APIM Therapeutics AS

Shareholders of Nordic Nanovector did not like the first merger partner the Norwegian biotech chose last fall. So the company went back to the drawing board and has found a new one: Thor Medical. Nordic Nanovector had originally planned to combine with APIM Therapeutics , but a few weeks after the November disclosure, shareholders decided it was a no-go. This time around, Nordic Nanovector hopes to combine with the small, private Thor Medical, which is working on proprietary tech to make radionuclides, including alpha-particle emitters that it plans to supply to radiopharma companies for cancer therapeutics. By its count, more than 50 such startups and biopharma companies are working on cancer radiotherapy, and it expects to make a final decision on an industrial-scale manufacturing facility in 2025.

OSLO, Norway, Feb. 28, 2023 /PRNewswire/ -- Nordic Nanovector ASA (OSE: NANOV) ("Nordic Nanovector" or the "Company") announces its results for the second half and full year 2022. A presentation by Nordic Nanovector's interim CEO & CFO, Ludvik Sandnes will be held in-person today in Oslo and webcast live beginning at 8:30am CET - details below. Jon Magne Asmyr, Chair of the Board, commented: The Company's future is still unclear, and since the turn of the year the new Board has prioritised four important tasks: to get a new CEO/CFO in place; to reduce burn rate; to map the potential of the CD37-targeted immunotherapy platform and the early-stage solid tumour project; and to find strategic solutions that safeguard the interests of shareholders. We are happy to have solved the CEO and CFO situation with the interim appointment of Ludvik Sandnes and to see that the cost base has been significantly reduced. We continue to further evaluate Nordic Nanovector's pipeline, and, at the same time, we are pursuing all potential strategic options. We hope that this this process will materialise into a proposed transaction that would be acceptable to shareholders." Ludvik Sandnes, Interim CEO & CFO, commented: "2022 was an extremely difficult year for Nordic Nanovector. The former board and management made strong efforts to safeguard shareholder and company values culminating in the agreed merger proposal with APIM Therapeutics that was not supported by the required majority of shareholders. The clear goal in 2023 is to ensure Nordic Nanovector's continued operation and to position it for a possible transaction that would benefit the current organisation, employees and shareholders. We continue to work hard, with our financial advisors Carnegie, to assess strategic options that may be open to the Company and will put forward any recommended proposals for resolution by the Company's shareholders in due course." H2'2022 Events The former Board of Directors decided to discontinue the PARADIGME global Phase 2b trial of Betalutin® (177Lu lilotomab satetraxetan) in 3rd-line follicular lymphoma (3L R/R FL) patients, refractory to RTX/anti-CD20 based treatments Betalutin® profile did not fully meet objectives set out for the PARADIGME study with only one out of every three patients (ORR 31.1%) responding to treatment and median duration of response of 6.4 months] Only one in seven patients had a complete response at three months (CRR 14.8%) with a median DoCR of 8.5 months Both of the above results failed to meet the threshold for study success, which were minimum ORR of 40% and minimum CRR of 25% Profile determined to be no longer sufficiently competitive to bring Betalutin® to the market in the 3L R/R FL indication within a timeframe that made financial and commercial sense for the Company The former Board implemented a restructuring of the Company to reduce costs Staff numbers reduced to six as of 28 February 2023 from 40 as of 30 June 2022 Formal close down of PARADIGME initiated and expected to be concluded by the end of Q1'2023. The study results will be published in the required public access databases thereafter All larger contracts have been terminated. Further commitments related to the closure of PARADIGME during 2023 and transaction costs related to the proposed APIM merger bring the current uncommitted net cash level to approximately NOK 60m at the beginning of 2023. Carnegie Investment Bank appointed to explore strategic options for the Company to optimise shareholder value Proposal to combine with APIM Therapeutics agreed by the former Board of Directors and the APIM Board (announced 9 November 2022) Proposal rejected by Shareholders at Extraordinary General Meeting (EGM) on 1 December 2022 Post-period events Board and Management changes The former Board of Directors resigned at the EGM (3 January 2023) and a new Board consisting of Jon Magne Asmyr (Chairperson), Eddie Berglund and Tina Bjørnlund Bønsdorff was elected, as well as a new Nomination Committee consisting of Hans Peter Bøhn (Chairperson), Jan-Tore Pedersen and Vegard Aavik Eddie Berglund resigned from the Board on 19 January 2023 Ludvik Sandnes, former Chairperson of Nordic Nanovector (2013-2019), was appointed interim CEO & CFO as from 1 February 2023 replacing Malene Brondberg who transitioned out of the Company Financial Highlights (Figures in brackets = same period 2021 unless otherwise stated) Revenues for the second half 2022 amounted to NOK 0.0 million (NOK 0.0 million). Revenues for the full year 2022 were NOK 0.0 million (NOK 0.0 million). Total operating expenses for the second half 2022 were NOK 114.2 million (NOK 237.4 million). Total operating expenses for the full year 2022 amounted to NOK 317.4 million (NOK 442.4 million). Comprehensive loss for the second half 2022 amounted to NOK 111 million (loss of NOK 237.6 million). Comprehensive loss for the full year 2022 was NOK 307.1 million (NOK 441.7 million). Cash and cash equivalents amounted to NOK 98.7 million 31 December 2022 compared to NOK 287.4 million on 30 June 2022, and NOK 277.7 million on 31 December 2021. Outlook Following the decisions made in 2022 to discontinue the PARADIGME study and implement a restructuring of the Company, Nordic Nanovector believes that the best interests of shareholders will be served by thoroughly exploring all strategic options that may be available with the help of Carnegie as expert financial advisor. As a publicly quoted company with a listing in Norway, remaining cash resources and a pipeline of CD37-targeted assets, the Company believes that there is an opportunity to crystalise value for shareholders through a potential strategic transaction. No assurances can be given as to the outcome or timing of the ongoing review process. The Company will put forward any recommended proposals for resolution by shareholders in due course. Several measures have been implemented to reduce the burn rate, and the Company's current net cash is expected to finance its ongoing operations into Q2 of 2024. Presentation and Webcast A presentation by Nordic Nanovector's interim CEO & CFO, Ludvik Sandnes will be held in-person and webcast live today beginning at 8:30am CEST. Venue: ADVOKATFIRMAET CLP DA, Sommerrogata 13, 0255 Oslo The webcast can be accessed from in the section: Investors & Media and a recording will also be available on this page after the event. The results report and the presentation will be available at in the section: Investors & Media/Reports and Presentation/Interim Reports/2022 from 7:00am CEST the same day. IR enquiries Ludvik Sandnes, Interim CEO & CFO [email protected] 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. Further information can be found at Forward-looking statements This press release contains certain forward-looking statements relating to inter alia to the business and strategies, financial performance and results of the Company. Forward-looking statements concern future circumstances and results and other statements that are not historical facts. These statements are based on Nordic Nanovector's current expectations and are subject to uncertainty and changes in circumstances. Any forward-looking statements contained in this release, including assumptions, opinions and views of Nordic Nanovector or cited from third party sources, are subject to risks, uncertainties and other factors that may cause actual results and events to be materially different from those expected or implied by the forward-looking statements. Nordic Nanovector cannot provide any assurance that the assumptions underlying such forward-looking statements are free from errors nor accept any responsibility for the future accuracy of opinions expressed in this release or the actual occurrence of any forecasted developments. Nordic Nanovector disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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. 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 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. This information is subject to a duty of disclosure pursuant to Sections 4-2 and 5-12 of the Securities Trading Act. The following files are available for download: SOURCE Nordic Nanovector

None   ​Welcome to this week's (and last week's) Chutes & Ladders, our roundup of hirings, firings and retirings throughout the industry. Please send the good word—or the bad—from your shop to Max Bayer or Gabrielle Masson, and we will feature it here at the end of each week.  Roche's pharma head departs a week after company named new diagnostics exec Roche Pharmaceuticals The chutes keep chuting and the ladders keep laddering for Roche, with the company now having to fill a void left by pharmaceuticals division CEO Bill Anderson. His departure comes just one week after the company named a new North America diagnostics chief, a continuation of a monthslong domino effect spurred by the promotion of Thomas Schinecker, Ph.D., to CEO of the entire company. Now, the dominoes are falling not just backward, but sideways.  Anderson became the leader of the entire pharmaceuticals division in 2019 after running Genentech, which Roche bought in 2009 for almost $50 billion. But 2022, like for much of the pharmaceutical industry, has thrown considerable haymakers Roche’s way, including setbacks to the company’s TIGIT program, which sent fears across the industry. Most recently, the company’s Alzheimer’s prospect gantenerumab failed a phase 3 trial, ending hopes that it may be able to compete with Eisai’s lecanemab or potentially Eli Lilly’s donanemab.  Filling Anderson’s position now becomes a top priority for Schinecker, who will hold the reins on an interim basis. In the past few months, a number of top pharmas have filled CEO vacancies including Biogen, Teva and Seagen. Fierce Pharma CSL elevates manufacturing vet to CEO  CSL Behring Riding a wave of momentum, CSL has moved to fill its top CEO spot, naming chief operating officer Paul McKenzie, Ph.D., for the role. He joined the company in 2019 after overseeing manufacturing work at Biogen. He takes over Paul Perreault, a statue of a leader at the Australia-based company after a tenure that’s lasted 25 years including 10 as CEO. McKenzie’s promotion comes as the company looks to continue to flesh out a pharmaceuticals wing that’s coming off a monumental hemophilia B approval. UniQure, maker of the now-approved drug Hemgenix, licensed the therapy out to CSL in 2020. The going rate for the treatment is $3.5 million, making it the most expensive therapy ever.  Prior to his stint at Biogen, McKenzie worked at Merck, Bristol Myers Squibb and Johnson & Johnson. That experience likely provides a valuable glimpse into how the company views its future ambitions. CSL’s chairman, Brian McNamee, called McKenzie a “patient-focused global leader” in a release. Fierce Pharma Nordic Nanovector in disarray following CEO, boardroom exodus  Nordic Nanovector Just a month ago, Nordic Nanovector appeared to have stabilized itself through dealmaking, agreeing in principle to acquire APIM Therapeutics and its lead phase 2-stage cancer treatment. That stability has since vanished after Nordic’s shareholders rejected the proposed deal, spawning an exodus among the company’s board of directors. To preserve cash, Malene Brondberg—the company’s interim CEO and CFO—resigned as well. So, in summary, the board is gone along with the company’s temporary chief executive and accountant.  That leaves a bit of a mess left to be cleaned up by the shareholders. North Energy ASA, the company’s largest shareholder, has called a meeting Jan. 3 to do just that. The specifics behind why shareholders shot down the proposal were not immediately available. When the company announced the no-vote, Nordic Chairman Jan Egberts said “we did not receive the required level of shareholder support for this transaction.”  The corporate crumbling follows Nordic’s failed phase 2b trial of its lead asset Betalutin to treat lymphoma. That spurred an M&A hunt that included discussions with at least 25 companies before landing on APIM as the ideal merger. Current APIM CEO Kostas Alevizopoulos was slated to be CEO of the joint operation with Brondberg joining the board of directors. So much for that. Fierce Biotech > Manu Platt, Ph.D., is joining the the National Institutes of Health to lead the newly launched Center for Biomedical Engineering and Technology Acceleration. He ran the Platt Lab for more than 13 years, training engineers from Morehouse, Georgia Tech and Emory University in tissue remodeling and regeneration. Tweet  > Quanta Therapeutics is bringing aboard Leonardo Faoro, M.D., as chief medical officer after he lead early clinical development at Exelexis. Prior to that, he led late-stage development at the commercial stage company. Release > Simon Fricker is joining the executive team of Pepper Bio as chief development officer. His appointment comes after three years as VP of R&D at Phio Pharmaceuticals. Release > Parthenon Therapeutics has found what it hopes to be its new Greek god of clinical development, tapping Joseph Paul Eder, M.D., as chief medical officer. Eder was most recently at professor at Yale and also led the school's early clinical development program. Release  > Lyell Immunopharma names Lynn Seely, M.D., as president and chief executive officer after she previously led Vant venture Myovant Sciences. GSK recently ditched a partnership with Lyell’s cell therapy, handing the program to Adaptimmune. Release > Hookipa Pharma has made a couple of top leadership changes, including the hiring of a new chief medical officer. Katia Schlienger, M.D., has been handed the clinical reins, and Malte Peters, M.D., has been added to the company’s board of directors. Release > Vigil Neuroscience has named David Gray, Ph.D., as its new chief scientific officer as current chief medical officer, Spyros Papapetropoulos, M.D., Ph.D., departs to become the new CEO at Bionomics. Vigil did not disclose who would replace Papapetropoulos as CMO. Release > BioAffinity is shoring up its diagnostics team, promoting Jennifer Rebeles, Ph.D.,  to vice president of diagnostics while hiring a duo of research scientists. Rebeles joined the company as director of diagnostics in 2019. Release  > Axcella’s CFO and top human resources executive are departing the company amid cuts to 85% of the staff. Along with the layoffs, Axcella is cutting programs to save money and focus develop on its long COVID treatment. Fierce Biotech > Wendy Dwyer is moving to AI Proteins to become chief business officer and lead partnership efforts. She recently was chief business officer at Saniona after two and a half years at Surface Oncology. Release  > Cell and gene therapy materials maker Akron Bio has a new CEO, naming Christopher Murphy for the job. Murphy joins from Thermo Fischer Scientific where he was VP and general manager of viral vector services. Release  > Organon has tapped Kirke Weaver to be the next general counsel after being named to the role on an interim basis in July. Prior to Organon, Weaver was a VP in Merck & Co.’s general counsel unit. Release