NorwayNorway

Clavis Pharma ASA raises fresh capital to push clincial pipeline

19.11.2010

Oslo – Norwegian cancer specialist Clavis Pharma ASA has raised EUR 19 million through a private placement of 4,400,000 new shares in two tranches, each with a par value of NOK 1.00 at a price of NOK 35.00 per share. CEO Olav Hellebø said the fresh capital will be used to push the NDA, including a pivotal Phase III trial of Clavis lipid-formulated chemotherapeutic elacytarabine (CP-4055) in late-stage Akute Myeolid Leukemia (AML), its Phase II candidate CP-4126 (a novel lipid vector technology analogue of gemcitabine) in pancreatic cancer partnered with Clovis Oncology and its preclinical DNA-methylation modulator CP-4200 (an azacytidine derivative). Clavis clinical-stage drug candidates rely on a new lipid vector technology enabling chemotherapeutic to enter cancer cells without requiring membrane expression of the transport protein hENT1 (human equilibrative nucleoside transporter 1) that is often lacking on cancer cell membranes, leading to therapy resistance. In a Phase II trial, CP-4055 tripled median survival (5.3 months vs. 1.5 months), increased remission rate significantly (18% vs 4.1%, p<0.0001) and lowered short-term mortality from 25% for historical controls to 13%. One week before before its private placement, which was oversubscribed and represents 17.3% of the current outstanding share capital, Clavis had expanded its commercialisation agreement from 2009 (up to $380 million in milestone payments plus royalties) on its pancreatic cancer drug CP-4126 with US-based Clovis Oncology, Inc. Under the terms of the agreement Clavis has received a US$10 million upfront and will be eligible to receive further payments totalling $30 million for the successful attainment of development and regulatory milestones in Asia plus up to $165 million in sales milestones. Clavis Pharma will receive tiered double-digit royalties on all product sales globally.

NorwayNorway

05.04.2011

Oslo – Norwegian Algeta ASA has entered a research collaboration with Genzyme to evaluate the potential of its Thorium platform Under the terms of the agreement, Genzyme will provide access to a novel tumour-targeting antibody,...

NorwayNorway

05.04.2011

Trondheim – Norway-based APIM Therapeutics AS has received a follow-up investment from Sarsia Seed, one of its previous investors. APIM focusses on novel drug candidates that potentiate the action of current chemo­therapeutics to...

NorwayNorway

04.11.2010

Oslo – Norwegian diagnostic specialist DiaGenic ASA has raised NOK70m (EUR 8.5m) through the sale of 140 million shares at NOK0.50 per share in a private placement to new and existing investors. DnB NOR Markets acted as manager...

NorwayNorway

03.11.2010

Oslo – The Oslo Cancer Cluster and the Shanghai Institute of Materia Medica (SIMM), have signed a memorandum of understanding aimed at accelerating the development and adoption of new cancer therapies. Overall, the collaboration...

NorwayNorway

18.09.2010

Oslo/Berlin – Algeta is cashing in on its lead product Alpharadin, a targeted alpha-radiopharmaceutical in clinical trials for treating bone metastases in cancer patients. Bayer Schering Pharma has agreed to pay the Norwegian...

NorwayNorway

11.07.2010

Lysaker – Norwegian biopharmaceutical company PCI Biotech Holding ASA has strengthened the company’s equity by a11m (NOK90m) through a share issue of 2.25 million shares with preemptive subscription rights for existing...

NorwayNorway

12.05.2010

Oslo – In Norway, a discussion has begun on how to continue to support biotechnology after the current National Programme for Research in Functional Genomics in Norway (FUGE) comes to a close in 2011. Efforts to draw up a...

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