Nordic Nanovector Strengthens Board of Directors to Conserve Resources While Exploring Strategic Options

Oslo, Norway, September 15, 2022 /PRNewswire/ — Nordic Nanovector ASA (OSE: NANOV) (“Nordic Nanovector” or the “Company”) announces today that following decisions to discontinue the PARADIGME study for its lead asset Betalutin®restructure the company and appoint Carnegie Investment Bank to explore strategic options three members of the company’s board of directors have decided to step down. Solveig Hellebuste, Jean-Pierre Bizzari and Thomas Ramdahl will leave the board of directors with immediate effect.

As previously announced in the press release August 18, 2022 a strategic exercise led by Carnegie was launched with the aim of optimizing shareholder value, following slow recruitment and disappointing data from the PARADIGME clinical trial.

The decision of these Board members to step down from their roles on the Board of Directors as a result of the Company’s downsizing will support the preservation of financial resources during this strategic process while retaining the necessary staff to maximize the chances of success.

No assurance can be given as to the outcome or timing of Carnegie’s review process, but as noted in the company’s recent second quarter earnings presentation, the review is expected to continue through the fourth quarter of 2022. Nordic Nanovector does not intend to make public comment regarding the review until it is complete or the Company determines that disclosure is required or appropriate.

For more information, please contact:

IR requests

Jan H. Egberts, President of Nordic Nanovector
Tel: +31 614672518
E-mail:
[email protected]

Media inquiries

swallow mark/Frazer Hall (MEDiSTRAVA Consulting)
Tel: +44 203 928 6900
E-mail: [email protected]

About Nordic Nanovector:

Nordic Nanovector is committed to developing and delivering innovative therapies to patients to address major unmet medical needs and advance cancer care. The Company aspires to become a leader in cancer radiotherapy. In addition to betalutin®for which Nordic Nanovector retains worldwide commercialization rights, the Company’s new pipeline includes Humalutin®, a radioimmunotherapy candidate based on a chimeric anti-CD37 antibody and the beta emitter lutetium-177 for NHL; Alpha37, based on a chimeric anti-CD37 antibody and the alpha-emitting radionuclide lead-212, currently being explored with its partner Oranomed for relapsed refractory chronic lymphocytic leukemia; a portfolio of fully humanized anti-CD37 antibodies with potential in hematological cancers and autoimmune diseases; and a CD37 DOTA CAR-T opportunity in hematological cancers, which is the subject of a research collaboration with the University of Pennsylvania.

Further information is available at www.nordicnanovector.com.

Forward-looking statements

This press release contains certain forward-looking statements regarding, among other things, the business and strategies, financial performance and results of the Company. Forward-looking statements relate to future circumstances and results and other statements that are not historical facts. These statements are based on Nordic Nanovector’s current expectations and are subject to uncertainties and changing circumstances. All forward-looking statements contained in this release, including assumptions, opinions and views of Nordic Nanovector or cited by third-party sources, are subject to risks, uncertainties and other factors that may cause actual results and actual events that differ materially from those expected or implied by the forward-looking statements. Nordic Nanovector cannot guarantee that the assumptions underlying these forward-looking statements are free from error or accept any responsibility for the future accuracy of the opinions expressed in this release or the actual occurrence of any anticipated developments. Nordic Nanovector disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The terms “plans”, “assumes”, “believes”, “may”, “could”, “estimates”, “expects”, “plans”, “intends”, “may”, ” could”, “plans”, “should”, “projects”, “targets”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology are used to identify the statements prospective. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause these differences include, but are not limited to, risks associated with the execution of Nordic Nanovector’s strategy, risks and uncertainties associated with the development and/or approval of Nordic Nanovector’s product candidates. Nordic Nanovector, ongoing and future clinical trials and expected trial results technology. changes and new products in Nordic Nanovector’s potential market and industry, Nordic Nanovector’s freedom to operate (competing patents) with respect to the products it develops, the ability to develop new products and improve existing products, the impact of competition, changes in general economic and industry conditions and legislative, regulatory and political factors.

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SOURCE Nordic Nanovector

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