Raised Capital to Progress Therapeutics Pipeline

After raising NOK212 million (c.$25 million) in a private placement from existing shareholders, including Investinor AS and Meteva AS, BerGenBio will use funds to progress the Company’s pipeline of innovative cancer therapeutics, in particular its lead asset BGB324, a first-in-class Axl kinase inhibitor.

BGB324 is currently being evaluated in a Phase 1b trial in patients with acute myeloid leukaemia (AML) and also in a Phase 1b trial in patients with Stage IIIb and Stage IV non-small cell lung cancer (NSCLC). BGB324 is said to block the epithelial-mesenchymal transition (EMT), which is a key driver in immune evasion, drug-resistance and metastasis in cancers.

Richard Godfrey, Chief Executive Officer of BerGenBio, commented: 

“We are very pleased to have received this new investment from our shareholders at this important time in the Company's development and would like to thank them for their continued support. The proceeds will be used primarily to support the ongoing clinical and commercial development of our lead asset BGB324, as we prepare to open several Phase 2 combination trials.”

BerGenBio also announces the following changes to its Board of Directors. John Barrie Ward and David Wilson have stepped down from the Board. Stein H. Annexstad, Kari Grønås and Sveinung Hole have been appointed as new Non-Executive Directors. Susan Foden has stepped down as Chair but remains a Non-Executive Director, while Hilde Furberg has been appointed as Chair of the Board of Directors.