Oncology Venture’s DRP shows positive data to treat colorectal cancer
Colorectal cancer, also known as colon cancer, rectal cancer or bowel cancer, affects a patient’s rectum and colon. Reportedly, it is the third most common type of cancer detected in both women and men in the U.S.
In an attempt to minimize its privilege, Oncology Venture A/S, a Danish pharmaceutical company that has various cancer treatment therapy in trials, has recently revealed plans to display data on the ability of DRP® (drug response predictor) technology to forecast response to 5-FU anti-cancer treatment in last stage colorectal cancer at the annual congress of ESMO (European Society for Medical Oncology) held in Barcelona.
According to reliable sources, the company is creating its world-class DRP® technology by using AI proprietary algorithms. The DRP® platform could effectively be used to predict which patients would profit from 5-FU (Fluorouracil) after going through a surgery in the adjuvant setting.
The recent studies revealed that DRP® can successfully be used in late-stage, metastasized colorectal cancer patients, by utilizing the biopsy material acquired from the initial diagnosis.
Moreover, the company recently witnessed a change in its management when it announced the appointment of Steve Carchedi as its new CEO, along with its proposal to offer a rights issue of SEK 100 million.
Sources cite that the earnings from this fundraising will be used in the commercialization of a specific number of clinical assets, thus refocusing the company towards commercial outlook.
Furthermore, the firm’s Board of Directors have agreed on a consensus to choose Carchedi as the new CEO of Oncology Venture, succeeding Dr. Peter Buhl Jensen, who will now take on the role of the Chairman in the company’s Medical & Scientific Advisory Board.
In addition to this, the firm’s Board of Directors have also proposed rights issue of SEK 100 million to offer financial resources that allow the latest management team to build and deliver against an operating plan and reworked budget coherent to the new commercial goals.