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BerGenBio completes NOK75 million private placement

The oncology biopharmaceutical company announces that it has raised NOK75 million (c.$12.5 million) from a syndicate of new and existing investors through a private placement.

This follows a $6.0 million round in May 2013. According to BerGenBio proceeds from the financing will be used to support the development of the company’s portfolio of innovative cancer therapeutics.  This includes the on-going clinical development of its lead drug candidate, BGB324, a selective AXL kinase inhibitor, which is currently in Phase Ib clinical studies to evaluate its safety and initial signs of efficacy to treat different cancers as a single agent and in combination with other drugs. The funds raised will be used to complete these studies, data from which is anticipated in 2015.

BerGenBio will also invest further in the drug candidate development of pipeline programs BGB109 and BGB201.

Source: BerGenBio