Algeta - Initial Public Offering
OSLO, Norway, March 8, 2007 - Algeta ASA, the Norwegian cancer therapeutics company, announced today that the company is preparing an offering aimed at Norwegian investors and certain international institutional investors.
See Important Notice below.
The board of directors of Algeta ASA on 7 March 2007 resolved to offer between 3,920,000 and 6,100,000 new shares, plus an over-allotment option of 15%, in the offering of new shares to be completed in connection with the listing of the company`s shares on Oslo Børs. The indicative price range has been set at between NOK 41 to NOK 51 per share. Based on the indicated offering timetable and subject to approval of the Prospectus by Oslo Børs, the book-building and application period will run from 12 March 2007 to 23 March 2007, both dates inclusive. It is expected, again based on the indicated timetable, that trading in the shares on Oslo Børs will commence on or about 27 March 2007.
Subject to completion of the offering, gross proceeds from the offering will amount to between NOK 200 million and NOK 250 million and will enable Algeta to initiate a phase III clinical program for Alpharadin, Algeta's lead product. Alpharadin has in a randomized double-blind placebo controlled phase II clinical trial in patients with late stage prostate cancer, shown statistically significant survival benefit and significant results on various disease progression markers as well as a benign side effect profile.
The Board of the Oslo Stock Exchange approved Algeta's listing application on 28 February 2007. A prospectus is being prepared in connection with the listing and the offering, and will be published and made available prior to start of the book-building and application period, as soon as necessary approvals have been obtained from the Oslo Børs.
ABG Sundal Collier Norge ASA and DnB Markets are acting as Joint Lead Managers and Terra Securities ASA is acting as Co-Lead Manager in the offering.
Important Notice This press release is not for distribution to United States news services or for dissemination in the United States or elsewhere where such dissemination is not appropriate. This press release is issued pursuant to the requirements of Norwegian law and the Oslo Børs and is not intended to be an offer to sell the securities. This press release may not be relied upon by any person to whom it was not intended to be provided. These materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Algeta ASA has not registered, and does not intend to register, any portion of the offering in the United States.
For further information, please contact:
Dr Thomas Ramdahl, CEO Phone: +47 23 00 79 90 Mobile: +47 913 91 458 thomas.ramdahl@algeta.com
Geir Christian Melen, CFO Phone: +47 23 00 79 84 Mobile: +47 913 02 965 geir.melen@algeta.com
### Algeta ASA is a Norwegian therapeutics company built on world-leading expertise in nuclear medicine and oncology and dedicated to the development of novel anticancer therapeutics based on alpha particle emitting radionuclides.
By harnessing the unique characteristics of alpha emitters, such as high potency and short range, Algeta is developing new therapeutic candidates and technologies targeting metastatic and disseminated tumors and promising unrivalled potency without unacceptable toxicities.
Algeta's lead product candidate, Alpharadin, has completed one Phase II trial and is currently in two further Phase II clinical trials as a potential new treatment for pathologies caused by skeletal metastases from prostate cancer. Based on results to date, it is expected to progress to clinical Phase III trials. Alpharadin is a novel bone-seeking radiopharmaceutical based on the alpha particle emitter radium-223.
Algeta is also developing other technologies for delivering alpha emitters including microparticles, liposomes and its receptor targeting technology, which is designed to enhance the potency of therapeutic antibodies and other tumor-targeting molecules by linking them to the alpha particle emitter thorium-227.
In September 2005, Algeta raised NOK 185 million (? million) in a venture fundraising involving new and existing investors. Currently, Algeta's largest shareholders include venture capital firms HealthCap, Advent Venture Partners, Selvaag Venture Capital, SR One and NorgesInvestor.
The Company is headquartered in Oslo, Norway, and was founded in 1997 as Anticancer Therapeutic Inventions.
Alpharadin and Algeta are trademarks of Algeta ASA.
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