Nordic Nanovector shares take 'final hit' as it scraps cancer drug study

Thor Medical ASA

06/07/2022 08:41

** Shares in Nordic Nanovector  NANOVN.OL  plummet 45% after
the company's decision to drop PARADIGME study of a cancer drug
candidate
    ** The Norwegian biotechnology company said late on Tuesday
that following a comprehensive review and independent data
evaluation it decided to discontinue its Phase 2b trial of
Betalutin in follicular lymphoma  urn:newsml:reuters.com:*:nFWN2YM10E
    ** As only one out of three patients responded to the
treatment with the average duration of the response of about six
months, the Board views the profile as no longer sufficiently
competitive to bring Betalutin to the market, it said 
    ** Nordic Nanovector added it would implement a
restructuring with immediate effect to reduce costs to
facilitate development of other drug candidates in the pipeline
    ** "We believe today the shares will take their final hit
from the PARADIGME trial, and wait for the development plans for
the other assets to take shape," Kempen analysts say
    ** The company's shares have lost 88% year-to-date

 (Reporting by Izabela Niemiec)
 ((Izabela.niemiec@thomsonreuters.com))