The case is updated.
Early on Thursday morning, the biotechnology company Ultimovacs released the results of its main study on mole cancer.
It was read in January and since then the market has been eagerly awaiting the results. Now they have arrived, and they are not encouraging., writes DN.
The share was set to fall 92 percent, but is now paused until further notice. With today’s collapse, the major shareholders are likely to suffer a huge loss.
– Crisis
It appears from the report that the study did not meet the primary endpoint of extending progression-free survival after 18 months of follow-up of patients, writes the newspaper.
The assessment of the secondary endpoints showed no difference in overall survival and objective response rate between those treated and the control groups.
– This is a crisis, is the first reaction from DNB Markets’ biotech analyst Geir Hiller Holom.
On Thursday morning, the company was priced at NOK 4.1 billion.
Previous success story
Ultimovacs has so far been a success story on the Stock Exchange.
On the first trading day in 2019, the share traded for NOK 31. Before the stock exchange opens on Thursday, the share price stands at NOK 118.80, i.e. an increase of almost 300 per cent. The share price has mostly been just above NOK 160, writes DN.
Bjørn Rune Gjelstens Gjelsten Holding is the largest owner in Ultimovacs, with 18.8 percent. Stein Erik Hagen’s Canica is the second largest, with 7.9 percent.
In other words, Gjelsten owns shares worth NOK 750 million, while Hagen owns shares worth NOK 320 million. Most of that is likely to evaporate with today’s big decline.
2024-03-07 08:02:38
#Track #collapse #crisis
