Nordic Nanovector ASA Results for the Second Quarter and First Half 2022

OSLO, Norway, Aug. 31, 2022 /PRNewswire/ -- Nordic Nanovector ASA (OSE: NANOV) ("Nordic Nanovector" or the "Company") announces its results for the second quarter and first half 2022. 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.

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.

For further information, please contact:

IR enquiries

Malene Brondberg, Interim CEO & CFO
Cell: +44 7561 431 762
Email: [email protected]

Media Enquiries

Mark Swallow/Frazer Hall (MEDiSTRAVA Consulting)
Tel: +44 203 928 6900
Email: [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. The Company aspires to become a leader in radionuclide therapy of cancer. In addition to Betalutin®, for which Nordic Nanovector retains global marketing rights, the Company's novel pipeline includes Humalutin®, a radioimmunotherapy candidate based on a chimeric anti-CD37 antibody and the beta emitter lutetium-177 for NHL; Alpha37, based on a chimeric anti-CD37 antibody and the alpha emitting radionuclide lead-212, currently being explored with partner Oranomed for relapsed refractory chronic lymphocytic leukaemia; a portfolio of fully humanised anti-CD37 antibodies with potential in haematological cancers and autoimmune diseases; and a CD37 DOTA CAR-T cell opportunity in haematological cancers, which is the subject of a research collaboration with the University of Pennsylvania.

Further information can be found at www.nordicnanovector.com.

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.

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SOURCE Nordic Nanovector