Anglo-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, Norway and LONDON, July 14, 2020 /PRNewswire/ -- EXACT THERAPEUTICS AS ("EXACT-Tx" or the "Company") (Oslo: EXTX-ME), 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 with first day of trading 14 July 2020, following the successful completion of a NOK 155 million private placement.
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
"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 continued progress of the phase I ACTIVATE study evaluating ACT® co-administered with chemotherapy in patients with metastatic colorectal and pancreatic cancer," 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."
EXACT-Tx is a clinical stage Anglo-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 Strømme, Chair EXACT Therapeutics
Richard Hayhurst/Janet Joy RHApr
SOURCE EXACT Therapeutics
Company Codes: Oslo:EXTX, Oslo:EXTX-ME