Swedish radiopharmaceuticals company Affibody Medical has secured SEK 307 million ($34 million) by carrying out a fully guaranteed rights issue. 

Affibody’s main shareholder Patricia Industries, part of Investor AB, has via its subsidiary Duba AB committed to subscribe for its pro rata share, as well as any remaining shares not subscribed for by other shareholders. The full amount of the rights issue is thus guaranteed.

The purpose of the rights issue is to finance the evaluation of higher radioactivity levels in the ongoing Phase I clinical study with the HER2 targeting radioligand therapy (RLT) candidate ABY-271 in metastatic breast cancer, as well as to support broadening of Affibody’s RLT pipeline.

“In December we reported highly encouraging initial results from the first cohort of patients in our ongoing Phase I study of ABY-271 in HER2-positive metastatic breast cancer,” said David Bejker, CEO of Affibody. 

“The clinical data is very well aligned with preclinical findings, validating the Affibody platform as a foundation for next-generation RLTs. 

“The new financing will allow us to accelerate the Phase I study by evaluating higher radioactivity levels as well as expanding our RLT portfolio.” 

Bruno Quinney, Content Team, DDW