Posts

Oslo Cancer Cluster`s start-ups highlighted in investor report

A recent analysis from the audit and advisory company EY is cautiously optimistic on behalf of startup companies in the Nordic Life Science industry – and points to possibilities within Oslo Cancer Cluster.

The analysis, which was commissioned by Norwegian Investinor and Swedish Industrifonden, points to four segments in the Nordic life science market that has the most mature startup companies, and thus are believed to be most attractive for investments: oncology (cancer treatment), inflammation treatment, niche products and imaging. From these segments, several startup companies have already appeared. They have also raised substantial capital.

Some Norwegian examples are Nordic Nanovector, BerGenBio and Targovax, which has raised a total of NOK 485 million in 2014 .These companies are all members of Oslo Cancer Cluster, developing cancer treatments using different technologies.

Excellent quality of research
The strength of the Nordic life science industry is the quality of the research performed, especially in some selected clusters, such as the Oslo Cancer Cluster. Scientific development is a key driver for innovation in the highly regulated pharmaceutical industry.

The biggest concern among life science industry players interviewed in the survey is however, the attention from investors, especially from professional investors with industry insights, which can handle the risks of investing in the earliest stages of company development.

─ The early phase of life science involves great risk, but can also give great returns, so investors should pay close attention to what is now happening in Oslo Cancer Cluster and corresponding clusters, says Ann- Tove Kongsnes, Investment Director of Investinor.

Investinor actively works to attract more foreign investors to Norwegian life science industry, and has also made ​​two investments together with Swedish Industrifonden in Oslo Cancer Cluster members Smartfish and Pharmalink.

 

 

 

 

Bergen Bio Raises MNOK 75

BerGenBio AS, an oncology biopharmaceutical company, announces that it has raised NOK75 million (c.$12.5 million) from a syndicate of new and existing investors through a private placement. This follows a $6.0 million round in May 2013.

Proceeds from the financing will be used to support the development of the Company’s innovative portfolio of innovative cancer therapeutics.This includes the on-going clinical development of its lead drug candidate, BGB324, a first-in-class selective AXL kinase inhibitor, which is currently in Phase Ib clinical studies to evaluate its safety and initial signs of efficacy to treat different cancers as a single agent and in combination with other drugs.

Fund pipeline advancement
The funds raised will be used to complete these studies, data from which is anticipated in 2015. BGB324 is the only selective Axl receptor tyrosine kinase inhibitor in clinical development to target tumour epithelial-mesenchymal transition (EMT) and has a potential application as a novel treatment for drug-resistant solid and hematological cancers, including non-small cell lung cancer and acute myeloid leukemia.

Richard Godfrey, CEO of BerGenBio commented: “I would like to thank our new and existing investors for their support. This important funding will enable us to advance our pipeline to key value inflection points. We believe that targeting Axl is a promising new approach to treating drug resistant cancers. We look forward to using this investment to continue exploring the clinical opportunity for our lead Axl inhibitor, BGB324, and our other candidate compounds.”

Huge market potential
Sveinung Hole, Managing Partner Sarsia Seed commented “At the seed stage we recognised the huge addressable market potential for BerGenBio`s EMT inhibitors and have continued to support the Company throughout its development. I am delighted the Company continues to attract funding and is able to progress its promising pipeline of novel targeted cancer therapies through further clinical development and realising significant value gain.

Ann-Tove Kongsnes, Investment Director, Investinor AS added, `we are excited by the Company’s prospects and are confident in the management team’s ability to drive these programs forward.”


About the Axl kinase receptor

The Axl tyrosine kinase receptor is regarded as one of the most promising new therapeutic targets for cancer drug  development It is upregulated in tumours residing in a hostile micro-environment and plays a crucial role in the epithelial-mesenchymal transition (EMT), which in turn is a key driver of metastasis (cancer spread) and a mechanisms of acquired drug-resistance.

About BerGenBio AS
BerGenBio AS is a biopharmaceutical company located in Bergen, Norway. The company is committed to developing first in class therapeutics that inhibit tumor EMT, preventing the formation of cancer stem cells and disrupting the important mechanisms of acquired cancer drug resistance. The company is founded on proprietary platform technology called CellSelect™, which uses information from RNAi screening studies to identify and validate novel drug targets and biomarkers. BGB324 is the first compound in BerGenBio’s pipeline to enter clinical trials, with additional compounds and drug targets at different stages of preclinical development. www.bergenbio.com

 

BerGen Bio develops novel treatment for leukemia

Oslo Cancer Cluster member BerGenBio announce that preclinical studies on the agent BGB324 may be effective as new treatment for patients with drug resistant Chronic Myeloid Leukemia (CML). The data was presented in a poster at the Annual Meeting of the American Society of Hematology (ASH) early December.

It is estimated that CML accounts for approximately 10% of all new cases of leukemia. The disease originates from malignant stem cells in the bone marrow and ultimately spreads throughout the body developing into a rapidly progressive and almost uniformly fatal acute.

CML is now largely treated with targeted drugs called tyrosine kinase inhibitors (TKIs), which have led to improved long term survival rates and allow most patients to have a good quality of life when compared to the former chemotherapy drugs. Novartis’ Gleevec (imatinib) and Tasigna (nilotinib), and Bristol Myer Squibb’s Sprycel (dasatinib) are examples of these new targeted drugs.

Effective against drug resistance
However, long term therapy with the new treatment can result in the development of drug resistance and new mutations. BerGenBio’s preclinical in vivo studies shows that BGB324 may be effective as therapy taken alone, in leukemia and solid tumors, and is very effective in preventing and reversing acquired resistance to existing therapies.

The results are based on work conducted by Dr. Sonja Loges’ group at the University Comprehensive Cancer Center in Hamburg: “There is a significant unmet need for novel therapies that can address drug-induced resistant cancers”, comments Dr. Sonja Loges.

“The results of the preclinical studies support our belief that BGB324 could also offer a promising potential new treatment option for chronic myeloid leukemia, especially in patients that are resistant to the current standard of care.”

BerGenBio’s cancer drug BGB324 is the only selective Axl inhibitor in clinical development having recently completed a phase Ia clinical trial. Phase Ib clinical trials are planned in acute myeloid leukemia and non-small cell lung cancer in 2014.

Read the press release on BerGenBio’s website and the abstract in full on the American Society of haematology website.

About the Axl kinase receptor

Axl is a member of the Tyro3, Axl, Mer receptor (TAMR) tyrosine kinase family and is a fundamental receptor to cancer biology. It plays a crucial role in the epithelial-mesenchymal transition (EMT) which is a key driver of metastasis (cancer spread) and a mechanism of drug-resistance. The Axl receptor is regarded as one of the most promising new therapeutic targets for cancer drug development. BGB324 is a first-in-class, highly selective small molecule inhibitor of the Axl receptor tyrosine kinase.

About BerGenBio AS
BerGenBio AS is a biopharmaceutical company located in Bergen, Norway and member of Oslo Cancer Cluster. The company is committed to developing first in class therapeutics that inhibit EMT, preventing the formation of cancer stem cells and disrupting the important mechanisms of acquired cancer drug resistance. The
company is founded on proprietary platform technology called CellSelect™, which uses information
from RNAi screening studies to identify and validate novel drug targets and biomarkers. BGB324 is
the first compound in BerGenBio’s pipeline to enter clinical trials, with additional compounds and drug
targets at different stages of preclinical development.