Clavis Pharma ASA raises fresh capital to push clincial pipeline
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.