The purpose of the Rights Issue is to cover the working capital needs to finalize the Phase I part of the ongoing clinical study Tumorad‑01 with the drug candidate 177Lu-SN201, as well as to prepare for the phase IIa part of the study.

The company has received subscription commitments from major shareholders, board members, and members of the company’s management team corresponding to approximately 64 percent of the Rights Issuethe study, as well as increasing business development activities.

“Significant progress has been achieved in the Tumorad program where, in the ongoing Tumorad‑01 study, we have both declared the maximum tolerated dose and observed clear tumor uptake in patients with two different forms of head and neck cancer. The program is now at a decisive stage where the next step is to complete the phase I part of the study and declare a recommended phase II dose (RP2D) — and that is exactly where this issue takes us. With demonstrated proof‑of‑concept in humans, a promising safety profile and continued strong momentum in the radiopharma field, we have a strong platform for the next clinical step with Tumorad while continuing to position the Company for development collaborations and commercial partnerships,” says Spago Nanomedical’s CEO, Mats Hansen.