2024 ended on a positive note. Zelluna and Ultimovacs merged in an exciting collaboration to advance their precision cell therapies into clinical trials. This merger was strengthened by over NOK 50 million in fresh capital from private investors, including Inven2.
Oncoinvent hentet 130 mill kr fra private investorer og gikk på børs. Thor Medical hentet 158 mill kr til sin radionuklideproduksjon. Også Exact Therapeutics hentet store midler, der det er spesielt positivt at GE HealthCare, som allerede har et stort fotavtrykk i Norge, gikk inn med om lag 80 mill kr og dermed økte sin bredde lokalt. Det var positive oppkapitaliseringsprosesser fra offentlige og private kilder også for andre lovende oppstartselskaper fra vår portefølje gjennom året; bl.a. Serca Pharmaceuticals, Tribune Therapeutics og DoMore Diagnostics.
This positive end came after a year marked by capital shortages, declining stock prices, and some technologies that failed to meet expectations in critical studies for some of the companies developing innovations based on academic research. The numbers are small, there are few companies in Norway. There should have been many more companies to increase the chances of success. For pharmaceuticals, statistics show that more than seven projects in phase 2 clinical trials are typically needed for one to succeed in reaching the market and generating significant revenues. Key milestones, such as phase 2 or pilot stages for other types of inventions, are reached only after long development periods. It is increasingly evident that the Norwegian system is not well-suited to this “numbers game.” The amount of public funding is minimal, and the allocation methodology means that only a few projects originating from academic research in Norway move forward. Those of us in the midst of this, striving to develop as many innovations as possible that pass the initial evaluation—the first bottleneck—are increasingly finding ourselves working against the wind rather than with it. The innovation ecosystem, including TTOs, clusters, incubators, Growth house, and research parks, is well-structured to advance innovations, and initiatives like the Oslo Science City are positive forces to further develop this ecosystem. Equally crucial, however, is funding for a sufficient number of commercialication projects and startups in the development phase. This is where we see significant gaps today.
There has been a gratifying increase in the testing of new medical technologies and drugs through clinical trials in recent years, benefiting many Norwegian patients. Many of us work hard to ensure Norway remains competitive for industry-initiated international studies, and it is encouraging to see not only Norwegian startups but also international biotech companies choosing Norway for clinical phase 1 and 2 trials. However, the total number of new studies decreased somewhat in 2024, returning to 2022 levels. Part of this decline may be due to a one-time effect of regulatory changes, and we are eager to see how this will develop in 2025. We strongly believe that Norway can become more efficient if we collaborate more effectively and we will do our part to make efficiency in contract negotiations, project initiation, and financial follow-up a competitive advantage for Norway in 2025 and beyond.
During the capital drought, we have established new companies with significant growth potential, and many new projects based on academic research have been initiated. We have high hopes for ImmunoQuest, which is developing a new therapy against breast cancer and has made significant progress in preclinical development, with the hope that public and private funding can take the company to the critical clinical phase 2. The arrhythmia-focused company Agiana is almost there and will be ready for clinical phase 2 in 2025, supported by Inven2 and an American company. Serca, which is working on treatments for heart attacks, is approaching its phase 2 study. The fibrosis-focused Tribune Therapeutics, backed by substantial investors, is progressing well. Medtech companies such as Holocare, dHealth, ODI Medical, DoMore, Epiguard and Nordic Brain Tech are either in or approaching the sales phase. Several of them are raising capital to position themselves effectively for crucial market introductions. Meanwhile, many of the other 40 startups in Inven2’s licence and company portfolio, such as FoodCapture and AdjuTec, are developing well. Behind them, in earlier development stages, Inven2 has over 100 projects based on academic research that could become companies or licenses benefiting society through commercialication.
We look forward to an exciting 2025, where much will depend on funding and political facilitation for both commercialication and entrepreneurship from Norwegian academic research, as well as the availability of clinical trials for Norwegian patients. Our 31 experienced employees at Inven2 are dedicated to fostering new businesses from academic research and bringing more clinical trials to Norway. We remain located in the same offices at the Oslo Science Park, but our premises have been newly refurbished in close collaboration with the Oslo Science Park. We now have a new social area that we hope all of you who work with us—or wish to visit us—will enjoy. Welcome!