Cancer vaccine company Ultimovacs AS raised NOK 125 million in October 2017 to further develop its therapeutic cancer vaccine and conduct a study of whether the vaccine can also be developed as a preventive cancer vaccine. Existing shareholders and employees invested NOK 100 million and a handful of new investors contributed with NOK 25 million.

Established: 2011
CEO: Øyvind Kongstun Arnesen
Capital raised: 274 MNOK private and 33 MNOK public
Number of employees: 12

Wants to develop preventive vaccine

The funds raised will be used to carry out a new study in which the company’s cancer vaccine, UV1, will be tested in combination with other types of immunotherapy that together will boost the immune system’s ability to fight cancer. The study will result in a data basis that gives the green light for going ahead with the final trials before the application to register the vaccine as a new drug is submitted.

‘We are pleased that we have the necessary capital in place to realise the next step of the company’s development plan,’ says Øyvind Kongstun Arnesen, CEO of Ultimovacs AS.

Ultimovacs is also considering how the vaccine can be combined with other vaccine technology, so that, in addition to being used as a therapeutic vaccine, it can be used preventatively by persons at high risk of developing cancer.

‘We are systematically monitoring the patients from the first three phase I trials. We have now followed these patients for a few years, and they are doing better than what is normal for patients in this group. We see this as a clear indication of the vaccine’s ability to fight cancer. This is the basis for continuing to document the vaccine as a technology platform where it can be used to treat many types of cancer in combination with different types of drugs. We have added even more experienced and highly competent members to our staff, and will continue to develop the company in 2018,’ says Kongstun Arnesen.

Possible stock exchange listing in a few years

Ultimovacs was valued at NOK 800 million after new capital was raised in October 2017. DNB Markets and Arctic Securities have assisted the company as financial advisers and facilitated the transaction.

‘We will now start preparing for a possible listing of Ultimovacs on the stock exchange in the course of 12–18 months, so that further future financing alternatives can be considered,’ concludes Kongstun Arnesen.

About Ultimovacs

Ultimovacs AS is a Norwegian company that works on developing cancer immunotherapy in the form of a universal cancer vaccine. The company currently has twelve employees and is located in Oslo Cancer Cluster Innovation Park near the Norwegian Radium Hospital. The company has concluded three phase I trials that have documented the safety of the vaccine and its ability to activate the immune system. It is working systematically towards an application to have the vaccine registered as a new cancer drug. Ultimovac’s biggest owners are Gjelsten Holding AS, Inven2 AS, Canica AS, the Norwegian Radium Hospital’s Research Foundation, Sundt AS, Langøya Invest AS and Watrium AS.