Clavis Pharma raises USD 20 million in a private placement to fund further development of its anticancer drug pipeline
Clavis Pharma ASA announced that the Company has raised NOK 129 million (equivalent to USD 20 million) in gross proceeds through a private placement of 10,750,000 new shares, each with a par value of NOK 1.00 at a price of NOK 12.00 per share.
The Private Placement took place through a bookbuilding process and was managed by Carnegie ASA and DnB NOR Markets as joint-lead managers and joint bookrunners. The Private Placement, which represents approximately 80% of the current outstanding share capital, was well oversubscribed at the issue price and was supported by existing life science and institutional investors, including NeoMed Management and MVM Life Science Partners, as well as new institutional investors.
The net proceeds to the Company from the Private Placement will provide financial resources to achieve key clinical data on its products in development, and optimise its commercial strategy. More specifically, the Company intends to use the net proceeds to:
i) Obtain randomised data from clinical studies for lead products
a. Complete first part of a Phase II/III registration study for elacytarabine in leukaemia (AML)
b. Complete a randomised Phase II study with IV CP-4126 in pancreatic cancer
c. Complete Phase I study for Oral CP-4126 in various solid cancers
ii) Achieve pre-clinical proof of concept for CP-4200
iii) Place the company in a position of strength from which to negotiate appropriate partnership agreements as well as for general corporate purposes
Completion of the Private Placement is conditional upon approval by the Company's Extraordinary General Meeting to be held on or about 15 July 2009. Shareholders representing more than the required two thirds of the shares have irrevocably undertaken to vote in favour of the Private Placement at the EGM.
Clavis Pharma ASA announces data from its Phase II clinical trial with elacytarabine in combination with idarubicin. The trial enrolled patients with early stage acute myeloid leukaemia (AML), for whom cytarabine-containing first-course chemotherapy has failed. The results found that treat ... more
Clavis Pharma ASA announced that is has reached the enrolment target for its Phase III CLAVELA study investigating elacytarabine in patients with relapsed or refractory acute myeloid leukaemia (AML). Elacytarabine is a novel, patented lipid-conjugated form of the anti-cancer drug cytarabine ... more
Clavis Pharma ASA announced results of the LEAP (Low hENT1 and Adenocarcinoma of the Pancreas) study of CP-4126 (also known as CO-101), versus gemcitabine in metastatic pancreatic cancer. The trial, which was conducted by partner Clovis Oncology, Inc., showed that there was no difference in ... more
Clavis Pharma™ is a development stage biopharmaceutical company leveraging its proprietary Lipid Vector Technology (LVT) platform to create New Chemical Entities (NCEs) by significantly improving well-established drug molecules. The improvement is achieved by chemically binding specific uns ... more