BRIEF—Nordic Nanovector raises $42.5 million in private placement

Norwegian biopharma Nordic Nanovector, a company seeking to become a leader in the development of targeted therapies for hematological cancers, has raised approximately 361 million Norwegian kroner ($42.5 million) through a private placement.

The firm is targeting the preliminary readout of three-month top line data from its pivotal PARADIGME trial with Betalutin (lu-lilotomab satetraxetan) in the second half of this year, a key value inflection point.

Betalutin is a CD37-targeting antibody-radionuclide-conjugate designed to advance the treatment of non-Hodgkin's lymphoma.

Proceeds from the private placement are expected to finance the company to the end of the first half of 2022, providing an additional at least six months funding to enable Nordic Nanovector to maximize shareholder value from the PARADIGME trial.

The money will help to conduct pharmacokinetics studies and execute CMC activities required for the regulatory filing, initiate preparatory activities for the confirmatory Phase III trial and prepare for market launch.