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EXACT-Tx announces placement of NOK 25 million share issue

Per Walday

EXACT Therapeutics has announced that a private placement has been successfully placed through an allocation of 2,083,333 0ffer shares, at a subscription price of NOK 12 per offer share for total gross proceeds of NOK 25 million.

“This financing has been completed without any significant discount to the market price, and we are excited and grateful for the exceptional support from leading Norwegian investors. The capital infusion will take us well beyond key milestones in the ongoing clinical ACTIVATE study in patients with metastatic liver cancer, and will also enable us to conduct pre-IND discussions with regulatory authorities in the USA (FDA) for pancreatic cancer, a disease with significant unmet medical needs. Furthermore, it will enable us to obtain potentially transformational results from our preclinical activities in glioblastoma, immuno-oncology, and CNS. Positive results from these studies could open up significant new and valuable therapy areas for our unique ACT technology,” says Per Walday, CEO of EXACT Therapeutics.

The capital infusion will take us well beyond key milestones in the ongoing clinical ACTIVATE study in patients with metastatic liver cancer.”

How the net proceeds will be used

The net proceeds will be used to advance and conclude on the dose expansion part of the ACTIVATE study in patients with liver metastases and announce the top line results, expand and conclude on the ACT platform utility in selected additional high-value areas through preclinical studies, including glioblastoma, focused business development efforts, pursuing productive leads in selected use areas of ACT (iv) conclude a pre-IND process with the FDA, for the ENACT study and development programme in pancreatic cancer, and general corporate purposes and IP.

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Following completion of the private placement, the company’s share capital will be NOK 128,322.208 divided into 32,080,552 shares, each with a par value of NOK 0.004.

Photo of Per Walday