Clavis Pharma Raises NOK 129 Million (USD 20 Million) in a Private Placement to Fund Further Development of its Pipeline of Novel Anticancer Drug ...(have irrevocably undertaken to vote in f...)

Commenting on today's announcement, Geir Christian Melen, CEO of Clavis Pharma, said, "I am delighted we have been able to secure this additional funding from a wide range of existing and new investors in the present financial environment. The successful completion of the Private Placement is an important milestone for us and demonstrates investors' confidence in our unique pipeline of drugs under development".

"We recently announced excellent survival data for our lead development product elacytarabine in late-stage acute myeloid leukaemia. The new funds will be invested in a Phase II/III registration trial for elacytarabine in this patient population. Another key trial for us is a controlled Phase II trial for Intravenous CP-4126, our second product, in pancreatic cancer. We aim to complete this trial and other ongoing clinical trials and continue to progress our exciting pipeline closer to commercialisation."

The two institutional shareholders represented on the Board of Directors of the Company, NeoMed Management (acting through the fund NeoMed Innovation III L.P) and Braganza AS were allocated 1,500,000 and 1,250,000 new shares, respectively. After the completion of the Private Placement, NeoMed Management will hold 4,360,622 shares in Clavis Pharma (equivalent to 17.9%), while Braganza AS will hold 2,062,896 shares, equivalent to 8.5%.

A listing prospectus will be prepared in connection with the listing of the new shares on the Oslo Stock Exchange. The new shares will not be tradable on the Oslo Stock Exchange until: i) such a prospectus has been filed with, and approved by, the Oslo Stock Exchange; ii) the new shares have been fully paid; and, iii) the share capital increase has been registered in the Norwegian Register of Business Enterprises and VPS (The Norwegian Central Securities Depository), al
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