OSLO, Norway--(BUSINESS WIRE)--Ultimovacs AS ('Ultimovacs') has carried out a successful NOK 45 million share issue with DNB Markets and Arctic Securities as financial advisors. The issue was fully subscribed by new shareholders. The two biggest new shareholders are Canica AS ('Canica') and Sundt AS ('Sundt').
Ultimovacs is a biotechnology company that develops a therapeutic universal cancer vaccine. Such cancer treatment is not linked to a specific type of cancer, but has the potential to trigger a general immunologic reaction against cancer cells, regardless of the type of cancer. Stimulating the immune system to attack cancer cells is a revolutionary form of cancer treatment and a treatment principle in rapid international development. Several new treatments based on this principle have already been introduced, and the technology has the potential to greatly improve the treatment options available for cancer. The Norwegian academic communities and companies that belong to Oslo Cancer Cluster are world-leading in this field. Ultimovacs is one such company.
The funds raised through the share issue will be used to implement and further develop the company's programme to document the effect of its first product; the therapeutic cancer vaccine UV1. During the next two years, the company will complete and finish two clinical trials to show how UV1 activates the immune system. In addition, Ultimovacs began a third trial in January 2015 to explore efficacy and safety of UV1 is in combination with another drug that also manipulates the immune system into attacking cancer cells. The new funds will also cover the costs of this trial and allow the company to establish and document a commercial-scale production process for UV1.
CEO Øyvind Kongstun Arnesen comments: 'This share issue enables the company to maintain its strong professional focus as it continues its work on documenting efficacy and safety of UV1 is in cancer treatment. We are very pleased to have some of the strongest investment communities in Norway on our team. The new owners recognise the company's ambitions to improve the current cancer treatment while developing a business enterprise with great potential.'
Canica looks forward to further developing Ultimovacs in cooperation with an expert community and a sound investor base. 'We believe that the company is well placed to succeed with its innovative immunotherapy,' says Nils Selte, CEO of Canica.
Leiv Askvig, CEO of Sundt, comments: 'With its universal cancer vaccine, Ultimovacs has great potential, both when it comes to developing new cancer treatments to benefit patients and creating good value for shareholders.'
Ultimovacs AS ('Ultimovacs') was established by Inven2 in 2011. The company's goal is to develop technology from the Norwegian Radium Hospital for use in cancer treatment and to make the treatment available to patients. The technology is based on the possibility of controlling the immune system to make it recognise and kill cancer cells. Ultimovacs is carrying out three clinical trials intended to document that the company's main product, UV1, can produce a controlled immune response and is safe to use, either alone or in combination with other drugs that also activate the immune system to attack cancer cells. The biggest shareholders in the company are Gjelsten Holding AS, Inven2, Langøya Invest AS, Canica AS, Sundt AS and the Norwegian Radium Hospital Research Foundation. From July 2015, the company will be located in Oslo Cancer Cluster Innovation Park at Montebello.