Nordic Nanovector consolidates senior leadership team and restructures to conserve resources as it explores strategic options
OSLO, Norway, Aug. 26, 2022 /PRNewswire/ -- Nordic Nanovector ASA (OSE: NANOV) ("Nordic Nanovector" or the "Company") today announces that further to the decisions to discontinue the PARADIGME study for its lead asset Betalutin®, restructure the company and appoint Carnegie Investment Bank to explore strategic options the senior leadership team will be consolidated, and current Chief Executive Officer Erik Skullerud will transition out of his role.
Nordic Nanovector's Chief Financial Officer Malene Brondberg will assume the combined position of CFO and interim CEO while the Company continues to work with Carnegie to explore strategic options.
The Board has initiated this strategic exercise with the aim of optimising shareholder value, following the slow recruitment and subsequent disappointing data from the PARADIGME clinical trial, while in parallel recognising the need to conserve resources during the process.
Chairman, Jan H. Egberts commented: "It is important that we make the changes needed to restructure our business in the difficult circumstances we now face following the disappointing results from Betalutin® in third line FL. As a result, we have now implemented staff reductions at all levels of the company to minimise costs. While difficult, we believe this is the most responsible course of action given the interests of our stakeholders. I would like to extend my sincere gratitude and thanks to all of Nordic Nanovector's departing staff, including Erik Skullerud for his leadership and significant contributions and commitment to the company."
Further detail on the company's restructuring will be given at Nordic Nanovector's Q2 2022 results, which will be announced on 31 August 2022.
No assurances can be given as to the outcome or timing of the review process being conducted by Carnegie. 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.
For further information, please contact:
IR enquiries
Jan H. Egberts, Chairman of Nordic Nanovector
Tel: +31 614672518
Email: janegberts@aol.com
Media Enquiries
Mark Swallow/Frazer Hall (MEDiSTRAVA Consulting)
Tel: +44 203 928 6900
Email: nordicnanovector@medistrava.com
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, a 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 humanized 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.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Malene Brondberg, chief financial officer at Nordic Nanovector on 26 August 2022 at the CEST time stated in this announcement on behalf of the Nordic Nanovector.
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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