2026-01-23
Impala Nordic has interviewed Stian Kildal, CEO of OncoZenge, about the recent development of a delayed tranche 3 payment from the company’s strategic investor and the bridge solution implemented to secure short-term liquidity until the proceeds are received. The Q&A also covers the background of the delay and whether the situation impacts ongoing Phase III preparation activities for BupiZenge, including the current Clinical Trial Application (CTA) process.
Day before yesterday, you announced that the strategic investor, Sichuan Yangtian Bio-Pharmaceutical, will not meet the payment deadline for tranche 3. What caused the delay, and what is the new expected timeline?
Yangtian Pharmaceutical has a strategy focused on growth, and they completed an acquisition just before year end of 2025. They have explained to us that the acquired company had tax liabilities that were not known, and therefore not budgeted for, and according to local law, funds need to be reserved for this liability. OncoZenge has received a written letter of commitment that funds will arrive no later than February 21st, 2026.
You have now put a bridge financing solution in place to cover the short-term liquidity needs. Can you walk us through the structure at a high level?
We have signed a convertible note with one of our major shareholders, Linc AB, of 5 MSEK as a bridge financing solution, and the intention is to repay the loan upon receipt of the delayed investment funds. The bridge loan carries customary terms and conditions, as outlined in the press release issued yesterday, January 22nd, 2026.
Does the financing solution fully cover OncoZenge’s near-term obligations?
Yes. The rationale for this solution was to ensure OncoZenge remains a professional customer and partner to our various stakeholders for the execution of our BupiZenge™ Phase III program, and to ensure that the project can continue according to plan without disruption. We are grateful to Linc AB for their swift support and ongoing commitment to the company and our plan.
Has this situation affected your Phase III readiness activities for BupiZenge™ in any way?
No, the project continues according to plan. We submitted our Clinical Trial Application (CTA) in December 2025 and are now engaging with EMA according to their process for evaluating it. We have received the first set of feedback, which we interpret as positive, with administrative additions to our file now being made. According to EMAs stipulated process and response timelines, we now expect their decision in the 2nd half of April or early May at the latest. In parallel, work continues on the agreements with hospitals in Norway, Sweden, Denmark, and Germany, along with planning for investigator meetings, setup of distribution, manufacturing, packaging, and more, all aligned to our goal of 1st patient in Q2 shortly after the anticipated regulatory approval.
After this delay, how do you assess the reliability of the investor ahead of tranche 4, and what are you doing to strengthen risk management going into the next phase?
We have received repeated assurances that the investor’s commitment to the company and project has not changed. What this situation has reminded us, though, is the very tight planning constraints we have worked under so far. As we near Phase III execution, we now work diligently both with our board of directors and our CDMO and CRO partners on risk management. That will include identifying contingency plans for managing similar situations should they arise in the future, all to ensure continuity and professionalism in our clinical trial project execution. Our in-house team and our partner teams are doing a great job, and all are, including our board, largest shareholders and the leadership at our partners, fully focused on our goal to successfully complete the CTA process with EMA and dose our first patient before the summer, as planned. This week’s actions were evidence of that, and we now look forward to continued project progress!
Disclaimer:
This is an interview that has been done on behalf of the company. Impala Nordic or people behind Impala Nordic owns no shares in the company at the time of the interview. // Detta är en intervju som har gjorts på uppdrag av bolaget. Impala Nordic eller personer bakom Impala Nordic äger inga aktier i bolaget vid upprättandet av intervjun.
