Oncoinvent ASA: Fourth Quarter 2024 Update and Results

Oncoinvent ASOncoinvent ASA (OSE: ONCIN) a clinical stage 2 radiopharmaceutical company developing novel radiopharmaceutical therapies against cancer, announces its fourth quarter 2024 results today.Webcast scheduled for February 27th, 2025 at 10:00 CET. Link to webcastHighlightsReported preliminary promising signal of efficacy and benign safety profile from phase 1/2a trialsDosed first patient in a randomized, controlled phase 2 trial in ovarian cancerInitiated US trial site including, successful treatment of first patient and trans-Atlantic shipment of Radspherin®  (January)Completed safety lead-in recruitment in ovarian phase 2 trial (February)Executed significant cost savingsEntered into collaboration agreement with ARTBIORaised NOK 141m in an oversubscribed private placement (including subsequent offering)Listed for trading at Euronext Growth OsloFinancial updateDuring the 4th quarter Oncoinvent reported operating revenues of NOK 8,036 million (2023: NOK 5,309 million). The increase in revenues is due to a rental agreement including services for the GMP laboratory facility, which shows the ability of the experienced and skilled staff. As the company has received multiple requests to provide radiopharmaceutical services of various kinds, it is expected to provide an important source of income for the company going forward. During the quarter the company has also selected important priorities, enabling a reduction in staff, reducing payroll expenses to NOK 15,966 million (2023: NOK 23,009 mill.) without jeopardizing the core business and future of the company. The full financial effect of the tuning of the organization will be felt from 2025. As a result Oncoinvent reported a EBITDA of minus NOK 22,592 million (2023: minus NOK 39,525 million) for the quarter. At Year-End, the company reported a negative EBITDA of minus NOK 128,205 million. (2023: NOK 136,168 million).About OncoinventOncoinvent is a clinical-stage biotechnology company developing novel radiopharmaceutical therapies against cancer. The lead product candidate, Radspherin, uses the alpha-emitting radionuclide radium-224, directly targeting micro-metastases post-surgery, harnessing the benefits of modern radiopharmaceuticals without the complexities of biological targeting. Oncoinvent is investigating the safety and efficacy of Radspherin in a clinical development program in two indications. Currently two phase 1/2a trials and one randomized phase 2 trial are ongoing in the US, UK and Europe. More than 150 patients with peritoneal carcinomatosis, secondary to ovarian and colorectal cancer, will be enrolled in the current program. Preliminary clinical efficacy data are highly encouraging, and no serious toxicity or safety concerns have been reported to date. The Oncoinvent team consists of approx. 30 employees and runs a state-of-the-art manufacturing facility to produce drug products for clinical trials in Nydalen, Oslo. Oncoinvent is listed on the Euronext Growth Oslo.Forward-Looking StatementsAll statements other than statements of historical facts contained in this press release are forward-looking statements and are not a representation that Oncoinvent’s plans, estimates, or expectations will be achieved. These forward-looking statements represent Oncoinvent’s expectations as of the date of this press release, and Oncoinvent disclaims any obligation to update the forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including with respect to whether the results of clinical or other studies will support the use of our product offerings, the impact of results of such studies, our expectations of the reliability, accuracy and performance of our tests, or of the benefits of our tests and product offerings to patients, providers and payers.For further information, please contact:Øystein Soug, Chief Executive OfficerEmail: [email protected] Kvam, Chief Financial Officer Email: [email protected]://news.cision.com/oncoinvent-as/r/oncoinvent-asa--fourth-quarter-2024-update-and-results%2Cc4111622