Norwegian Exact Therapeutics Raises NOK 155 Million and Lists On Oslo Stock Exchange’s Merkur Market
GE Healthcare spin-out aims to accelerate development and uptake of Acoustic Cluster Therapy (ACT®) across multiple therapeutic areas
OSLO, JULY [14] 2020: EXACT THERAPEUTICS AS (“ EXACT-Tx” or the “Company”), a clinical stage precision medicine company evaluating Acoustic Cluster Therapy (ACT®) across multiple therapeutic areas, today announces that its shares have been admitted to trading on Oslo Stock Exchange’s Merkur Market under the ticker EXTX-ME from 14 July 2020, with first day of trading 14 July 2020, following the successful completion of a NOK 155 million private placement.
EXACT-Tx Highlights:
• Clinical stage Norwegian biotech company spun out of GE Healthcare in 2012, currently developing a technology platform for ultrasound mediated targeted drug delivery – Acoustic Cluster Therapy (ACT®) sonoporation
• With its proprietary cluster formulation, ACT® is uniquely positioned to significantly enhance the clinical utility of a wide range of therapeutic molecules and nano-drugs across a multitude of indications
• ACT® is supported by a strong and broad preclinical package demonstrating therapeutic enhancement in multiple oncology models (pancreatic, breast, colon, prostate cancer) as well as blood-brain barrier penetration
• The first in man ACTIVATE phase I study has been initiated at the Royal Marsden Hospital in London in Sept 2019
• Initial focus of the company is oncology, however the ACT® platform has potential across therapeutic areas (infectious diseases, CNS, immunotherapy) and product classes.
Private placement and Merkur Market trading details
Following a bookbuilding period from 4 - 16 June 2020, the Company has successfully raised NOK 155 million in gross proceeds through a private placement of 29,804 shares at a price per share of NOK 5,201. The private placement consisted of a share capital increase for a total of NOK 145 million by issuing 27,881 new shares and a secondary sale for a total amount of NOK 10 million from two of the three founders. The three founders, owning a combined 24% after the sell-down, entered into a 36-month lock-up with Carnegie and the Company.
The offering attracted strong interest from existing shareholders including Canica, Sundt, Andenaess, Investinor and P53/TDVeen who anchored the financing, and Norwegian family offices and institutions including Nordea. The offering was significantly upsized on the back of strong demand.
The net proceeds from the private placement will be used for
completion of phase I study of ACT® in liver metastases
initiate planning and conduct supporting studies for multi-indication oncology basket trial
further development of ACT®-therapy ultrasound probe
preclinical development within other indications
reinforce management and clinical team
Comment
“We are delighted with the success of this financing and the interest from investors is a strong recognition of both the broad potential of ACT® as well as the promising initial readout from the first patients treated with ACT® and standard of care chemotherapy in the ACTIVATE study.”
says Dr Rafiq Hasan, CEO designate of EXACT-Tx.
Chair of the Board and healthcare investor Dr. Masha Strømme further comments:
“The Merkur listing facilitated the strengthening of the shareholder base which will help further our mission to extend and enrich patient lives through targeted ACT® therapeutic enhancement”.
Carnegie acted as sole bookrunner in the private placement and as the Company’s advisor in connection with the admission to trading on Merkur Market. Advokatfirmaet Thommessen acted as legal advisor to the Company and legal counsel to Carnegie.
About EXACT
EXACT-Tx is a clinical stage Norwegian biotech company developing a technology platform for targeted therapeutic enhancement – Acoustic Cluster Therapy (ACT®). ACT® sonoporation is a unique approach to ultrasound-mediated, targeted drug enhancement – with the potential to significantly amplify the clinical utility of a wide range of therapeutic agents across a multitude of indications including within oncology (chemotherapy, immunotherapy), infectious diseases, and neurological conditions. www.exact-tx.com
For more information contact:
Dr Masha Stromme, Chair EXACT Therapeutics