LUND from Sweden, 23 December 2021 / PRNewswire / – Oncorena, which is developing a potentially revolutionary therapy for advanced kidney cancer, receives a capital injection of MSEK 66 from one of the company’s major shareholders as well as two new investors. Under the terms of the agreement, Oncorena may receive a supplement 94 million Swedish kronor in the future. The capital will mainly finance the first clinical study of Oncorena, a phase I / II study with orellanine in dialysis patients with advanced kidney cancer.
The current shareholder HealthCap has, together with the two new investors, Linc AB and Fåhraeus Startup and Growth AB, invested a total of 66 MSEK in new capital to finance the first part of the phase I / II study of Oncorena. If the first part of the Phase I / II study shows positive results (Proof of Concept), the parties intend to invest an additional sum of MSEK 94 in the second part of the study.
HealthCap, one of the largest life sciences venture capital funds in Europe, has been one of Oncorena’s main shareholders since 2016. The investment company Linc AB is listed on Nasdaq Stockholm and invests in Nordic companies focused on life science products, primarily pharmaceutical and medical companies. Fåhraeus Startup and Growth AB is a newly established venture capital fund that focuses on early stage investments in life science and technology companies. The investment is subject to the approval of an Extraordinary General Meeting to be held at January 2022.
Earlier this year, the Swedish Medicines Agency approved Oncorena’s first clinical trial of orellanin in patients with advanced kidney cancer on dialysis. Orellanin is a substance with a unique mode of action that has been shown to have specific and potent anti-tumor effects in advanced kidney cancer in a number of preclinical models.
“We are grateful for this injection of capital which enables us to achieve necessary and crucial results which will be decisive for the further clinical development of orellanine by Oncorena and for new ventures in the field of kidney cancer. We also hope that the results of the next clinical study will be of great benefit to patients in the future, ”said Lars Grundemar MD, Ph.D., CEO of Oncorena.
“It is gratifying to announce that Oncorena is now entering a new phase with a capital injection of up to a total of 160 MSEK in a Serie A cycle from three strong investors in the life sciences field. With the funding in place, Oncorena can now focus on harnessing the potential of the company’s innovation in kidney cancer, further developing the business and accelerating the growth journey, ”said Andreas Segerros, Chairman of the Board of Oncorena.
About the Phase I / II clinical trial
The phase I / II clinical trial of orellanine will recruit patients with advanced kidney cancer already on dialysis due to renal failure. The study will be carried out at the Center for Clinical Studies in Cancer of Karolinska University Hospital in Stockholm, Sweden, and will study the safety, tolerability, pharmacokinetics and signs of antitumor effects in treatment with a synthetic form of orellanin. The phase I / II trial will include up to 40 patients and may include patients from other European countries.
Orellanin, which has a new and unique mode of action, is under development for organ-specific chemotherapy with curative potential for patients with advanced kidney cancer on dialysis. Orellanin is found in the fungi of the Cortinar family, these are sometimes accidentally picked and eaten as they are mistaken for funnel chanterelles. The clinical effects of orellanin are well documented and are limited entirely to the kidneys.
About kidney cancer
Around 400,000 patients are affected by kidney cancer worldwide according to the WHO. The disease can often be cured with surgery if caught in time, but unfortunately the diagnosis is often made when the tumor has already spread to other organs. The prognosis is then much less favorable and certain groups have a median survival of less than two years. Today, the disease is treated with various types of targeted and immunoactive drugs, often with severe side effects, and standard chemotherapy drugs have a limited effect. There is therefore a significant and urgent medical need for new, effective and safe drugs.
For more information, please contact
Lars Grundemar, MD, Ph.D., CEO, Oncorena AB
Email: [email protected]
Telephone +46 (0) 76 209 5518
Pål Falck, Ph.D., Commercial Director, Oncorena AB
Email: [email protected]
Telephone +47 920 36 764
Oncorena AB is a Swedish pharmaceutical company based in Lund. The company is developing a potentially revolutionary new treatment for patients with advanced kidney cancer. The treatment is based on research conducted at the University of Gothenburg, Sweden, chaired by Professors Börje Haraldsson and Jenny Nyström. The project was initially developed with the support of Vinnova, Sweden Innovation agency, GU Ventures at the University of Gothenburg and private business angels. Today, Oncorena is mainly funded by investment companies HealthCap, Linc AB, Fåhraeus Startup and Growth AB, as well as biotech company AQILION AB. For more information, please visit the Oncorena website at www.oncorena.com
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SOURCE Oncorena AB