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OSLO - Oncoinvent AS, a clinical-stage biotech company currently trading at NOK 0.15 per share, announced Wednesday progress in its ongoing Phase 2 trial for ovarian cancer, with a focus on maximizing patient recruitment and expanding trial sites. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt on its balance sheet.
The clinical-stage biotechnology company reported positive interim 18-month data from its Phase 1 trial in ovarian cancer patients and noted successful completion of the safety lead-in cohort for its randomized Phase 2 trial, according to a press release.
Oncoinvent also highlighted positive final data from its Phase 1/2a trial in colorectal cancer patients. The company has received regulatory approvals for additional sites for the randomized Phase 2 trial in ovarian cancer, with expected onboarding before the end of 2025.
The company’s lead product candidate, Radspherin, uses the alpha-emitting radionuclide radium-224 to target micro-metastases post-surgery. Preliminary clinical efficacy data has been encouraging with no serious toxicity or safety concerns reported to date, the company stated.
On the financial front, Oncoinvent reduced operating expenses by 28% compared to the previous year. The company also completed a merger with BerGenBio and secured a fully guaranteed rights issue of NOK 130 million. InvestingPro data reveals the company’s current ratio of 2.49 indicates strong short-term liquidity, though the company is experiencing rapid cash burn. With a market capitalization of approximately $14 million and revenue growth of 40% in the last twelve months, investors seeking deeper insights can access additional financial metrics and analysis through InvestingPro.
Radspherin is being investigated for the local treatment of cancer that has spread to body cavities. It is administered intraperitoneally after surgical resection with removal of all macroscopic tumors in patients with peritoneal carcinomatoses from ovarian and colorectal cancer.
Oncoinvent is listed on the Euronext Growth Oslo and operates a manufacturing facility in Nydalen, Oslo, producing drug products for clinical trials. The stock has shown resilience with a 5.7% return over the past week, though it remains significantly below its 52-week high of $0.39. InvestingPro subscribers can access over 30 additional financial metrics and exclusive insights about the company’s valuation and growth prospects.
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