Algeta raises $35M for alpharadin devel't

Oslo, Norway-based cancer therapeutics firm Algeta has raised $35.0 million through the private placement of 22.3 million new shares, with a  par value of 0.50 Norwegian kroner, at a price of 11 kroners per share.  This took place through a book-building process and was managed by ABG  Sundal Collier and DnB NOR Markets.

Algeta intends to use the proceeds and the subsequent repair offering  to, in part, finance: completion of the current Phase III clinical trial  with alpharadin and such other studies that are required to secure  marketing authorization in major countries for the use of the drug in  treating skeletal metastases of prostate cancer origin; initiation and  completion of studies to validate potential label extensions for  alpharadin in metastatic prostate cancer; and further enhance the  company's R&D pipeline.