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Algeta ASA Raises Euro 23 Million

Algeta ASA raises Euro 23 million in Series A round
Written by: Date: 2.9.2005 8.17.33

Funds support continued development of Alpharadin, its lead cancer therapeutic
Oslo, Norway, September 2, 2005 - Algeta ASA, a therapeutics company dedicated to the development of novel anticancer agents based on alpha particle emitting radionuclides, announced today the closing of a Series A round of financing totaling NOK 185 million (Euro 23 million/US$29 million). The funds raised will support the continued development of the Company's lead product candidate, AlpharadinTM, through its ongoing Phase II clinical trials and into pivotal Phase III trials as a potential new treatment for bone metastases arising from primary prostate cancer.

Alpharadin, is a novel bone-seeking experimental radiopharmaceutical based on the alpha particle emitter radium-223.

The syndicate of international investors included new investors HealthCap, Advent Venture Partners and SR One. Existing investors Selvaag Venture Capital, NorgesInvestor, Marlin Verdi AS and several smaller investors also participated in the round.

"We are very pleased to have attracted funding for our company from such an experienced, international group of investors, in addition to the continued support and commitment from our current investors. This is a strong endorsement for the company, its employees and the progress being made," says Dr Thomas Ramdahl, CEO of Algeta. "With this strong financial base, we are now well placed to advance our lead product candidate, Alpharadin, through late-stage clinical trials towards commercialization, and to extend our development pipeline of new therapeutics based on our exciting alpha particle technology. We look forward to working with our new investors and greatly appreciate their experience and resources, which will assist our company going forward."

"Algeta's lead product candidate, Alpharadin, addresses a major market opportunity in the field of oncology. Bone metastases are a devastating consequence of the progression of certain cancers and current treatments are largely ineffective. HealthCap is very excited to be supporting the Algeta team in their efforts to develop new therapeutics that target this important unmet medical need," said Per Samuelsson, partner at HealthCap.�

Concurrent with the financing, Per Samuelsson, Partner, HealthCap; Patrick Lee, General Partner, Advent Venture Partners; and Dr. Kent Gossett, Principal, SR One; will join Stein Annexstad, Managing Director, representing NorgesInvestor; Dr. Jens Petter Falck, Partner, Selvaag Venture Capital; and John Berriman, Chairman; on Algeta's Board of Directors.

Algeta was advised by BioScience Managers Limited (London, UK) during this financing round.

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