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2016-05-19

Nordic Nanovector: NORDIC NANOVECTOR ASA FIRST QUARTER 2016 RESULTS: STRONG PROGRESS ON ALL PRIORITIES AND EXECUTION ON TRACK

Date: 19.05.2016        Press Release no: 26/2016

Oslo, Norway, 19 May 2016

Nordic Nanovector ASA (OSE: NANO) announces its results for the first
quarter 2016. A presentation of the results by the company's senior
management team will take place today at 8:30 a.m. CEST in Oslo -
details below.

Nordic Nanovector reports steady operational progress on Betalutin®'s
clinical development plan in Follicular Lymphoma (FL), with
recruitment of both sites and patients proceeding according to
schedule. The Lymrit 37-01 study is on track to define the optimized
dose regimen to be used in PARADIGME, the pivotal Phase 2 study
planned to start in 2H 2017. Updated data from this ongoing clinical
study, presented at the American Association of Cancer Research
(AACR) in April, confirm Betalutin®'s efficacy potential, durability
of response and favourable safety profile in patients with advanced
FL.

The company continues to advance its product pipeline. Having received
clearance of the Investigational New Drug (IND) Application from the
FDA and acceptance of the protocol design from EU Authorities, Nordic
Nanovector is ready to initiate its Phase 1 clinical study for
Betalutin® in diffuse large B cell lymphoma (DLBCL). Other progresses
include the research and development collaboration with Paul Scherrer
Institute, aiming at developing new Antibody-Radionuclide-Conjugates
(ARCs) for treatment of single cell leukaemias. During the first
quarter, the company received a grant of up to NOK 15 million from
the Research Council of Norway's User-driven Research-based
Innovation programme to support the discovery and development of
novel targeted therapeutics for leukaemia and NHL.

Luigi Costa, CEO of Nordic Nanovector, comments: "We are pleased to
report that our operations are progressing according to plan and on
track to meet milestones. The updated results from Betalutin® in FL
are promising and reinforce our belief in its promise to become a
significant new treatment of NHL. We have also made good progress
across all key areas, including the initiation of a clinical study
for Betalutin® in a second NHL indication, with a significant unmet
medical need, and promising preclinical research highlighting further
opportunities for our pipeline."

Operational Highlights

· Steady operational progress on Betalutin®'s clinical development
plan in number of sites activated and patients enrolled

· Received grant from Research Council of Norway

· Presented updated clinical results at AACR in April, which confirm
Betalutin®'s promising efficacy and increasing Duration of Response

· Received clearance of the Investigational New Drug (IND)
application, enabling initiation of the study in the US, for a new
Phase 1 clinical study of Betalutin® in DLBCL

· Research and development collaboration entered with Paul Scherrer
Institute, aiming at developing new Antibody-Radionuclide-Conjugates
for treatment of single cell leukaemias

· First good manufacturing process batch of the chimeric HH1 antibody
successfully completed

Financial Highlights Q1 2016

(Figures in brackets = same period 2015 unless otherwise stated)

· Revenues amounted to MNOK 0.078 (MNOK 0.076)

· Total operating expenses were MNOK 52.7 (MNOK 35.9)

· Loss for the quarter amounted to MNOK 52.7 (loss of MNOK 35.8)

· Cash and cash equivalents amounted to MNOK 671.9 at 31 March 2016
(MNOK 743.4 at 31 December 2015)

Outlook

The promising updated results from the ongoing Phase 1/2 study with
Betalutin®, the good progress made in advancing this study and strong
findings from the research and development pipeline bode well for
Nordic Nanovector's operations going forward. Management will
continue to focus its efforts on the efficient execution of its plans
and to meet the anticipated clinical milestones. Current cash
resources are expected to be sufficient to reach the first regulatory
submission for Betalutin® in FL in 1H 2019.

Presentation and web cast details

A presentation by Nordic Nanovector's senior management team will take
place at 8:30 am CEST at:

Thon Hotel Vika Atrium Munkedamsveien 45 0250 Oslo

Meeting Room: NYLAND

The presentation will be recorded as a webcast and will be available
at www.nordicnanovector.com in the section: Investor
Relations/Webcast.

The results report and the presentation will be available at
www.nordicnanovector.com in the section: Investor Relations/Reports
and Presentation/Quarterly Reports/2016 from 7:00 am CEST the same
day.

For further information, please contact:

IR enquiries:

Luigi Costa, Chief Executive Officer

Cell: +41 79 124 8601

Tone Kvåle, Chief Financial Officer

Cell: +47 91 51 95 76 Email: ir@nordicnanovector.com

Media enquiries:

Mark Swallow/David Dible (Citigate Dewe Rogerson)

Tel: +44 207 282 2948/+44 207 282 2949

Email: nordicnanovector@citigatedr.co.uk

About Nordic Nanovector

Nordic Nanovector is a biotech company focusing on the development and
commercialisation of novel targeted therapeutics in haematology and
oncology. The Company's lead clinical-stage product opportunity is
Betalutin®, the first in a new class of
Antibody-Radionuclide-Conjugates (ARC) designed to improve upon and
complement current options for the treatment of non-Hodgkin Lymphoma
(NHL). NHL is an indication with substantial unmet medical need and
orphan drug opportunities, representing a growing market worth over
$12 billion by 2018.

Betalutin® comprises a tumour-seeking anti-CD37 antibody (HH1)
conjugated to a low intensity radionuclide (lutetium-177). The
preliminary data has shown promising efficacy and safety profile in
an ongoing Phase 1/2 study in a difficult-to-treat NHL patient
population. The Company is aiming at developing Betalutin® for the
treatment of major types of NHL with first regulatory submission
anticipated in 1H 2019.

Nordic Nanovector intends to retain marketing rights and to actively
participate in the commercialisation of Betalutin® in core markets,
while exploring potential distribution agreements in selected
geographies. The Company is committed to developing its ARC pipeline
to treat multiple selected cancer indications.

Further information about the Company can be found at
www.nordicnanovector.com

Forward-looking statements

This announcement may contain certain forward-looking statements and
forecasts based on uncertainty, since they relate to events and
depend on circumstances that will occur in the future and which, by
their nature, will have an impact on Nordic Nanovector's business,
financial condition and results of operations. The terms
"anticipates", "assumes", "believes", "can", "could", "estimates",
"expects", "forecasts", "intends", "may", "might", "plans", "should",
"projects", "will", "would" or, in each case, their negative, or
other variations or comparable terminology are used to identify
forward-looking statement. There are a number of factors that could
cause actual results and developments to differ materially from those
expressed or implied in a forward-looking statement or affect the
extent to which a particular projection is realised. Factors that
could cause these differences include, but are not limited to,
implementation of Nordic Nanovector's strategy and its ability to
further grow, risks associated with the development and/or approval
of Nordic Nanovector's products candidates, ongoing clinical trials
and expected trial results, the ability to commercialise Betalutin®,
technology changes and new products in Nordic Nanovector's potential
market and industry, the ability to develop new products and enhance
existing products, the impact of competition, changes in general
economy and industry conditions and legislative, regulatory and
political factors. No assurance can be given that such expectations
will prove to have been correct. Nordic Nanovector disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.

This information is subject to a duty of disclosure pursuant to
Section 5-12 of the Securities Trading Act.

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http://news.cision.com/nordic-nanovector/r/nordic-nanovector-asa-first-q...
http://mb.cision.com/Main/9819/2012391/517672.pdf
http://mb.cision.com/Public/9819/2012391/8e4ded4aec1f7e4c.pdf

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