OSLO, Norway, Dec. 18, 2019 /PRNewswire/ -- Nordic Nanovector ASA (OSE: NANO) announces that its research and development project Nanoyield has received a non-dilutive funding of NOK 12 million (USD 1.3 million) from the Norwegian Research Council (Forskningsrådet).
The Nanoyield project is aimed at optimising the production yield of Nordic Nanovector's CD37-targeting antibody NNV003. The NNV003 antibody is the antibody component of the radioimmunoconjugate Alpha37. The project will be conducted in partnership with SINTEF Biotechnology (Trondheim, Norway), one of Europe's largest independent research institutes.
Nordic Nanovector recently received grant funding of EUR 0.6 million from Eurostars, a Europe-wide R&D funding programme, to advance the Alpha37 programme.
Alpha37 comprises NNV003 with the alpha-particle generator lead-212 (212Pb) and is being developed in an R&D collaboration with Orano Med. Preclinical data presented at international cancer congresses during the past 12 months have shown that a single injection of Alpha37 is well-tolerated and produces a promising anti-cancer effect and subsequent improvement on survival in preclinical models of CD37-positive chronic lymphocytic leukaemia (CLL) and non-Hodgkin's lymphoma (NHL).
Jostein Dahle, Chief Scientific Officer of Nordic Nanovector, said: "We are excited to receive this new non-dilutive grant funding from Forskningsrådet to advance the Alpha37 programme. Alpha-emitting radionuclides have demonstrated good potential for targeted cancer therapies because their high energy is limited to a few cell widths resulting in localised cytotoxicity while sparing surrounding healthy tissues. We have seen very encouraging preclinical evidence demonstrating the potential of Alpha37 to treat CLL and NHL and with our partners are advancing this exciting candidate towards clinical trials in these indications."
For further information, please contact:
VP Investor Relations and Corporate Communications
Mark Swallow/David Dible (Citigate Dewe Rogerson)
About Nordic Nanovector:
Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care. The Company aspires to become a leader in the development of targeted therapies for haematological cancers.
Nordic Nanovector's lead clinical-stage candidate is Betalutin®, a novel CD37-targeting radioimmunotherapy designed to advance the treatment of non-Hodgkin's lymphoma (NHL). NHL is an indication with substantial unmet medical need, representing a growing market forecast to be worth nearly USD 29 billion by 2026. Nordic Nanovector intends to retain marketing rights and to actively participate in the commercialisation of Betalutin® in core markets.
Further information can be found at www.nordicnanovector.com.
This press release contains certain forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on Nordic Nanovector's business, financial condition and results of operations. The terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "should", "projects", "targets", "will", "would" or, in each case, their negative, or other variations or comparable terminology are used to identify forward-looking statements. These forward-looking statements are not historic facts. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in the forward-looking statements. Factors that could cause these differences include, but are not limited to, risks associated with implementation of Nordic Nanovector's strategy, risks and uncertainties associated with the development and/or approval of Nordic Nanovector's product candidates, ongoing and future clinical trials and expected trial results, the ability to commercialise Betalutin®, technology changes and new products in Nordic Nanovector's potential market and industry, Nordic Nanovector's freedom to operate (competitors patents) in respect of the products it develops, the ability to develop new products and enhance existing products, the impact of competition, changes in general economy and industry conditions, and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Nordic Nanovector disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This information is subject to a duty of disclosure pursuant to Sections 4-2 and 5-12 of the Securities Trading Act.
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