OSLO, Norway--(BUSINESS WIRE)--Nordic Nanovector ASA (OSE: NANO), a company focusing on the development and commercialisation of novel targeted therapeutics in haematology and oncology, announces that the Board of Directors of Nordic Nanovector ASA ("Nordic Nanovector" or the "Company") has decided to grant 510,000 share options in accordance with the proxy given by the Annual General Meeting held on 9 March 2015. Each option, when exercised, can acquire one share in Nordic Nanovector. The options are granted without consideration.
The options will expire after 7 years. The vesting schedule means that 25% of each option holder’s options will vest 12 months after the day of grant as long as the option holder is still employed. Thereafter, 1/36 of the remaining options will vest each month as long as the option holder is still employed, with the first 1/36 vesting 13 months after the day of grant. The exercise price of the options is NOK 14,24. The exercise price is equal to the volume weighted average trading price of the shares of the Company quoted on the Oslo Stock Exchange the last five days prior to the date of the grant.
Primary insiders that were granted options have the following holdings of options and shares in the Company after the new share options were granted on 3 March 2016 (new options in parenthesis):
Luigi Costa, CEO holds 1,088,106 options (220,000) and owns 73,186 shares
Jostein Dahle, CSO holds 155,000 options (30,000) and owns 254,958 shares including shares to related party
Anniken Hagen, CQO holds 155,333 options (30,000) and owns 48,771 shares
Tone Kvåle, CFO holds 240,000 options (35,000) and owns 139,854 shares including shares to related party
Marco Renoldi, CBO holds 368,137 options (90,000) and owns 70,000 shares
The options allocated to the management of the Company is in accordance with the Board of Director's Declaration on salaries and other remuneration to the senior executive management, as approved by the Company's annual general meeting held 9 March 2015. The total number of outstanding share options is now 2,681,576, equivalent to 5.7% of outstanding shares and options on a fully diluted basis.
About Nordic Nanovector
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 (HH1) 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 ARC pipeline to treat multiple selected cancer indications.
Further information about the Company can be found at www.nordicnanovector.com
This information was brought to you by Cision http://news.cision.com