Having earlier lowered its forecast of raising 200-300 million Danishkroner ($24.1-36.1 million) in the spring of 2001 to a more modest 70-150 million kroner (Marketletter May 7), Denmark's Bavarian Nordic says it has completed a rights issue of over 620,000 shares which brought in proceeds of 81 million kroner.
Chief executive Peter Wulff said that, "under the present circumstances at the market, we are satisfied with the result." He added that, with this new working capital at its disposal, the Copenhagen-based firm is "able to accomplish some central milestones in our clinical programs." Recently, Bavarian Nordic announced promising results from a clinical study for its MVA-BN vaccine to treat malignant melanoma, which contains a vector that is similar to a mutant gene coding for tyrosine in melanoma cells (Marketletter April 30).
Mr Wulff said that "it is of great importance to get further results from our ongoing clinical trials in HIV and malignant melanoma," and to enter into licensing and collaboration agreements with pharmaceutical and biotechnology companies, as well as governments. He concluded by saying that, "in the next 12 months, we will prove that our MVA-BN is the most safe and efficient vaccine technology on the market."
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