On May 31, 2019 the cancer vaccine company Ultimovacs ASA reported that it has raised NOK 370 million in an oversubscribed share issue, and will be listed on the Oslo Stock Exchange on Monday, June 3, 2019 (Press release, Ultimovacs, MAY 31, 2019, View Source [SID1234536989]).

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Investors showed great interest in Ultimovac’s listing on the Oslo Stock Exchange and the issue was oversubscribed. Large Norwegian and international institutional investors have entered the company as new shareholders. Among the new, large shareholders are also specialized health funds. Ultimovacs experienced a broad interest in subscription of shares and the company will have about 1,500 shareholders on listing.

"It is very gratifying for Norwegian health care and for Ultimovacs that national and international investors show the company this confidence. In today’s uncertain market, it is extra pleasant with such great interest, both from international investors and small savers. I look forward to following the company further, "says Jonas Einarsson, chairman of Ultimovacs and CEO of Radforsk.

The funds Ultimovacs collect at the IPO will finance the company’s development plan for the universal cancer vaccine UV1. The main project is a major clinical study to document the treatment effect of the vaccine. In this study, UV1 will be combined with other immunotherapy in patients with melanoma at about 30 hospitals in Norway, Europe, the United States and possibly Australia.

Ultimovacs has already conducted three minor clinical trials of the vaccine at the Radium Hospital in patients with lung cancer, prostate cancer and mole cancer.

«The cancer vaccine has shown promising clinical signals in the studies we have conducted at Radiumhospitalet. Based on this, we have developed a development plan to document that our vaccine has an effect on cancer patients. I am very pleased that we have now completed a successful stock exchange listing. This means that the practical conditions are now in place to implement our development plan, "says Øyvind Kongstun Arnesen, CEO of Ultimovacs.