OncoImmunity successfully raises 60 million NOK ($7.3M) to accelerate the commercialization of its proprietary machine-learning platform for neoantigen discovery
OncoImmunity has raised 60 million NOK ($7.3M) in a private financing round, to scale up commercialization of its proprietary machine platform to predict true neoantigens from next generation sequencing (NGS) data. The share placement was marketed to a limited group of potential investors, received significant interest from acknowledged investors active in the Norwegian capital market and was quickly over-subscribed.
The proceeds will be used to scale up the OncoImmunity organization, strengthen its unique machine-learning solutions for its clients, and the company will open-up a US office in the Boston-Cambridge area, to facilitate closer proximity to its growing list of commercial partners.
"The reliable prediction of immunogenic neoantigens offered by the OncoImmunity technology will help realize the promise of truly personalized cancer immunotherapy in the form of personalized cancer vaccines or cell therapies. The opportunity provided by the support of our new and existing investors will allow the company to scale up is commercial activities , and roll out its technology to a larger international base of cancer immunotherapy partners", said the CEO of OncoImmunity, Richard Stratford.