Nordic Nanovector AS: Second Quarter Report 2014
OSLO, Norway--(BUSINESS WIRE)--Please find enclosed the report for the second quarter 2014.
Highlights for second quarter 2014:
• The lead product candidate Betalutin™ has been granted orphan drug designation for treatment of follicular lymphoma in Europe and in the USA.
Orphan drug designation will provide the Company several advantages, such as protocol assistance and reduced costs related to the clinical development program, as well as commercial exclusivity for ten years once the product reaches the market in Europe and seven years exclusivity in USA.
• Successful closing of NOK 250 million pre-IPO private placement.
The private placement, which was directed towards existing shareholders, as well as new institutional and professional investors, attracted strong investor interest. It was increased from NOK 150 million to NOK 250 million on the basis of strong demand from institutional investors. The private placement was significantly oversubscribed. The Board of Directors allocated 10,000,000 new shares at a price of NOK 25 per share, which was approved in an Extraordinary General Meeting 27 June 2014. A repair issue of up to 2,000,000 shares will be conducted in August/September.
About Nordic Nanovector AS
Nordic Nanovector AS is a privately held company established in 2009. The company is based in Norway and has offices and laboratories in Oslo. The company is developing novel innovative anticancer radioimmunotherapeutics to treat non-Hodgkin Lymphoma (NHL) and other hematological malignancies.
Betalutin™, is a pharmaceutical product candidate consisting of 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 non-Hodgkin Lymphoma (NHL).
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