More cash for cancer therapies
Oslo – Clavis Pharma ASA, a Norwegian drug developer focused on cancer therapies, has reported that it has received EUR14m (NOK 129m) in additional funding through a private placement of 10.7 million shares led by Carnegie ASA and DnB NOR Markets as joint managers. Along with new institutional investors, the financing round was supported by existing investors, including NeoMed Management, Braganza AS and MVM Life Science Partners. “The new funds will be invested in a Phase II/III registration trial for elacytarabine in late-stage acute myeloid leukaemia,” said CEO Geir Christian Melen. Elacytarabine, a novel cytotoxic cancer drug, is one of the company’s lead candidates.
Founded in 2001, Clavis Pharma ASA is a pharmaceutical company focused on oncology that uses its proprietary Lipid Vector Technology (LVT) platform to create New Chemical Entities (NCEs) by improving already established drugs. The firm was first listed on the Oslo Stock Exchange in June 2006.
The new money will also be used to further advance other projects, including CP-4126 for the treatment in pancreatic and various solid cancers, as well as the epigenetic modulator CP-4200 for the treatment of several haematological malignancies such as MDS and leukemia.