On May 6, 2020 Oncology Venture A/S ("OV" or the "Company") reported that is has secured a US $5 million (50 million SEK) investment and entered into a share subscription agreement with Global Corporate Finance (Press release, Oncology Venture, MAY 6, 2020, View Source [SID1234557152]).
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The investment and share subscription agreement are with Global Corporate Finance (GCF) (New York City, NY, U.S.) and will support Oncology Venture’s continuing development and commercialization of its prioritized pipeline of cancer drugs together with their DRP companion diagnostics. GCF is a private family office that invests in both public and private companies across the globe.
Steve Carchedi, CEO of Oncology Venture, commented "We are thrilled to have the long-term investment and support of GCF to help continue advancing our prioritized drug programs towards near-term value inflection points. We further welcome this broadening of our investor base to include a prominent U.S. based family fund, as we push towards securing institutional investment support in the U.S."
Nino Scalamandre, Director of GCF, noted "We believe there is a significant upside potential in Oncology Venture, both due to the company’s late stage drug development programs and its unique DRP technology platform, and we are pleased to invest in the company at this stage to help it unlock its full potential and bring new cancer therapies to patients."
The main conditions and structure of the financing agreement are:
The agreement runs for 36 months, during which time Oncology Venture can solely decide to exercise investment by GCF in five (5) tranches of up to US $1 million (10 million SEK) each against issuing Company shares to GCF.
The share subscription price in each tranche shall be calculated as 95% of the daily volume weighted average price (VWAP) of the Company’s shares for the five (5) consecutive trading days following the date of a draw down notice from OV.
The financing costs for Oncology Venture are five percent (5%) of the total commitment of US $5 million (SEK 50 million), excluding legal and administrative costs.