Nordic Nanovector sees interest in its Non-Hodgkin Lymphoma treatment (updated)

LigaChem Biosciences

20/02/2017 12:36

* Developing treatment for Non-Hodgkin Lymphoma 
    * Sees launch of first drug Betalutin by end of decade 
    * Broker predicts 55 pct chance of Betalutin success 
    * Shares rise 6.7 percent 
 
 (Adds quotes, bullets, background, share price) 
    By Camilla Knudsen 
    OSLO, Feb 20 (Reuters) - Norwegian biotech newcomer Nordic 
Nanovector  NANOV.OL , which seeks ways to treat blood-related 
cancers, says other companies are showing intrest in buying the 
firm. 
    "We talk a lot with companies, and as the data improves and 
the company develops, the more interest we have, that's for 
sure," chief executive officer Luigi Costa told Reuters. 
    While Nanovector, founded in 2009 and listed on Oslo's stock 
market in 2015, may eventually be bought, it could also launch 
drugs independently or through partnership, Costa said, adding 
the firm will be "opportunistic about this". 
    Its shares rose 6.7 percent in Oslo following the comments. 
    Nanovector is currently preparing a final test phase for its 
Betalutin drug candidate, a treatment for Non-Hodgkin Lymphoma 
(NHL) designed to attach itself to tumours in a novel way before 
killing them with a dose of radiation. 
    If successful, the drug will be filed for U.S. Food and Drug 
Administration (FDA) approval in two years' time. The company 
says it can have a final product on the market by the end of 
2019. 
    "Our time-line is based on the assumption that the FDA will 
grant us a breakthrough therapy designation and accelerated 
approval ... Last year the probability (of approval) increased 
significantly," Costa said. 
    In December, Nanovector presented data showing positive 
effects of Betalutin in patients and, in a separate study on 
mice, promising results when combined with Rituximab, also known 
as Rituxan, a drug sold by Roche  ROG.S  and Biogen  BIIB.O . 
    "Rituximab has been the standard care for years ... but is 
now off patent so there is increasing competition for the 
development of additional products," Costa said. 
    Brokerage ABG Sundal Collier recently gave a 55 percent 
probability that Betalutin will eventually launch. It rated the 
share, currently around 95 crowns, a buy with a price target of 
142 Norwegian crowns. 
    After a tenfold rise in its shares during 2016, Nanovector 
in December raised 500 million Norwegian crowns ($60 million) in 
new equity to expand and develop its nascent portfolio. 
    Last October it signed two research and development deals 
with South Korea's Legochem  141080.KQ  and Heidelberg Pharma, a 
unit of Germany's Wilex AG  WL6G.DE  to explore treatments of 
leukemias. 
    Its current market value is 4.4 billion Norwegian crowns. 
     
    ($1 = 8.3303 Norwegian crowns) 
 
 (Editing by Terje Solsvik/Ruth Pitchford) 
 ((camilla.knudsen@thomsonreuters.com; +47 2331 6595; Reuters 
Messaging: camilla.knudsen.thomsonreuters.com@reuters.net)) 
 
Keywords: NORDIC NANO M&A/