Date: 2014-06-06
Type of information: Private placement
Company: Nordic Nanovector (Norway)
Investors: existing shareholders
Amount: NOK 250 million (€30.7 million)
Funding type: private placement
Planned used: The net proceeds from the private placement will be used to finance the further development of Betalutin™ for treatment of non-Hodgkin Lymphoma. The product candidate has been recently granted orphan designation for treatment of follicular lymphoma in Europe and in the US. A phase I-II study is currently ongoing.
Others: * On June 18, 2014, Nordic Nanovector announced that it has closed its pre-IPO private placement of 10,000,000 new shares at a price of NOK 25 per share for total gross proceeds of NOK 250 million. The private placement, which was directed towards existing shareholders as well and new institutional and professional investors, attracted strong investor interest and was increased from NOK 150 million to NOK 250 million on the basis of strong demand from solid institutional investors. The private placement was managed by ABG Sundal Collier and DNB Markets and was significantly oversubscribed. The Company’s largest shareholder, HealthCap VI L.P. participated in the placement and were allocated 1,800,000 shares. * On June 6, 2014, the Board of Nordic Nanovector has resolved to initiate a private placement of up to NOK 150 million (€18.4 million) and has retained ABG Sundal Collier and DNB Markets to advise on and effect the transaction. The Board has further resolved that the indicative price range for the private placement shall be between NOK 22.5 to NOK 25 per share, implying a market capitalization of Nordic Nanovector prior to the private placement of between NOK 326 million (€40.16 million) and NOK 362 million (€44.6million). Completion of the private placement will inter alia be subject to resolution of an extraordinary general meeting. The final price is to be determined by a book building process that will begin at June 6 and end on June 17 2014. The Company and the Managers may, however, at any time resolve to close or extend the book building period at their sole discretion. The minimum order has been set to the number of shares that equals an aggregate purchase price of the NOK equivalent of €100,000. The Company’s largest shareholder, HealthCap VI L.P. will participate in the private placement and subscribe for up to its pro-rata share.
Therapeutic area: Cancer - Oncology
