Nordic Nanovector closes pre-IPO private placement

The biotech intends to use the proceeds from the private placement to fund further clinical development of its Betalutin drug for the treatment of non-Hodgkin's lymphoma.

HealthCap, the company's largest shareholder, participated in the placement and was allocated 1.8 million shares. Existing investors, as well as new institutional and professional investors, took the remaining 8.2 million shares. Norwegian venture capital firm Birk Venture holds a 1.6% stake in the firm.

The oversubscribed placement, arranged by ABG Sundal Collier and DNB Markets, pushed up the price from NOK 150m to NOK 250m.

Nanovector previously raised NOK 14.3m in a private placement in January 2012 at a price of NOK 135 per share. Existing investors acquired more than 50% of the new shares. In September 2013, the company raised NOK 50m in a subsequent private placement.

Previous funding
HealthCap invested in Nanovector's NOK 60.8m series-A round in June 2013 via its HealthCap VI LP vehicle.

Company
Founded in 2009 and headquartered in Oslo, Nanovector develops anticancer radioimmunotherapeutics to treat non-Hodgkin's lymphoma and other haematological malignancies. Its main product Betalutin is a radionuclide added to a tumour-seeking antibody that aims to prolong and improve the quality of life of non-Hodgkin's lymphoma sufferers.

People
Jan A Alfheim is CEO of Nanovector.

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• Topics
• Nordics
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• IPO