Biovica, Uppsala, Sweden, has successfully managed to ensure funds to deliver on the company’s business plan, which involves expanding the reach of its DiviTum blood test. Together with its financial advisor, Vator Securities, Stockholm, Sweden, the company has raised SEK 30 million in an oversubscribed issue of new shares.
DiviTum is a blood test for the rapid and reliable evaluation of therapy efficacy in patients with advanced cancer. The first application of the company’s test is evaluation of the efficacy of specific treatments in advanced breast cancer. The aim is to give physicians more supporting data in order to optimize treatment outcomes for patients.
“This successful issue of new shares is an important step in the execution of our business plan, which aims to establish DiviTum as a unique test for evaluation of targeted cancer therapies,” says Anders Rylander, CEO of Biovica. “There is a great need for new assays in this area. Biovica’s vision is to provide innovative approaches in order to enable cancer patients to receive the best possible treatment.”
A new class of drugs called cyclin-dependent kinase inhibitors can be used to treat up to 75% of all patients with advanced breast cancer. Rapid evaluation of treatment efficacy and early identification of drug resistance enable physicians to replace ineffective treatments with other cancer drugs for optimal patient outcome.
Twelve clinical studies demonstrate the ability of DiviTum to perform as a prognostic, predictive, and response-monitoring assay in cancer patients with solid tumors. The company has 10 additional ongoing clinical trials with a number of international partners, including the Dana Farber Cancer Institute, the Breast International Group, the International Breast Cancer Study Group, and the Karolinska Institute. More than 20,000 patient samples have been analyzed with the DiviTum technology.
“Biovica is a truly exciting company with great potential, both in economic terms and the benefits its products can bring to cancer patients during treatment,” says Homan Panahi, CEO of Vator Securities. “Vator Securities has enjoyed working with Biovica, and there has been considerable interest from investors to participate, resulting in an oversubscribed issue of shares in a short time.”
For more information, visit Biovica.