Norway-based pharmaceutical company Ultimovacs raised NOK 45m ($5.9m) today from a share placement to new investors including retail chain Canica and construction firm Sundt.
Founded in 2011, Ultimovacs is developing technology from Norwegian Radium Hospital that could potentially control the immune system to help it recognise and kill cancer cells. The funding will be used to further develop its leading product, UV1, a therapeutic cancer vaccine.
Existing shareholders in Ultimovacs include investment firm Gjelsten Holding, Norwegian Radium Hospital Research Foundation and Inven2, the technology transfer unit for the University of Oslo and Oslo University Hospital.
Ultimovacs CEO Øyvind Kongstun Arnesen said: “This share issue enables the company to maintain its strong professional focus as it continues its work on documenting efficacy and safety of UV1 in cancer treatment.
“The new owners recognise the company’s ambitions to improve the current cancer treatment while developing a business enterprise with great potential.”