Oncoinvent ASA (BRRGF) M&A Call Transcript

2025-11-04 04:46:25 ET

Oncoinvent ASA (BRRGF) M&A Call November 4, 2025 2:30 AM EST

Company Participants

Oystein Soug - Chief Executive Officer
Kari Myren - Chief Medical Officer

Presentation

Oystein Soug
Chief Executive Officer ...

Good morning to everyone watching live, and hello to those of you who watch the recording of Oncoinvent's Third Quarter update for 2025. Today is the 4th of November. I'm Oystein Soug. I'm the CEO of the company. And with me today, I have Kari Myren, the Chief Medical Officer. And since this is not a half yearly report and merely a quarterly update, we will just give you an update on the developments of the company without the full financials.

You can ask questions through the system. And towards the end of the session, we will strive to answer your questions. These are the disclaimers. Today, we'll go through the highlights, also the upcoming milestones. And last but not least, give a clinical update with the latest data from our trials. So the biggest highlight of the quarter was certainly the final data in ovarian cancer, our Phase I trial that read out in October.

Kari will give you a detailed overview of those data in a few minutes. But also on the colorectal cancer side, we actually announced the data before the summer. But now just last week, we presented the data on PSOGI, the International Congress for Peritoneal Surface Malignancies in Barcelona.

On the corporate side, during the quarter, we completed our merger or reverse merger, if you like, with BerGenBio, thereby also uplisting from Euronext grows to Oslo Børs main markets. And we also have announced and secured a fully underwritten rights issue to be executed in November.

And first, let's talk about the merger with BerGenBio. So the deal was signed in June, and it was completed last week on the 29th of October. The merged company has taken the name Oncoinvent ASA, so the same as the old Oncoinvent and is now trading on the Oslo mainboard under the old ticker ONCIN. Now for you as shareholders, this does not require any particular action, but the BerGenBio shareholders, they will now see their shares listed under a new name and under a new ticker. Now following the merger, we will also, as announced in June, execute a fully underwritten rights issue of NOK 130 million.

Now the pricing of that rights issue is not yet set. So it will depend on several factors, amongst others, the weighted average share price until the 11th of November. And then on the 13th of November, all existing shareholders will receive subscription rights, which will be tradable from the 17th to the 25th of November, and the subscription period for the shares themselves will be open until the 1st of December with payment on the fourth. So just to remind you, the raise is 100% underwritten. It's 100% guaranteed, so this will take place.

In terms of cash, the company had NOK 45 million in the bank at the end of the quarter through the merger of BerGenBio, we will have an additional NOK 45 million cash coming from the BerGenBio side. And as I mentioned, there will be a fully underwritten rights issue in November of NOK 130 million, which all in all, will give us a runway into 2027. Now Kari will get the floor and talk about the clinical development in a second, but I want to show you this overview. Because the NOK 175 million that we acquired through the merger and the rights issue will indeed be very meaningful for the company. The pale green star that you see on this slide, in the second half of 2026, represents our first randomized interim data in the Phase II trial in ovarian cancer. Clearly, our most important data point so far.

And with the new cash, Oncoinvent will have runway beyond this data point and into 2027. So with the cash at hand, we can get to our first Phase II data. And with that, I give the word to Kari to take us through the clinical update, Kari.

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