BerGenBio announced the successful completion of its IPO (initial public offering) on 6th of April. Friday 7th April was the first day of trading for the company’s shares on the Oslo Stock Exchange.
“We are delighted with the positive support BerGenBio has received from investors in Norway and internationally. This new funding will enable the Company to develop first in class medicines to treat aggressive cancers that have become immune-evasive, drug-resistant and metastatic“, stated Richard Godfrey, CEO of BerGenBio, in a press release after the completion of the IPO.
The shares in the initial IPO where priced at NOK 25 per share. The price implied a market capitalisation of BerGenBio after the IPO of NOK 1,244 million.
Potential milestone for start-ups in Bergen
BerGenBio was established by BTO, Unifob and researchers from the University of Bergen ten years ago. Today’s event on the Oslo Stock Exchange is of great importance to Bergen Teknologioverføring and the research institutions we serve.
– BerGenBio is a flagship among all companies that have emerged from the research institutions in Bergen. In 20 years, this day might stand as a milestone in the history of the start-up companies in our city, says Anders Haugland, Managing director of BTO.
Developing a pipeline of first-in-class drug candidates
BerGenBio is a clinical-stage biopharmaceutical company focused on developing a pipeline of first-in-class drug candidates to treat multiple aggressive cancers. BerGenBio has pioneered the research and understanding of the central role of Axl kinase in a broad range of aggressive cancers that spread, avoid the immune system and are resistant to existing drugs. Tumours with these characteristics are the cause of the majority of cancer deaths.
BerGenBio is developing a number of Axl kinase inhibitors, which represents a novel approach to address the key mechanisms leading to tumours becoming malignant and aggressive. This approach presents BerGenBio with an opportunity to create new therapeutic options for cancer patients.
BerGenBio’s most advanced drug development program, BGB324, is a highly selective, orally bioavailable small molecule Axl inhibitor, currently in Phase II clinical development. It is the only selective Axl inhibitor in clinical development. BGB324 has already delivered encouraging clinical data.