Press release Oncology Venture & Alpha Blue Ocean mutually terminates agreement with EHGO as part of final financing

Hørsholm, Denmark, 24 February 2020 – Oncology Venture A/S (“OV” or the “Company”) today announces that it has negotiated a termination of the agreement with EHGO as part of a final financing in which the Company will receive approximately SEK 10,5 million in cash in return for the issuance of specified shares and warrant shares. The company committed not to issue further shares for the next 30 days.

Background:

On 30 November 2018 Oncology Venture entered into a financing agreement with EHGO. The agreement was approved by the Company’s shareholders at an extraordinary general meeting held December 18^th, 2019 in the form of adopting the necessary authorization to perform under the agreement.

The financing was available for a period of up to 24 months

A description of the financial agreement with EHGO is included in the press release dated 30 November 2018 and, in the Prospectus, dated 21 October 2019 under “Financing agreements” from page 98. The prospectus can be found on the company website: https://oncologyventure.com/wp-content/uploads/2019/12/Prospectus_Onco ...

Decision:

Oncology Venture has negotiated a termination of the financing facility with EHGO. As part of the termination of the facility, EHGO, in exchange for approximately SEK 20 million of cash (before netting out specified commitment fees and expenses) has subscribed for 9,330,000 shares in Oncology Venture of nominal DKK 0.05 each and Oncology Venture has issued 3,996,864  warrants each conferring a right to subscribe nominal DKK 0.05 share of Oncology Venture at an exercise price of SEK 3.3 per share within an exercise period of 36 months.

The net proceeds to OV is approximately SEK 10,5 million upon settlement and if the warrants are exercised then the Company will receive an additional SEK 13.2 million.

The registered share capital before the issuance of shares amounts to 121,336,079 shares of nom. value DKK 0.05 each. Following the issuance of the shares Oncology Venture’s registered share capital will amount to 130,666,079 shares of nominal DKK 0.05 each.

The shares and warrants are expected to be issued within 24 hours from today’s date.

For further information, please contact:
Henrik Moltke, CFO
E-mail: [e-mail]
Telephone [phone]

For more information, please visit www.oncologyventure.com

About Oncology Venture A/S
Oncology Venture A/S (Nasdaq First North Growth Market Stockholm: OV.ST) develops drugs for personalized treatment of cancer guided by its proprietary drug response predictor technology, DRP. The Company’s current priority program focus is for advancement of 2X-121, IXEMPRA, and Dovitinib:  2X-121 – a PARP inhibitor in Phase 2 for ovarian cancer; IXEMPRA (Ixabepilone) – an approved and marketed (U.S.) microtubule inhibitor being advanced for Phase 2 development (in EU) for treatment of breast cancer; Dovitinib – a post Phase 3 product, being prepared for a US NDA approval filing in renal cell carcinoma (RCC). In addition, the company holds the rights for additional four programs: LiPlaCis  – a liposomal formulation of cisplatin for the treatment of breast cancer; 2X-111 – a targeted, liposomal formulation of doxorubicin for the treatment of breast cancer; Irofulven – a DNA damaging agent for the treatment of breast cancer; and APO010 – an immuno-oncology product for the treatment of multiple myeloma.