Oncology Venture - Company consolidates ownership of dovitinib
Oncology Venture (OV) announced on 8 June 2020 that it acquired the remaining 37% minority stake in its dovitinib asset for SEK36m in stock (25.9m shares issued at SEK1.388 per share). The deal also includes a 10% royalty payment over the next 24 months following the signing (although we do not expect significant revenue from the asset during this period). The product’s new drug application is currently planned to be submitted to the FDA in H220.Oncology Venture A/S, formerly known as Medical Prognosis Institute A/S, is a Denmark-based company engaged in the development of anticancer medicines. It is primarily focused on the tool development for identification of patients with the highest probability of responding to a particular drug candidate, which increases the chance that the drug candidate is to be successful in clinical trials. The Company aims to improve the response rate of anticancer medicines whose clinical development has been suspended. After the clinical trials, the Company is to out-license or sell the drug candidates with a high response rate. The Company's main drug candidates are comprised of APO010, Irofulven and LiPlaCis.
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