Nordic Nanovector raised MNOK 497 in gross proceeds through a private placement. The Private Placement was completed at a subscription price of NOK 114 per share, which was determined through an accelerated book-building process.
The Private Placement was oversubscribed and attracted strong interest from both existing shareholders and new institutional investors.
Nordic Nanovector intends to use the net proceeds:
- To fund a Phase 2 combination study of Betalutin® and Rituximab CD20
- To fund a Phase 1 study and GMP manufacturing for 177Lu-conjugated chimeric antibody (anti-CD37 ARC)
- Develop new proprietary antibody production technology
- Accelerate pipeline of pre-clinical assets to clinical trials
- Prepare for commercial launch of Betalutin®
- General corporate purposes
Nordic Nanovector is a biotech company focusing on the development and commercialisation of novel targeted therapeutics in haematology and oncology. The Company’s lead clinical-stage product opportunity is Betalutin®, the first in a new class of Antibody-Radionuclide-Conjugates (ARC) designed to improve upon and complement current options for the treatment of non-Hodgkin Lymphoma (NHL). NHL is an indication with substantial unmet medical need and orphan drug opportunities, representing a growing market worth over $12 billion by 2018.
Betalutin® comprises a tumour-seeking anti-CD37 antibody, lilotomab, conjugated to a low intensity radionuclide (lutetium-177). The preliminary data has shown promising efficacy and safety profile in an ongoing Phase 1/2 study in a difficult-to-treat NHL patient population. The Company is aiming at developing Betalutin® for the treatment of major types of NHL with first regulatory submission anticipated in 1H 2019.
Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets, while exploring potential distribution agreements in selected geographies. The Company is committed to developing its pipeline of innovative targeted immunoconjugate therapies for multiple selected cancer indications.