The proceeds from the share issue enable expanded investments in the company’s main project, CAN04 (nidanilimab), with a new clinical study in the US and an expansion of the most promising patient sub group of the ongoing clinical CANFOUR study.
The investors are a number of Nordic institutional investors; Alecta (approximately SEK 76.5 million), Handelsbanken Fonder (SEK 7.6 million), EWS Foundation (SEK 3.8 million) and Jesem AS (SEK 1.8 million). In addition a number of private investors have subscribed for shares for approximately SEK 16.2 million, through Avanza Pension.
Two new clinical activities
The proceeds from the share issue are intended to be used for two new clinical activities.
The first activity is to prepare and carry out a clinical study with CAN04 (an antibody against non-small cell lung cancer and pancreatic cancer) in the US. The study is intended to be made in a new segment of oncology that is not a part of the ongoing clinical study CANFOUR. As a result, new complementary data will be received which enables a widening of the future market for CAN04.
The second activity implies an expansion of the ongoing CANFOUR study in patients with non-small cell lung cancer or pancreatic cancer. As previously announced, treatments of patients in Phase IIa were initiated in January 2019 and the study is following plan with expected results in the beginning of 2020. The proceeds from the share issue will enable the next step of development, immediately following the report of these results. An additional 30-50 patients in the most promising sub-group of one these diseases may then be included during 2020. By focusing on groups of patients most likely to respond, further value-adding effective data will be obtained. In parallel, the company may initiate the preparations for a controlled clinical study with CAN04.
Two important steps
As a result of the share issue, the company is deemed to be financed up and until H1 2021 and the new clinical studies described above are financed.
”We are delighted over the great confidence in our business, evidenced by this financing. We will now be able to take two important steps, accelerating the development of CAN04 towards the market. We envisage great possibilities for CAN04 to become an important part of the future cancer treatment”, says Göran Forsberg, CEO of Cantargia.