Nordic Nanovector ASA - Results for the Fourth Quarter and Full Year 2019

OSLO, Norway, Feb. 27, 2020 /PRNewswire/ -- Nordic Nanovector ASA (OSE: NANO) announces its results for the fourth quarter and full year 2019. A presentation by the company's senior management team will take place today in Oslo at 08:30 CET, see details below.

Jan H. Egberts, MD, Chairman of Nordic Nanovector, commented: "We currently have 47 patients enrolled in our pivotal PARADIGME Phase 2b trial evaluating Betalutin. The company will under its new management look into the current strategy and operational trial initiatives. We still aim to complete the patient enrolment in PARADIGME in the second half of 2020. The encouraging efficacy and safety profile demonstrated in the first part of the LYMRIT 37-01 Phase 1/2 trial with a single administration of Betalutin give the Board and management confidence in its potential to become an important option for patients with non-Hodgkin's lymphoma (NHL).

Highlights Q4 2019

• Pivotal Phase 2b PARADIGME trial of Betalutin in 3rd-line FL is progressing    
• 47 patients have been enrolled in the PARADIGME trial
• The company continues to aim for patient enrolment to be completed in the second half of 2020
• A global agreement was signed with Isotope Technologies Garching GmbH (ITG) to ensure the supply of no-carrier-added lutetium-177, a key component of Betalutin
• Successful completion of private placement of new shares raising approximately NOK 243 (USD 26.4 million) (gross)
• DLBCL - 3 additional patients being enrolled into final dose cohort as one patient experienced a reversible DLT
• Alpha37 project received grant funding of NOK 6 million (~USD 0.65 million) from Eurostars and NOK 12 million (~USD 1.3 million) from the Norwegian Research Council
• New preclinical data offering insights to enchancing Betalutin-based combination therapies in NHL presented at ASH

Events after Q4 2019

• As announced in a separate release on 26 February 2020, Lars Nieba, Chief Technology Officer of Nordic Nanovector, has been appointed interim Chief Executive Officer to replace Eduardo Bravo, who has left the company to pursue other career opportunities.            

Financial Highlights Q4 and FY'19

(Figures in brackets = same period 2018 unless otherwise stated)

• Revenues for the fourth quarter amounted to NOK 0.0 million (NOK 0.0 million). Revenues for the full year 2019 were NOK 0.0 million (NOK 0.0 million).
• Total operating expenses for the fourth quarter were NOK 139.3 million (NOK 96.3 million). Total operating expenses for the full year 2019 amounted to NOK 440.4 million (NOK 340.0 million).
• Comprehensive loss for the fourth quarter amounted to NOK 137.5 million (loss of NOK 87.7 million). Comprehensive loss for the full year 2019 was NOK 433.2 million (NOK 336.8 million).
• Cash and cash equivalents amounted to NOK 471 million at the end of December 2019 (NOK 440.1 million).

Outlook