By Kimberly N. Alleyne
Stroudsburg, Pa., Sept. 2 - Algeta ASA announced Friday the closing of a series A round of financing totaling NOK 185 million (€23 million).
The proceeds will support the continued development of the company's lead AlpharadinT product as a potential new treatment for bone metastases arising from primary prostate cancer.
Investors included new investors HealthCap, Advent Venture Partners and SR One. Existing investors Selvaag Venture Capital, Norges Investor, Marlin Verdi AS, as well as several smaller investors.
"We are very pleased to have attracted funding for our company from such an experienced, international group of investors, in addition to the continued support and commitment from our current investors. This is a strong endorsement for the company, its employees and the progress being made," said Thomas Ramdahl, Algeta's chief executive officer.
The company also announced Per Samuelsson, partner at HealthCap; Patrick Lee, general partner at Advent Venture Partners; and Dr. Kent Gossett, principal at SR One, will join Algeta's board of directors.
Oslo, Norway-based Algeta was founded in 1997 and is a private therapeutics company dedicated to the development of novel anticancer therapeutics based on alpha particle emitting radionuclides.
| Issuer: | Algeta ASA
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| Issue: | Product development financing
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| Round: | A
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| Amount: | NOK 185 million
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| Investors: | HealthCap, Advent Partners, SR One, Selvaag Venture Capital, Norges Investor and Marlin Verdi.
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| Announcement date: | Sept. 2
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