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Introduction & Market Context
Oncoinvent ASA ( Euronext (EPA:ENX) Growth:ONCIN) presented its Q1 2025 corporate update on April 30, 2025, highlighting the progress of its lead radiopharmaceutical therapy, Radspherin®, which targets peritoneal metastases in ovarian and colorectal cancers. The company’s shares closed at 2.84 NOK, down 3.17% on the day of the presentation.
Peritoneal metastases represent a significant unmet medical need, with 70% of ovarian cancer patients having these metastases at diagnosis and up to 85% relapsing after surgical resection. Similarly, colorectal cancer patients with peritoneal metastases have limited treatment options compared to those with liver or lung metastases.
Executive Summary
Oncoinvent’s presentation focused on the continued development of Radspherin®, an alpha-emitting radiopharmaceutical therapy that delivers radiation directly to the peritoneum. The company reported encouraging efficacy signals from its Phase 1 trials, with significantly lower recurrence rates compared to historical controls in both ovarian and colorectal cancer patients.
"I am proud to be part of a study program exploring whether Radspherin® may become a novel therapy that can prevent disease progression, offering hope for a better and longer life for my patients," said Dr. Luis Chiva, Principal Investigator and Director of Department of Obstetrics and Gynecology at Clinica Universidad de Navarra.
The company maintains a solid financial position with NOK 105 million in cash as of March 31, 2025, providing runway into 2026, following a successful NOK 130 million private placement and Euronext Growth listing in December 2024.
Clinical Development Highlights
Oncoinvent’s Phase 1 trial in ovarian cancer has shown promising results, with only a 10% recurrence rate at 18 months compared to a 40% historical control rate. This data suggests Radspherin® may significantly reduce disease recurrence in this difficult-to-treat population.
As shown in the following chart comparing recurrence rates:
Similarly, in colorectal cancer, the company reported a 15% peritoneal recurrence rate versus more than 50% in historical controls, based on 18-month data from 20 of 36 patients receiving the 7 MBq dose.
Dr. Stein G. Larsen, Principal Investigator and Chief of Gastrointestinal Surgery at the Norwegian Radium Hospital, emphasized: "Peritoneal metastases from colorectal cancer is a condition for which there is an urgent unmet need for novel treatment options. Patients with liver and lung metastases benefit considerably from several other new treatment options, but not those with peritoneal metastases."
The following chart illustrates this significant difference in recurrence rates for colorectal cancer patients:
The Phase 1 ovarian cancer trial continues to show durable responses, with no new recurrences observed between the 12-month and 18-month timepoints:
The company has advanced to the randomized portion of its Phase 2 trial in ovarian cancer following a positive safety review of the lead-in cohort. This marks the first evaluation of Radspherin® in the front-line treatment setting, as previous studies focused on recurrent disease.
The Phase 2 study design includes patients with peritoneal metastases after neoadjuvant chemotherapy who are eligible for complete resection. The trial will randomize 90 patients in a 2:1 ratio to standard of care plus Radspherin® versus standard of care alone:
Financial Position
Oncoinvent reported a cash position of NOK 105 million as of March 31, 2025. Based on its current operating plan, the company expects this to fund operations into 2026, including the continued development of Radspherin® in the ongoing Phase 2 trial.
While the company anticipates increased Clinical R&D expenses associated with advancing its clinical programs, it remains committed to disciplined financial management. No material changes to operating cash burn are expected in the near term compared to prior periods.
The company is also exploring potential strategic options to extend its cash runway further, including business development initiatives, partnerships, and potential financing opportunities.
Strategic Initiatives & Upcoming Milestones
Oncoinvent outlined several near-term catalysts that could drive value for the company:
Key upcoming milestones include:
- Final 18-month data from the Phase 1/2a colorectal cancer trial (36 patients, 7 MBq) in late 1H25
- Final 24-month data from the Phase 1 ovarian cancer trial (10 patients, 7 MBq) in 2H25
- Interim 9-month data from the Phase 2 ovarian cancer trial in late 2H26
The company is also focused on maximizing patient recruitment for its Phase 2 trial through various initiatives, including advisory board meetings, investigator meetings, protocol amendments, and potentially adding new countries and sites.
Competitive Industry Position
Oncoinvent’s approach differentiates it from most radiopharmaceutical companies that focus primarily on GEP-NET and prostate cancer. Radspherin® targets peritoneal metastases across multiple cancer types with a receptor-independent mechanism of action.
The company’s intellectual property position is robust, with composition of matter and use patents granted in major markets with expiry in 2035-2036 (extendable by 5 years). Additional patent applications for formulation, clinical doses, and combination therapies could extend protection to 2041-2044.
Oncoinvent has in-house GMP production capability, with the current facility supplying Phase 2 trials. Outsourcing and scale-up will be required for Phase 3 development.
As the company advances its clinical programs, Radspherin® has the potential to address a significant unmet need in the treatment of peritoneal metastases, potentially transforming the standard of care for patients with limited therapeutic options.
Full presentation:
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