Oslo Cancer Cluster member Nordic Nanovector recently announced that the company has raised 14.3 million NOK in gross proceeds through a private placement. The company are developing innovative targeted radioimmunotherapeutics for treatment of cancer.
Proceeds from the emission will be used for further development of Nordic Nanovector’s lead product candidate, Betalutin™ and the company’s discovery pipeline. The emission, which was directed to existing investors and a limited number of new investors, was oversubscribed with existing investors acquiring over fifty percent of the new shares.
Roy Hartvig Larsen, Nordic Nanovector’s Chairman, commented: ”We are very pleased that, at a time when the financial market for early stage biotech companies is quite challenging, the company was able to raise the necessary funding as planned to allow it to move forward with the development of its lead product candidate Betalutin™. We appreciate and are grateful for the trust and support that our existing and new investors have shown us through this emission”.
Nordic Nanovector’s CEO Jan A. Alfheim further commented: ”With the proceeds of this emission the company now has the financial resources to make substantial advances in the development of its product portfolio and to start Betalutin™ phase I/II clinical trials in 2012”.
Facts:
About Nordic Nanovector AS:
Nordic Nanovector AS is a privately held company established in 2009. The company is developing novel innovative anticancer radioimmunotherapeutics to treat Non-Hodgkins lymphoma (NHL) and other hematological malignancies.
Read more on the company here or visit the company website: www.nordicnanovector.no
About Betalutin™:
Betalutin™ is a radionuclide conjugated to a tumor seeking carrier/antibody, which can be used for irradiation of malignant metastasized tumors with minimal damage to nearby healthy normal tissue. This technology aims to prolong and improve the quality of life of people who suffer from hematologic cancer, in particular non-Hodgkin Lymphoma (NHL).