The Lund-based company’s Tumorad-01 study has reached one of its primary endpoints by establishing the maximum tolerated dose. Clear tumor uptake has been observed in patients with head and neck cancer, including adenoid cystic carcinoma (ACC). The Phase I part of the study is nearing completion.

Next, the company plans a Phase IIa trial in head and neck cancer with a particular focus on ACC, an indication with few treatment options. It intends to apply for orphan drug designation for ACC. According to the Board, the capital the trial requires cannot be raised on acceptable terms while the company is listed. Specialist investors and advisers have also repeatedly told the company that its listing is an obstacle to investment.

Major shareholders, board members, and senior management, who together hold approximately 65% of the shares and votes, intend to vote in favor. They include the largest shareholder, Cidro Förvaltning AB, and Peter Lindell. The application will be submitted no earlier than January 25, 2027, and the last day of trading is expected in February 2027.

“Further development requires capital on a completely different scale than what we have been able to raise on the stock market in recent years. Following a thorough evaluation, the Board of Directors is convinced that Spago Nanomedical has a better chance of attracting long-term capital as an unlisted company,” says Alan Raffensperger, Chairman, Spago Nanomedical.