20 August 2025
BerGenBio ASA: BerGenBio First half results 2025
Bergen, Norway, 20 August 2025 – BerGenBio ASA (OSE: BGBIO today announced financial results for the first half 2025.
Highlights, including post period:
- In February, following a preliminary analysis of response data, BerGenBio decided to close its lead clinical study, BGBC016, in bemcentinib in combination with standard of care therapy in first line (1L) non-squamous Non-Small Cell Lung Cancer (NSCLC) patients with a mutation in the STK11 gene.
- The company has implemented significant cost-containment and cash-conservation measures. The Board of Directors has also decided to halt all remaining development activities for bemcentinib.
- In June, the company entered into a merger agreement with Oncoinvent ASA.
- The transaction combines BerGenBio’s capital resources and listing with Oncoinvent’s late-stage oncology pipeline, strengthening the combined company’s ability to advance innovative radiopharmaceutical cancer therapies.
- The merger was approved by an Extraordinary General Meeting 4 August 2025 and is expected to be completed by end of September.
- In connection with the merger, the EGM approved a fully underwritten rights issue of NOK 130 million. The funding has been committed by existing investors in Oncoinvent ASA and external investors and is expected to be completed in October after completion of the merger. All shareholders in the combined company will receive equal rights to participate in the rights issue depending on their shareholdings.
- At time of the completion of the merger the Board of Directors and management will change. The Board of Directors will exist of the current Board of Directors in Oncoinvent ASA with the addition of Olav Hellebø and the executive management will consist of the current Oncoinvent ASA management. The current Board of Directors and Executive management of BerGenBio will leave their position at the same time.
- The EGM also approved changing the name of BerGenBio ASA to Oncoinvent ASA, effective upon completion of the merger and the rights issue.
Olav Hellebø, Chief Executive Officer of BerGenBio stated:
“The first half of 2025 has been one of the most defining periods in BerGenBio’s history. After the decision to discontinue the BGBC016 trial, we conducted a comprehensive strategic review to identify the best way forward for our shareholders. This resulted in the proposed merger with Oncoinvent, a company with an exciting trajectory in radiopharmaceutical cancer therapies, experienced leadership, and strong growth prospects.”
“As part of the transaction approved after the end of the first half, a fully underwritten rights issue was also approved, open to all shareholders on equal terms and offering the opportunity to participate in this next stage. The proposed merger and rights issue marks the closure of an important chapter in BerGenBio’s journey and the beginning of a new phase for its shareholders.”
“Biotechnology is a unique industry. It demands optimism, courage, and years of dedicated effort, yet ultimately everything depends on clinical results and patient benefit. I would like to sincerely thank our shareholders for their support over the years, and particularly those who have been with us for a long time. Your commitment has been essential in enabling BerGenBio to pursue bold scientific ambitions, even in the knowledge that success is never guaranteed.”
First half 2025 Financial Highlights
- The operating loss for the first half was NOK 54.6 million (first half 2024: NOK 90.5 million).
- Net cash flow for the first half was negative by NOK 73.9 million (first half 2024: negative by NOK 89.3 million).
- Cash and cash equivalents amounted to NOK 65.9 million as of 30 June 2025 (140.2 million as of 31 December 2024).
Financial Report
The H1 2025 Financial report is attached to this stock exchange announcement and will be available at the Company’s website: https://www.bergenbio.com/investors/financial-reports.
Contacts
Olav Hellebø, CEO, BerGenBio ASA
Rune Skeie, CFO, BerGenBio ASA
Media Relations
Jan Lilleby
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties, and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Oncoinvent
Oncoinvent is developing Radspherin®, a receptor-independent alpha radiation therapy that leverages the unique anatomy of the abdominal cavity to destroy residual micrometastases using a single, highly localized dose of alpha radiation. The initial clinical focus is treatment of ovarian and colorectal cancer patients after surgical removal of the primary tumor and visible metastases in the peritoneum, the thin membrane lining the abdominal cavity and covering the abdominal organs.
This radiopharmaceutical is designed to prevent or delay recurrence in the peritoneal cavity, keeping patients disease-free for longer than the current standard of care and thereby also impacting overall survival. It is broadly applicable to any cancer that spreads to the peritoneum, e.g. ovarian, colorectal, and gastric cancers. Radspherin® stands out for its simplicity, excellent safety profile, and seamless integration into existing surgical workflows. Oncoinvent’s product is easy to use, avoids systemic delivery and significant toxicity. It is also differentiated in being simple to manufacture, scalable, and supply de-risked.
Data from two trials in ovarian (phase 1) and colorectal (phase 1/2a) cancers, are highly promising, showing an excellent safety profile and meaningful signals of efficacy. Interim data from an ongoing, randomized, controlled phase 2 ovarian cancer trial is expected in 2026. With cost-effective manufacturing, blockbuster potential, active pharma partnership momentum, plus strong endorsements from leading experts, Oncoinvent is built for scale and commercial success, and is set to become the new standard for post-surgical cancer care. The Company was founded by the originators of Algeta and Xofigo (acquired by Bayer).
