Fresh cash for cancer therapies

11.07.10 Lysaker – Norwegian biopharmaceutical company PCI Biotech Holding ASA has strengthened the company’s equity by a11m (NOK90m) through a share issue of 2.25 million shares with preemptive subscription rights for existing shareholders. The issue was oversubscribed by about 50%. DnB NOR Markets and Fondsfinans acted as joint lead managers for the rights issue. According to the company, the proceeds will be used to complete clinical development for three or four selected treatments for cancers. “We are now well-positioned for the further development of both our pipeline and PCI Biotech,” said CEO Per Walday.
PCI Biotech was established in 2000 as a subsidiary of the Norwegian pharmaceutical company Photocure ASA, which is one of the biotech companies established around the Radium Hospital in Oslo. In 2008, PCI Biotech was listed on the Oslo Axess after being split off from Photocure. PCI Biotech’s strategy is to commercialise a patented photochemical drug delivery technology called PCI for use in cancer therapies. The company has an ongoing clinical Phase I/II study to treat patients with head and neck cancer. Other pre-clinical trials are looking at the use of PCI in the treatment of bladder cancer.