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Missed Us at Oslo Innovation Week?

Luckily, all our events at Oslo Innovation Week and Forskningsdagene are available for a rerun. Have a look!

We had great audiences during our three events on the 27th and 28th of September. If your were not among them, sitting in the brand new science centre of the Norwegian Cancer Society, do not despair. The events were all live streamed on Facebook. You still have a chance to experience them right here.

The events were co-hosted with our partners the Norwegian Cancer Society, the Norwegian Radium Hospital Research Foundation (Radforsk), IBM, Cancer Research UK, Norway Health Tech and EAT.

 

The first event of the week was titled “Antibiotic resistance and cancer – current status, and how to prevent a potential apocalyptic scenario”.

Antibiotic resistance and cancer – Current status, and how to prevent a potential apocalyptic scenario #OIW2017

Posted by Kreftforeningen on Tuesday, September 26, 2017

 

Our secondary event had the title “Cancer research and innovation – benefit for patients”.

Cancer research and innovation – benefit for patients #OIW2017

Posted by Kreftforeningen on Wednesday, September 27, 2017

 

The third and final event on our Oslo Innovation Week calendar was about how big data may transform the development of cancer treatments. 

How Big Data may transform the development of cancer treatments #OIW2017

Posted by Kreftforeningen on Wednesday, September 27, 2017

The PERMIDES project hosts international workshops for their participants. This is from a workshop in Oslo in May 2017.

Funding Innovation in BioPharma and IT

What kind of work does it take to receive PERMIDES funding for innovative concepts and projects? Meet one of the companies that just received funding. 

 

22 collaboration projects will receive a total of 1,25 Million Euros from PERMIDES for innovation projects between small and medium sized enterprises (SMEs) from biopharma, bioinformatics and the IT sector. 

One of the lucky companies to receive innovation funding is Oslo Cancer Cluster member Myhere. For MyHere, it was especially important that the PERMIDES initiative is focused on the intersection between BioPharma and IT.

– Working with partners that are specialized in our field makes it easier to communicate the mission we are on, the concrete problems we are trying to solve and to qualify if we are a good match for each other or not. Furthermore, as we learned about the people and companies involved with PERMIDES, we discovered that we could learn a lot from the experiences of other SMEs in the program, says Jon-Bendik Thue, CEO at MyHere.

An innovative health app
MyHere’s mission is mainly carried out through the use of their app. This app, which pinpoints levels of Prostate Specific Antigen (PSA) in the bloodstream, enables a clearer outlook on potential prostate cancer and when to promptly, and timely, seek help. Thus, this app creates a balanced overview of prostate cancer that can save the patient and doctor from underdoing and overdoing the process. Essentially, the app is designed to save lives.

In this video, from MyHere’s webpage, the company explains the concept:

Essential health data
The funding will enable MyHere to start with a project that manages content from owners of health data. Health data is a tremendous resource, but unfortunately also tremendously underutilized. One important factor is the issue with getting consent from the owner of health data for research purposes. Typically, the owner is the individual the information was generated from, often in the role as a patient.

– As a provider of medical services directly to consumers, while at the same time organizing data across patient journeys, we are in a unique position to help solve the issue with consent for use of data. The funding from PERMIDES will allow us to build a dynamic data owner content management system, that will be integrated into our medical service platform. We are very excited about this project and we look forward to implementing it with our partner FramX, says Thue.

– Without this funding, we would have had to postpone the initiative without knowing when we would be able to realize it. Now we are thrilled that we will be able to hit the ground running right after the short Norwegian summer, he adds.

More winners in this round
Another Oslo Cancer Cluster member that got funding in this PERMIDES call is Arctic Pharma, a small start-up company committed to developing innovative anti-cancer drugs by exploiting the peculiar metabolic features of cancer cells.

These two Oslo Cancer Cluster members were among six Norwegian companies involved in four successful applications for Innovation Voucher funding. All of them will be able to initiate their joint projects in August and expect to see results early next year.

 

“Helsemyggordningen” proposed for the Norwegian Parliament

The liberal party Venstre have proposed the implementation of the “Helsemyggordningen,” a financial mechanism for stimulation of health innovation, for the Norwegian Parliament. The proposal have been designated to the The Standing Committee on Finance and Economic Affairs in the Parliament.

“Helsemyggordningen” was raised for the Norwegian Parliament on March 19th as a so-called Document 8-proposal. The “Helsemyggordningen” is inspired by a similar and highly successful mechanism to stimulate innovation in the oil and gas sector, named “oljemyggordningen” – hence the name.

Joint cluster proposal
Oslo Cancer Cluster, Oslo Medtech and Nansen Neuroscience Network proposed the “Helsemyggordningen” jointly at a meeting in December 2013, were a report from Menon Buiness Economics analysing the effect of the instrument was made public. The report concludes that this is a scheme that may be implemented in a simple way, and may be very effective in stimulating health innovations.

The three clusters are all very pleased that the liberal party Venstre have lifted the initiative politically.

Read the Document 8-proposal from Venstre here.
Read the report of “Helsemyggordningen” from Menon Business Economics here.

Norwegian Cancer Society initiate investment fund

The newly employed Head of Biotech Investments in The Norwegian Cancer Society, Sigrid Fossheim, has already had several meetings with potential oncology companies to invest in. – We aim to make our first investment before the Summer of 2014, says Fossheim.

The Norwegian Cancer Society is the largest private contributor to cancer research in Norway. Annually the Society grants approximately MNOK 180 to cancer research.

Earlier this year the Norwegian Cancer Society announced they would start investing in early-stage companies and projects within oncology. Head of Biotech Investments Sigrid Fossheim, known from Oslo Cancer Cluster members as Epitarget and Clavis Pharma, has already had meetings with several companies and Tech Transfer Offices (TTO`s), hoping to tap into the available funding of MNOK 75 over five years.
Will make a difference
“We have some specific criterias for our investments of course, but for us the overall goal is to accelerate the development of new therapies and diagnostics for the benefit of the cancer patients. The rule of thumb when we invest is, that we will make a difference, meaning the funding should release the potential of a project and help the company through a critical phase where capital is scarce, says Fossheim

And adds: “A successful investment from our perspective implies that the company for instance has been able to undertake critical and risk reducing project activities rendering it more attractive to larger investors that can further finance the company to project commercialisation and patient benefit.”

As a general rule at least one co-investor should invest in the project or company in collaboration with the Norwegian Cancer Society.

“Having a co-investor is important for us in order to learn the do`s and don’ts of the trade. We have a tight dialogue with all actors in the field, both public and private, including the TTO`s,” says Ole Alexander Opdalshei, Deputy Secretary General.


Hope to inspire others to invest

The news that the Norwegian Cancer Society would start investing was very well received by the oncology community when the initiative was first announced in May this year. For the Society this is an entirely new role, and a very different role than funding cancer research, says Opdalshei.

“For us this is a political statement as well. We hope that through investing, the government and private investors understand that there is a huge need for capital to take oncology research from bench to bedside. We see too few promising projects reach the cancer patients, due to lack of funding in some critical phases. Hopefully our entry onto this scene will inspire others to take the leap – in collaboration with us,” says Opdalshei.

The Society will at the start of the 2014  have meetings with both Innovation Norway and the Norwegian Research Council, addressing the need for more early-stage funding in this area.

“We were very surprised and let down when we got the news that none of the governmental seed capital funds went to biomedicine. This is an area that deserves funding to transform the excellent research to actual patient care, says Opdalshei.

Contact us and set up a meeting
Fossheim encourages oncology start-ups and TTO`s that need funding, to contact her and set up a meeting for a first evaluation.

“If the company or TTO has a promising project that falls within the scope of the Society’s investment mandate, we will encourage the company/TTO to apply for investment funds, following some overall guidelines and providing the necessary documentation. If the evaluation of the company is positive with amongst other the fulfillment of the Society’s investment criterias – an investment proposal will be presented to the Investment Committee for recommendation. The board of the Norwegian Cancer Society will however have the final decision-making authority with regard to investments recommended by the Investment Committee, “says Fossheim.

Flowchart investment process Norwegian Cancer Society.

Facts – Norwegian Cancer Society`s Investments in Oncology:

  • MNOK 75 over a five-year period
  • Early-stage companies/projects
  • Investment criterias at an organizational level:
    1) Unlisted companies
    2) Main business area within oncology
    3) Well –organised and professionally run projects/companies
  • Investment criterias at a project level:
    1) Unique product with high potential for improved cancer care
    2) Unmet medical needs addressed
    3) Patent protection
    4) Competent and experienced team
    5) Proven capability in project execution
    6) Clear and achievable milestone plan
    7) Robust and suitable business model
    8) Low negative, reputation risk
    9) Conformity with the ethical guidelines of the Norwegian Cancer Society

Investment Committee members:

  • Terje Kalland, Chief Scientific Officer, Karolinska Development
  • Hans Peter Bøhn, physician and former healthcare analyst at Fondsfinans
  • Tom Pike, life science industry professional
  • Hilde Steineger, Head of Innovation Management, Pronova Biopharma
  • James Lorens, Professor at University of Bergen and co-founder of BerGenBio


For more information:

Contact Sigrid Fossheim, Head of Biotech Investments, The Norwegian Cancer Society: sigrid.fossheim@kreftforeningen.no /+ 47 982 38 465


About the Norwegian Cancer Society

The Norwegian Cancer Society is a nationwide organization that addresses the challenges of cancer and funding research is its main priority. The Society provides approximately 25 per cent of all direct funding for cancer research in Norway, and is also actively involved in cancer prevention and international collaboration.
The Society’s main goals are s to reduce cancer incidence, increase cancer survival and achieve optimal life quality for cancer patients and their families.
Read more on the Norwegian Cancer Society’s website.

 

Helsemyggordning – financial instrument for health innovation

December 11th 2013, Oslo Cancer Cluster, Oslo Medtech and Nansen Neuroscience Network launched a proposal for a new financing mechanism to stimulate innovation from the health- and biotech industry.

The proposal was very well received among the politicians, industry, public organisations and investors at the debate meeting in conjunction to the launch. Conservative Member of Parliament Kristin Vinje viewed the scheme as an exciting proposition that it is worthwhile to investigate further.

The three health clusters have named the scheme “Helsemyggordning”, building on a similar financial instrument from the oil and gas industry that was established to encourage exploration and development activity among young and small petroleum companies.

To stimulate increased health innovation, the scheme “Helsemyggordning” would involve cash payments of tax deduction related to the cost of development and testing of health products and health technologies innovators who are not liable to tax. When the company gets profits and are liable to tax, they must repay the tax paid for the development and testing costs. The system thus acts as an interest-free capital loans from state to the health innovations.

Acting CEO in Oslo Cancer Cluster, Jónas Einarsson, says the scheme may  trigger the huge potential within Norwegian health R&D. “We are at a critical stage now, as the biotech projects coming out are more mature and in a need for early funding,” says Einarsson.

Menon Business Economics have analysed “Helsemyggordningen”. They conclude that it is easy to administrate, predictable, and targeted.

Please find more in debth information here:

Report on “Helsemyggordningen”

Presentation of Helsemyggordningen, by Erik Jacobsen, Menon Business Economics.