The biotechnology company EXACT-Tx has today been admitted to trading on Merkur Market. Since the start of 2020, the combined market capitalisation of the biotech companies listed or traded at Oslo Børs has nearly doubled.
EXACT-Tx recently raised NOK 155 million in new equity through a share issue. It will use these funds to commercialise its treatment technology.
“We are delighted with the success of this financing, and the interest from investors is a strong recognition of both the broad potential of our technology as well as the promising initial readout from the first cancer patients treated,” comments Dr Rafiq Hasan, CEO designate of EXACT-Tx.
EXACT-Tx is a Norwegian biotech company that is developing a technology platform with the potential to significantly amplify the clinical utility of a wide range of therapeutic agents across a multitude of indications. In a first phase the company is concentrating on cancer treatments.
“The Merkur listing facilitated the strengthening of our shareholder base, which will help further our mission to extend and enrich patient lives through our technology”, comments Dr. Masha Strømme, the Chair of the Board.
Biotechnology buoyant at Oslo Børs
The combined market capitalisation of all the biotech companies listed and traded at Oslo Børs has never been greater than at present and has doubled since the start of 2020, climbing from NOK 14.2 billion to NOK 27.9 billion today. Strong increases in the price of a number of companies’ shares have contributed to this increase. The admission to trading of Aker BioMarine last week has also contributed.
“It is really pleasing to be welcoming yet another company to this fast-growing sector at Oslo Børs. In recent years we have seen new industries, such as biotech and seafood, emerge at the same time as the relative importance of oil companies has decreased. Some years ago, oil companies accounted for approximately half the combined market capitalisation of companies listed and traded at Oslo Børs, but this proportion has fallen to just over 25% today”, comments Øivind Amundsen, President and CEO of Oslo Børs.
COVID-19 has led to renewed interest in the sector
Biotech has also grown strongly at the other Euronext exchanges, with the first six months of 2020 seeing both a new record for the combined market capitalisation of all the biotech companies listed on Euronext marketplaces and strong share price increases. The COVID-19 health crisis has led to renewed interest in the sector and has caused some companies to catch up in terms of valuation. Norwegian biotechs saw the biggest share price rises in Europe:
