Algeta raises USD 35 million in a Private Placement
Oslo Feb. 18 – Algeta ASA (OSE: ALGETA), the cancer therapeutics company, announces that it has raised USD 35 million (NOK 245 million) through the Private Placement of 22.3 million new shares, with a par value of NOK 0.50, at a price of NOK 11 per share.
Commenting on today’s announcement, Andrew Kay, CEO of Algeta, said, “I am delighted we have been able to secure this additional funding from a wide range of existing investors and new investors. The fact that we have been able to raise USD 35 million in the present economic climate demonstrates investors’ confidence in Algeta’s ability to generate shareholder value via the successful development and commercialization of our lead product, Alpharadin, a next-generation alpha-pharmaceutical.
The Private Placement took place through a book-building process and was managed by ABG Sundal Collier and DnB NOR Markets. The Private Placement was directed towards existing shareholders as well as selected new institutional and professional investors, and was led by Abingworth LLP, an international investment group dedicated exclusively to the life sciences and healthcare sectors.
Algeta is an oncology company developing treatments for bone metastases and disseminated tumor types. The lead product Alpharadin is targeting bone metastases which occur frequently in major cancers including hormone-refractory prostate cancer, breast, lung, kidney, thyroid and represent an area of high unmet medical need.
Algeta’ s pipeline is built on world-leading, proprietary technology. Algeta is developing new, targeted cancer alpha-pharmaceuticals that harness the unique characteristics of alpha particle emitters which are potent, well tolerated and convenient to use.