On August 31, 2022 Nordic Nanovector ASA (OSE: NANOV) ("Nordic Nanovector" or the "Company") reported its results for the second quarter and first half 2022 (Press release, Nordic Nanovector, AUG 31, 2022, View Source [SID1234618845]). A presentation by Nordic Nanovector’s senior management team will be held in-person today in Oslo and webcast live beginning at 8:30am CEST – details below.
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Jan H. Egberts Chairman of Nordic Nanovector, commented: "The decision to discontinue PARADIGME* has been a major disappointment for everyone involved, most particularly patients. Given the difficult financing environment and the Company’s current financial position, the responsible course of action is to conserve our resources while we explore all strategic options that may be available to us. We believe the restructuring we have announced, together with the appointment of Carnegie, a leading financial advisor in the Nordic region, will provide significant support in achieving the best possible outcome for our shareholders. We will provide further updates in a timely fashion as appropriate."
*PARADIGME is a global Phase 2b trial of Betalutin (177Lu lilotomab satetraxetan) in 3rd-line follicular lymphoma (FL) patients, refractory to RTX/anti-CD20 based treatments.
Q2 2022 Highlights
Comprehensive review of PARADIGME implemented
Following continued slow recruitment into PARADIGME with no additional patients enrolled in May 2022 and only 2 since end February 2022
Independent data evaluation commissioned with data analysis by an independent expert panel
Post-period events
Decision made to discontinue PARADIGME
Betalutin profile does not fully meet objectives set out for the PARADIGME study with only one out of three patients responding to treatment and average duration of response of approximately six months
Profile no longer sufficiently competitive to bring Betalutin to the market in the third line relapsed/refractory FL indication within a timeframe that makes financial and commercial sense for the Company
Board implements a restructuring of the Company with the purpose of reducing costs where necessary
25 employees have been made redundant, corresponding to approx. 70% of the total staff. Leadership team has been slimmed down significantly
The costs to close PARADIGME are expected to be in the range NOK 170-200 million, which indicates a cash position of NOK 90-110 million
Carnegie appointed to explore all strategic options available to the Company
Aim to optimise shareholder value following decision to discontinue PARADIGME and implement a restructuring of the Company
Nordic Nanovector does not intend to make any further public comment regarding the review until it has been completed or the Company determines that disclosure is required or appropriate
Financial Highlights
(Figures in brackets = same period 2021 unless otherwise stated)
Revenues for the second quarter 2022 amounted to NOK 0.0 million (NOK 0.0 million)
Total operating expenses for the second quarter 2022 were NOK 102.8 million (NOK 103.9 million).
Comprehensive loss for the second quarter 2022 amounted to NOK 91.0 million (loss of NOK 101.8 million).
Cash and cash equivalents amounted to NOK 287.4 million at the end of June 2022, compared to NOK 356.3 million at the end of March 2022, and NOK 450.1 million at the end of June 2021.
Presentation and Webcast
A presentation by Nordic Nanovector’s senior management team will be held in-person and webcast live beginning at 8:30am CEST.
Venue: Thon Hotel Vika Atrium, Munkedamsveien 45, 0250 Oslo
Meeting Room: Bjørvika
The webcast can be accessed from www.nordicnanovector.com 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 www.nordicnanovector.com in the section: Investors & Media/Reports and Presentation/Interim Reports/2022 from 7:00am CEST the same day.