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Visinnovasjon.no > Aktuelt > BerGenBio secures 212 million NOK capital raise
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BerGenBio secures 212 million NOK capital raise

BerGenBio AS has announced that it has secured a capital raise of 212 million NOK in a private placement from existing shareholders, including Investinor AS and Meteva AS.

BerGenBio will use the proceeds and its existing cash balance to progress the development of the Company’s pipeline of innovative cancer therapeutics, in particular its lead asset BGB324, a first-in-class Axl kinase inhibitor.

BGB324 is currently being evaluated in a Phase 1b trial in patients with acute myeloid leukaemia (AML); and in a Phase 1b trial in patients with Stage IIIb and Stage IV non-small cell lung cancer (NSCLC). BGB324 is the first selective, orally bioavailable, small molecule Axl kinase inhibitor in clinical development. It blocks the epithelial-mesenchymal transition (EMT), which is a key driver in immune evasion, drug-resistance and metastasis in cancers.

– We are very pleased to have received this new investment from our shareholders at this important time in the Company’s development and would like to thank them for their continued support. The proceeds will be usedprimarily to support the ongoing clinical and commercial development of our lead asset BGB324, as we prepare to open several Phase 2 combination trials, says Richard Godfrey, Chief Executive Officer of BerGenBio

BerGenBio also announces the following changes to its Board of Directors. John Barrie Ward and David Wilson have stepped down from the Board. Stein H. Annexstad, Kari Grønås and Sveinung Hole have been appointed as new Non-Executive Directors. Susan Foden has stepped down as Chair but remains a Non-Executive Director, while Hilde Furberg has been appointed as Chair of the Board of Directors.

BerGenBio is one of BTO’s first successful companies. The company is dedicated to deliver specialized cutting-edge cancer research to the global biotechnology and pharmaceutical industry. It was established in 2007 by BTO, Unifob AS and researches from the Department of Biomedicine at University of Bergen.

The researchers are focused on developing novel therapeutics for cancers that are aggressive and have become resistant to therapy. Their potential success could prove to be a medical breakthrough, as 90 percent of all cancer related deaths are due to this type of aggressive and resistant cancer.

Read more about BerGenBio here.