PCI Biotech hits ground running
Oslo – Photocure ASA, one of the Norwegian biotech companies established around the Radium Hospital in Oslo, has finished its demerger and set up a new company named PCI Biotech. In June, the former subsidary raised EUR7.6m (NOK 60m) through the sale of 3 million shares in an IPO on the Oslo Axess stock exchange. The deal values the company at EUR13.6 (NOK108m). Fondsfinans acted as lead manager. The company focusses on photochemical internalisation (PCI) technology. Developed for light-directed drug delivery, PCI introduces therapeutic molecules in a biologically active form specifically into diseased cells.
PCI Biotech will be pursuing a dual strategy, using its technology to improve the effect both of existing anticancer drugs and for emerging treatments such as gene therapy. The company’s lead project couples the photosensitiser Amphinex™ with the cytotoxic agent bleomycin, and is scheduled to enter first trials in 2008. Further studies that are still in the planning stage will focus on the delivery of siRNA and other oligonucleotides.