Nordic Nanovector raised MNOK 500
Oslo, 20 March 2015. Nordic Nanovector ASA (“Nordic Nanovector”, the “Company”, OSE ticker code: “NANO”) announces the successful completion of the bookbuilding period for its initial public offering (the “Offering”), which was multiple times oversubscribed for the full amount of the Offering (including over-allotment) throughout the narrowed indicative price range.
In summary:
• Nordic Nanovector will issue 15,625,000 new shares in connection with the Offering, raising gross proceeds of NOK 500 million. There will in total be 42,175,291 shares in issue following the issuance of the new shares.
• The Managers (as defined below) have over-allotted 2,343,750 shares, representing 15% of the number of shares issued and sold in the Offering before over-allotments, and exercised their option to borrow an equal number of shares from HealthCap VI L.P. for the purpose of covering such over-allotments.
• The shares are priced at NOK 32 per share. The price implies a market capitalisation of Nordic Nanovector of approximately NOK 1,350 million (excluding shares that may be issued in connection with the over-allotment).
• Trading of the shares in Nordic Nanovector on the Oslo Stock Exchange will commence on 23 March 2015.
Approximately 91% of the shares in the Offering have been allocated to investors in the institutional offering and approximately 9% of the shares have been allocated to investors in the retail offering. Following the Offering, Nordic Nanovector is expected to have approximately 1,200 shareholders.
Luigi Costa, CEO of Nordic Nanovector, said: “We are delighted with the positive support Nordic Nanovector and its team has received by domestic and international investors. This has enabled us to upsize our IPO and raise additional funds to advance the development of Betalutin™, our first-in-class Antibody-Radionuclide-Conjugate, beyond the first regulatory submission planned in 2017”.
Luigi Costa continued: “Betalutin™ is specifically designed to deliver better treatment outcomes for patients with non-Hodgkin lymphoma by improving and complementing current therapy options. Betalutin™ targets CD37, a different antigen compared to standard CD20-targeted therapies with a short-range radiotherapy effecting tumour cell death while minimizing exposure to healthy cells. Based on this mechanism of action and promising clinical results to date, we have designed a robust development plan through to commercialisation.”
Notifications of allocated shares and the corresponding amount to be paid by investors are expected to be communicated to investors today (20 March 2015). Investors having access to investor services through their VPS account manager will be able to check the number of shares allocated to them from approximately 09:00 hours (CET) on 20 March 2015. The Managers may also be contacted for information regarding allocations.
The Company has granted the Managers an over-allotment option, exercisable by ABG Sundal Collier as stabilisation manager within 30 days from the first day of listing to cover over-allotments and short positions in connection with the Offering. A separate disclosure will be issued by the stabilisation manager regarding the over-allotment and stabilisation activities.
ABG Sundal Collier and DNB Markets, a part of DNB Bank ASA, are acting as Joint Global Coordinators for the Offering and ABG Sundal Collier, Carnegie and DNB Markets are acting as Joint Bookrunners for the Offering. The Joint Global Coordinators and Joint Bookrunners are herein referred to as the “Managers”.
Nordic Nanovector is a biotech company focusing on the development and commercialization 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-Radio-Conjugates (ARCs), designed to improve upon and complement current options for the treatment of Non-Hodgkin’s 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 tumor-seeking anti-CD37 antibody conjugated to low intensity radionuclide (Lutetium 177). It has shown promising efficacy in Phase 1 studies in a difficult-to-treat NHL patient population and as well as a very favourable tolerability. Betalutin™ is fast advancing through clinical development and with first approval anticipated in 2018.
Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialization of Betalutin™ in core markets, while exploring potential distribution agreements in selected geographies. The Company is committed to developing its ARC pipeline to treat a number of select cancer indications.
