Investinor is making a 1.4 MNOK investment in the newly founded biotech company Hubro Therapeutics AS. Hubro will develop a technology platform for cancer vaccines targeting stomach and colon cancer. Cancer vaccines are a form of immunotherapy which attacks cancer cells by promoting an immune response in cancer patients. Vaccines have been a popular field in research for several decades but have yet to achieve a commercial breakthrough. Norway has a strong position with several cancer vaccine companies listed on the Oslo Stock Exchange.
Hubro’s technology stems from a previous research collaboration between Norsk Hydro and Radiumshospitalet. Following Targovax and Ultimovacs, Hubro will be the 3rd company to initiate trials based on findings from this research project. The company’s founder and CEO, Mr. Jon Amund Eriksen, has been central in this project and has vast experience both within R&D and operations from among others Targovax.
The investment in Hubro is done together with Investinor matching partner Radforsk as part of Investinor’s early stage programme. Local business angels are also taking part in the 6.8 MNOK financing round. The amount will finance Hubro’s pre-clinical programme.
This is Investinor’s first investment with Radforsk; an independent foundation with an evergreen structure specialized in oncology investments. Radforsk has extensive knowledge of the cancer vaccine field, having invested in similar companies before. The team at Radforsk has a solid track record in financing and developing companies from pre-clinical stage to IPO and beyond. Examples of this are Nordic Nanovector, Photocure, PCI Biotech and Targovax. Radforsk portfolio company OncoImmunity was recently sold to a large Japanese technology company.
- Hubro’s highly experienced founder as well as Radforsk’s impressive track record within oncology was a key reason as to why we chose to invest in such an early stage of a biotech company. We are very pleased with having done our first investment with Radforsk whose team we regard as one the leading ones within oncology in Europe, says Ann-Tove Kongsnes, Investment Director at Investinor.