Oncorena Secures Full Subscription for New Share Issuance
Oncorena Announces Successful Subscription of New Shares
Oncorena has reported that it has successfully completed a new share issuance that was fully subscribed, raising a total of 133 million SEK (approximately US$ 13.9 million). These funds are earmarked for the continuation of clinical trials for their innovative treatment targeting renal cancer patients.
Investment for Clinical Study
The financing from this share issuance will enable Oncorena to further its clinical study, known as Oncorella-1, which focuses on the investigational drug ONC175. This study is vital in paving the way for patients suffering from metastatic clear cell or papillary renal cell carcinoma. The initial phase of the study has been completed and the funds will now facilitate the engagement of around 20 additional patients for the next stage, particularly those undergoing hemodialysis. This pivotal part of the study is crucial as it will help determine the effective dosage of ONC175.
Implications of the Research
The advancement of ONC175 is particularly significant because it aims to provide new hope for patients in desperate need of treatment options. With the additional financial resources, Oncorena is positioned to expand its research capabilities, including conducting the clinical study in multiple hospitals.
Leadership Insight
Börje Haraldsson, the CEO and co-founder of Oncorena, expressed gratitude toward the shareholders, especially major investors like HealthCap and Linc, for their unwavering support. He emphasized the importance of these contributions in advancing a therapy that could significantly improve the lives of patients facing serious medical challenges. Haraldsson is optimistic about the potential of ONC175 and anticipates results that could reshape treatment standards in the coming year.
Understanding ONC175
ONC175 is an investigational drug that utilizes synthetically produced orellanine as its active ingredient. This compound targets the kidneys specifically and has shown promise in preclinical studies, demonstrating efficacy in eliminating metastatic renal cancer cells while sparing other organs from adverse effects. The overarching aim is to establish ONC175 as a viable curative option for patients with advanced renal cancer, particularly those who are on dialysis.
Kidney Cancer Statistics
Globally, kidney cancer affects approximately 400,000 individuals each year, as reported by health organizations. Though surgery can effectively treat early-stage cancers, metastatic cases are often more complex and present a significantly poorer prognosis. Current treatments generally involve various targeted therapies that, while helpful, do not guarantee a cure. The need for groundbreaking and effective therapies remains critical.
About Oncorena
Oncorena AB is based in Lund and is committed to innovating treatments for patients battling metastatic renal cancer. Their research, led by Professor Börje Haraldsson at the University of Gothenburg, seeks to bring forth new solutions driven by their findings from in-depth studies. Oncorena continues to receive backing not only from prominent investment entities but also from innovation agencies. They stand committed to their mission of developing treatments that could change the landscape of kidney cancer care.
Frequently Asked Questions
What was the purpose of Oncorena's new share issuance?
The share issuance aimed to raise funds for advancing the Oncorella-1 clinical study of ONC175, which focuses on kidney cancer treatment.
Who are the major investors in Oncorena?
Major investors include HealthCap and Linc, along with several smaller shareholders who supported the new share issuance.
What is ONC175?
ONC175 is an investigational drug designed to treat metastatic renal cell carcinoma using the active component orellanine, which specifically targets the kidneys.
Where is the ongoing clinical study taking place?
The clinical study is being conducted at various hospitals, including a site at Karolinska University Hospital.
Why is there a need for treatments like ONC175?
Current kidney cancer treatments often fall short of being curative, creating an urgent need for innovative therapies that effectively target this aggressive disease.
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