Algeta scoops Euro23m in Series A
Oslo - Algeta ASA, a therapeutics company dedicated to the development of novel anticancer agents based on alpha particle-emitting radionuclides, announced at the beginning of September the closing of a Series A round totalling NOK185 million (Euro23 million). The funds raised will support the continued development of the company's lead product candidate, Alpharadin™, through its ongoing Phase II clinical trials and into pivotal Phase III trials as a potential new treatment for bone metastases arising from primary prostate cancer. Alpharadin, is a novel bone-seeking experimental radiopharmaceutical based on the alpha particle emitter radium-223.
New investors HealthCap, Advent Venture Partners and SR One joined the international investor syndicate. Existing investors Selvaag Venture Capital, NorgesInvestor, Marlin Verdi AS and several smaller investors also participated in the round. Concurrent with the financing advised by BioScience Managers Ltd., London, Per Samuelsson, Partner, HealthCap; Patrick Lee, General Partner, Advent Venture Partners; and Dr. Kent Gossett, Principal, SR One; will join Stein Annexstad, Managing Director, representing NorgesInvestor; Dr. Jens Petter Falck, Partner, Selvaag Venture Capital; and John Berriman, Chairman; on Algeta's Board of Directors.