Oslo, 24 February 2021 – A milestone has today been reached, as Arctic Bioscience’s shares has been admitted to trading on Euronext Growth (ticker code: ABS).
Arctic Bioscience is a Norwegian biotechnology company focused on developing, manufacturing and marketing premium ingredients extracted from herring roe.
Recently, the company raised NOK 300 million through an offering of new shares. In addition, there was an over-allotment (greenshoe option) bringing total proceeds raised in the offering to NOK 345 million. The private placement attracted strong interest from Norwegian and international investors, and was multiple times oversubscribed, announced Arctic Bioscience.
“The capital we raised in connection with the listing will enable Artic Bioscience to progress pharmaceutical development through phase II, and move forward with the construction of a state-of-the-art manufacturing facility.”Danielle Glenn, CFO of Arctic Bioscience.
The shares in the new issue were sold at NOK 31.00 corresponding to a market capitalisation of NOK 753 million.
“We are very pleased with the response to the listing of Arctic Bioscience and look forward to the next phase of our journey.”Ole Arne Eiksund, CEO of Arctic Bioscience.
Arctic Bioscience uses proprietary technology developed by our in-house science and technology team in Ørsta to manufacture high-quality marine extracts. The extraction technique and production process utilize specialized technology to gently separate the protein and lipid fractions in the herring roe. By using this technology the product fractions are protected from being exposed to unnecessary heating and detrimental amounts of oxygen. Extensive use of high manufacturing temperatures and exposure to oxygen will lead to deterioration of the delicate natural products extracted from the roe, where the complex polar lipid fraction of the roe is particularly susceptible to degradation upon exposure to harsh manufacturing conditions.
The new state-of-the-art manufacturing facility currently being developed in Ørsta will be built around the same manufacturing principles, thus ensuring production of high-quality materials both for nutraceutical and pharmaceutical applications. The factory will have one manufacturing line operating according to cGMP, which allows for in-house API manufacture for the pharmaceutical development of our complex polar lipid APIs.