement with IOVaxis Therapeutics of Nantong, China, for clinical development and licensing of the Targovax mutant RAS vaccines TG01 and TG02 in China, Hong Kong, Macau and Singapore.

RADFORSK founded Targovax in 2010 in collaboration with  Gustav Gaudernack, Professor Emeritus and Chief Scientific Officer in Ultimovacs, and Jon Amund Eriksen, CEO Hubro Therapeutics.

In 2015 Targovax joined forces with the Finnish immune-oncology company Oncos, in a merger supported by HealthCap. RADFORSK is still a substantial shareholder in the company.


Established in: 2011

CEO: Carlos de Sousa


Ultimovacs ASA is a research based pharmaceutical company focused on developing universal cancer vaccines applicable at all stages of cancer, including possibly prevention of cancer.

Ultimovacs’ lead product, UV1, is a universal cancer vaccine developed to enable the immune system to identify and kill cancer cells. UV1 activates the immune system against telomerase antigens (hTERT) essential to cancer cells’ unlimited proliferation ability. These antigens are present in 85 – 90% of all cancers.

UV1 is developed in combination with checkpoint inhibitors/other cancer treatments and further development of Ultimovacs’ cancer vaccine platform is ongoing.

The Ultimovacs technology is based on research by Institute for Cancer Research at the Norwegian Radium Hospital, Oslo university Hospital.

Ultimovacs was listed on the Oslo Stock Exchange in June 2019.

RADFORSK, Gjelsten Holding and the technology transfer office Inven2, jointly established Ultimovacs in 2011.

RADFORSK has been an active owner throughout the technology commercialisation process, and is still a major shareholder in the company.

Jónas Einarrson, CEO of RADFORSK, has been a member of the Board since 2011, and took over as Chairman of the Board in 2018.

Established in: 2016

CEO: Namir Hassan


Zelluna Immunotherapy is a company developing transformative T cell receptor (TCR) based cellular immunotherapies for the treatment of solid cancers. The company is developing a portfolio of tumor specific TCRs to guide cell effector cells with the aim to induce cancer responses that are safe, efficient and durable.

Zelluna Immunotherapy is developing immunotherapy products for treatment of solid tumors and their pipeline include both autologous (TCR-T) and allogenic (TCR-NK) development programs. The lead autologous product, ZI-H04, is directed against the universal cancer antigen hTERT and the first in human clinical trial will start in 2020. In addition, Zelluna aims to have multiple products in clinical development in the coming years.

Zelluna Immunotherapy was founded in 2016 and is a cell based spin off from the Norwegian Radium Hospital. Zelluna is backed on technology developed by the inventors Gunnar Kvalheim, Else Marit Suso, Sébastien Wälchli and Gustav Gaudernack at the Norwegian Radium Hospital.

RADFORSK was instrumental in establishing Zelluna Immunotherapy together with Inven2, Birk Venture, RO Invest and Prieta.

Established in: 2018

CEO: Jon Amund Eriksen


Hubro Therapeutics AS develops immunotherapies for treatment of cancer. The company ´s product candidates are novel neoantigen targeted cancer vaccines for activation of anti-cancer specific T cell immune responses. By providing increased levels of anti-cancer reactive T cells, and by combining with other immune-oncology treatments, it is our desire and strong hope to improve the lives of cancer patients.

Hubro Therapeutics AS is a privately held Norwegian biotech company founded in 2018 and located in Oslo. We focus on development of novel proprietary neo-antigen vaccines targeting genetic frameshift mutations characteristically present in microsatellite instability-high (MSI-H) cancers such as colon cancer and stomach cancer.

The technology stems from a collaboration between Norsk Hydro and the Radium Hospital in the 1980´s. CEO Jon Amund Eriksen is the founder of the company and has long experience from R&D within cancer treatment, latest from Targovax ASA.

Radforsk was instrumental in establishing the company together with Investinor and several buiness angels.

Established in: 2016

CEO: Einar Martin Aandahl


Ledidi is a Norwegian company dedicated to improve science by reinventing how researchers collaborate and share knowledge.

Based on thorough experience in clinical research, Ledidi has developed PRJCTS, an end-to-end cloud solution that covers the entire workflow from data capture, analysis, statistics to graphical presentation – designed for clinical research.

PRJCTS is designed for collaboration throughout the entire workflow of a research project, making it well-suited for multicenter studies. All collaborators can participate in defining variables, collecting data, and take part in the analytical process with real-time statistical analyses and graphical presentations. All data are safely stored in the cloud and can be accessed anywhere. Ledidi uses best practices in cloud computing and industry leading technologies in data security and privacy, and adheres to international standards for personal data protection.

PRJCTS is already in use in international collaborative research projects and Oslo University Hospital are using PRJCTS for several national multicenter covid19-studies.

Ledidi reinvent how researchers around the globe work together in their quest for novel therapies and improving health.

Radforsk invested in the company in 2020.

Adjutec Pharma sin logo

Established in: 2019

CEO: Pål Rongved


AdjuTec Pharma is a preclinical stage company developing antimicrobial resistance (AMR) breakers.

The company was founded by Professor Pål Rongved, Institute of Pharmacy, University of Oslo in 2019. He has a PhD in Chemistry and worked for many years with exploratory R&D at Nycomed Imaging/GE Healthcare. Starting as an oncology project, the substances failed, but showed a remarkable effect together with antibiotics on resistant clinical bacterial strains. Profesor Rongved’s research group raised >NOK 20mill from, among others, the Norwegian Research Council and Novo Nordisk. The group has generated promising efficacy and safety data showing an exiting potential for reversing antibiotic resistance. The lead compound (APC148) is a first in class molecule that inactivates metallo-ß-lactamases (resistance enzymes) produced by gram negative bacteria. The technology has received patent approval in the US, and Europe is expected to follow shortly.

The target indication for these products will be patients with complicated hospital infections, where treatment with broad spectrum antibiotics is indicated, e.g. meropenem. APC148 will be administered intravenously as an adjuvant together with meropenem, to secure efficacy of meropenem in the patients.

AdjuTec has recently raised public and private funding to strengthen the team, support synthesis, scale up and preclinical studies to prepare for clinical phase 1 studies. The company is building the company, engaging CEO Bjørn Klem and CSO Pål Rongved from 1st July. In the near future competent people in the areas of CMC, regulatory and clinical development will also be hired.


Established in: 2014

CEO: Richard Stratford


NEC OncoImmunity AS is a bioinformatics company offering proprietary machine-learning based software to address the key knowledge gaps in the prediction of bona fide immunogenic neoantigens for personalized cancer immunotherapy.

NEC OncoImmunity AS is dedicated to develop software solutions that facilitate effective patient selection for cancer immunotherapy, and identify optimal neoantigen targets for truly personalised cancer vaccines & cell therapies in a clinically actionable time-frame.

NEC OncoImmunity AS is a subsidiary of NEC Corporation, and is based in Oslo, Norway. The company was formerly named OncoImmunity AS.  NEC Corporation, a global Japanese technology company, acquired OncoImmunity AS in July 2019, and hence the name changed to NEC OncoImmunity AS.

RADFORSK started to work with OncoImmunity AS in 2015 and were behind the first share issue in 2016. RADFORSK was deeply involved in the company’s development until the acquisition in 2019 as its biggest owner. Mr. Anders Tuv, Investment Director Radforsk, was Chairman of the Board until the acqusition, and was in charge of the sales process in relation to NEC Corporations.