The Danish biotechnology company Curasight is a pioneer in a new imaging and therapeutic approach based on the urokinase-type plasminogen activator receptor (uPAR). By combining the targeted uTREAT radiation therapy with the precise uTRACE diagnostics, the technology aims to minimize radiation exposure to healthy tissue. Several investigator-initiated phase II studies have been completed or are underway, including a prostate cancer study in collaboration with Curium, a global leader in radiopharmaceuticals.
Curasight also generates clinical data for uTRACE and uTREAT across multiple cancers, including bladder cancer, glioblastoma, neuroendocrine tumors, head and neck cancer, non-small cell lung cancer and pancreatic cancer. Each indication represents a distinct development opportunity. Based on emerging clinical evidence, the company plans to engage experienced partners for later stages of development – as exemplified by the collaboration with Curium.
Strengthens the financial foundation
The final terms are expected to be announced on April 24. The subscription price will be set at 65 percent of the Theoretical Ex-Rights Price (TERP), calculated based on the 10-day volume weighted average price (VWAP) at the time of the board's formal decision to carry out the rights issue.
If fully subscribed, the rights issue is expected to generate gross proceeds of approximately DKK 100 million for Curasight, before deduction of transaction costs. The net proceeds, estimated at DKK 91,9 million, will be used to finance:
- Completion of the Phase II study of uTRACE in prostate cancer, with top line data in the second half of 2025 and final data in the first half of 2026.
- Completion of the Phase I study of uTREAT in glioblastoma (brain cancer), with efficacy readings in late second half of 2025 and final data in the first half of 2026.
- Preparations for Part II of the uTREAT study to begin in the first half of 2026.
- Ongoing need for working capital.
Strong support from new and existing stakeholders
Curium International Trading BV has committed approximately DKK 17,8 million, reinforcing its confidence in the company's uPAR-based platform. This commitment builds on the strategic partnership established between Curium and Curasight in 2023, which has the potential to generate up to USD 70 million in milestone payments, along with double-digit royalties linked to the future commercialization of uTRACE.
Another cartoonist is Pentwater Capital Management Europe LLP, a new institutional investor, who will subscribe for approximately 10 percent of the final issue volume, with a minimum commitment of approximately DKK 4,7 million.
In addition, Curasight's management, board of directors and existing shareholders have committed to subscribe for approximately DKK 5,2 million.
Comments from the CEO
We contacted CEO Ulrich Krasilnikoff to find out more about the rights issue.
What is the strategic significance of having Curium and Pentwater on board as shareholders?
- We are very pleased to have received strong backing from both Curium and Pentwater as new shareholders in Curasight. We believe this provides further validation of our theranostic approach for better diagnosis and more precise treatment for cancers via our uTRACE and uTREAT platforms. Attracting these two new investors allows us to continue parallel development of our diagnostic and therapeutic platforms and brings us closer to fulfilling our ambition of helping a large number of cancer patients.
How does Curium's investment build on your existing partnership for uTRACE?
– As a strategic partner already, Curium has strong insight into our ground-breaking uPAR-based technology and our skilled approach to development of precision diagnostics with targeted therapy. This partnership validates Curasight's innovative approach, solidifying its position as a leader in the field and paving the way for revolutionary advancements in oncology care worldwide as well as confirming that the business case behind the partnership agreement with Curium in prostate cancer is still valid.
How do you view the timing and structure of the share issue, given the challenging funding climate?
- There is an extremely challenging funding climate currently, so we are pleased to have attracted backing for almost half the rights issue already. The participation of both Curium and Pentwater is important as it further underlines the potential of our theranostic approach to provide new solutions to patients for better diagnosis and more accurate treatment of certain types of cancer.
Finally, can you elaborate on how the proceeds will support the next steps in your pipeline development?
- The proceeds will support our strategy to develop both diagnostic and therapeutic solutions in parallel and move uTRACE and uTREAT towards key clinical milestones. These include the completion of the Phase II trial for uTRACE in prostate cancer, with topline data end of H2 2025 and final data in H1 2026, the completion of the Phase I trial for uTREAT in glioblastoma (aggressive brain cancer), with efficacy readouts end of H2 2025 and final data in H1 2026. This funding allows us to continue our journey on developing much needed theranostic solutions to improve the diagnosis and treatment of certain types of cancer.
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This material has been prepared for marketing purposes and is not and shall not be considered to constitute a prospectus under applicable laws and regulations. The full terms and conditions of the rights issue and further information about the company have been set out in a prospectus which has been published and published on the said company's website.