Nordic Nanovector comment on Proposed Merger with APIM Therapeutics
The Board of
The strategic review to explore the Company's options has concluded that a stand-alone strategy is not a viable option. Through the review,
However, these did not result in terms that were competitive or that recognised an appropriate valuation of the Company.
The proposed recommended merger with APIM brings access to a highly attractive Phase 2 oncology asset in ATX-101, a very experienced CEO and CMO, plus a strong investor base that understands the biotech industry and oncology drug development and will continue to support the new merged company through the next phase of its development. As part of the merger process, APIM and the R&D team at
The Board urges the shareholders to make their own assessment for their investment decision and participation at the upcoming general meeting, either by proxy, advance voting or personal attendance. Despite the unfortunate circumstances of the Company following the closing of the PARADIGME trial, the Board of director's opinion is that the proposed transaction is in the best interest of the Company and its shareholders.
Background to the Proposed Merger
The merger, which is backed by the Boards of both companies, is the result of an extensive review that explored a range of strategic options for the Company. The Company believes that this transaction, in this very difficult market environment where many biotech companies are running low on cash, represents an exciting opportunity for all shareholders given the significant and broad potential of ATX-101, a novel anti-cancer peptide currently in Phase 2 trials. In addition, the combined company will have the discovery and development expertise to potentially generate multiple future new drug candidates from its technology platforms.
In addition, the new combined company will also have the support of a group of knowledgeable life science investors including Sarsia Seed AS, Trond Mohn Stiftelsen, Norsk Innovasjonskapital III AS and Investinor Direkte AS.
Advokatfirmaet Schjødt AS is acting as legal advisor to APIM.
Jan H. Egberts, Chairman of
Malene Brondberg, Interim CEO and CFO of
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- Betalutin® and Humalutin®, both CD37-targeting radioimmunotherapies incorporating the beta emitter lutetium-177 to treat non-Hodgkin's lymphoma (NHL);
- Alpha37, a CD37-targeting radioimmunotherapy candidate incorporating the alpha-emitting radionuclide lead-212, currently being explored with partner Oranomed for chronic lymphocytic leukaemia;
- Multiple fully humanized anti-CD37 antibodies with potential in haematological cancers and autoimmune diseases; and
- A CD37
DOTA CAR-Tcell opportunity in haematological cancers, which is being advanced via a research collaboration with the University of Pennsylvania.
Further information can be found at www.nordicnanovector.com.
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