New Funds for Ultimovacs

Investors are recognizing the huge potential of Oslo Cancer Cluster member Ultimovacs. They are currently investing an additional 125 million NOK in the cancer research company.

Well known investors and Ultimovacs backers Stein Erik Hagen, Anders Wilhelmsen og Bjørn Rune Gjelsten are among financiers putting fresh money into the cancer research company, according to the Norwegian newspaper Finansavisen.

Preparing for the Stock Exchange
Kjetil Fjeldanger,  the Ultimovacs chairman, believes a stock exchange listing within 12-18 months is realistic. – We will start the preparations for a stock exchange listing to prepare for further financing, says Fjeldanger.

Ultimovacs has so far gathered a lot of funds. However, a lot of funding still remains because of the sheer cost of doing cancer research.

– Current funds will fund us until the start of phase two of clinical studies, explains General Manager of Ultimovacs, Øyvind Arnesen.

Fighting Cancer with the Body’s Own Tools
The company is developing a cancer vaccine that helps the body’s own immune system fight cancer. Currently, three concluded studies have been combined into one, and all participating patients will now be followed closely during a five year period to monitor their survival rate.

– The patients are doing well, but the documentation is not sufficient, but we continue in very good spirits, explains Arnesen.

However, a commercial vaccine will not be for sale until 2021, according to Arnesen.

Arnesen and Ultimovacs are also initiating a new study on melanoma cancer where the vaccine is used in combination with the most common immunotherapy remedies. The hope is that the two methods will strengthen each other and make an efficient cancer fighting remedy together. The study will conclude in 18 months.