- We believe our theranostic approach using the uPAR target could provide improved diagnosis and more gentle treatment options for patients in the future. The rights issue will give us an important injection of capital that will enable us to pursue our updated strategy of developing uTRACE and uTREAT in parallel, says CEO Ulrich Krasilnikoff.
Curasight is developing a targeted theranostic platform based on the urokinase-type plasminogen activator receptor (uPAR), combining PET imaging with uTRACE and radionuclide therapy with uTREAT to minimize damage to healthy tissue. Unlike biopsies, uTRACE can assess cancer aggressiveness non-invasively in multiple indications, such as prostate cancer, glioblastoma, bladder cancer, neuroendocrine tumors, head and neck cancer, non-small cell lung cancer (NSCLC) and pancreatic cancer – each of which offers distinct development opportunities for the company.
Curasight's strategy is to collaborate with experienced partners to advance later-stage development. This is exemplified in a Phase II study in prostate cancer conducted together with Curium, a global leader in radiopharmaceuticals and a major shareholder, Curium.
Technical Deep Dive: uPAR Theranostics
Curasight's uPAR-based theranostics platform uses positron emission tomography (PET), often in combination with computed tomography (PET/CT), to create detailed images of cancer biology. The process involves injecting a radioactive tracer, uTRACE, which binds to the biomarker uPAR that is overexpressed on cancer cells. A PET scanner detects the tracer's radioactivity and maps the location and aggressiveness of the tumor with high precision. Unlike invasive biopsies, uTRACE can non-invasively identify aggressive cancer across multiple indications and thereby guide treatment decisions – for example, whether surgery (such as prostatectomy) or radiotherapy is truly needed – potentially reducing unnecessary prostate surgeries by up to 70 percent and thus also side effects such as impotence.
The theranostic approach integrates diagnostics with uTRACE and treatment with uTREAT. The therapy uses the uTRACE ligand, “armed” with short-acting beta-emitting radionuclides, which are injected intravenously to bind to cancer cells expressing uPAR. This targeted radiation minimizes damage to healthy tissue and offers a gentler alternative to external beam radiation therapy, which often affects surrounding organs. The uTRACE scan shows exactly where the uTREAT radiation will be delivered, allowing for individually tailored treatment.
Several phase II studies have confirmed uTRACE's diagnostic accuracy (breast cancer 2018, prostate cancer 2020, head and neck cancer and neuroendocrine tumors 2021/2022, brain cancer 2023 and ongoing lung cancer study). According to the company, no other early-stage PET tracer company has as broad a clinical portfolio as Curasight. A phase I/IIa study from 2017 showed that uTRACE is safe and effective, supporting its theranostic potential.
Financing upcoming milestones
The ongoing rights issue was announced in Q2 2025 and the final terms were set on April 24. The subscription price is DKK 1,98 per share. The subscription period runs from May 2 to 16 and gives shareholders one subscription right per share – 18 subscription rights entitle them to purchase 43 new shares. Upon full subscription, the net proceeds will amount to DKK 91,9 million after issue costs of DKK 8,1 million. The proceeds from the issue will support the company's strategy to develop its clinical activities and build value in the company, including:
- Completion of the Phase II study for uTRACE in prostate cancer, with topline data in H2 2025 and final data in H1 2026.
- Completion of the Phase I study for uTREAT in glioblastoma (brain cancer), with efficacy readings in late H2 2025 and final data in H1 2026.
- Preparations for Part II of the uTREAT study, which will begin in H1 2026.
- Ongoing need for working capital.
Two new strategic investors
Curasight has secured DKK 47 million, equivalent to 47 percent of the issue, including DKK 27,7 million, through pre-subscriptions from two new strategic investors as well as members of the management and board of directors. The company's current partner for uTRACE in prostate cancer, Curium, will contribute DKK 17,8 million. The multi-billionaire investor Pentwater Capital Management Europe LLP subscribes DKK 4,7 million for 10 percent of the issue, while management, the board and other shareholders have committed to subscribe up to DKK 5,2 million. A further DKK 19,3 million is secured through guarantee commitments. The board estimates that these funds, in combination with the existing loan agreement, will finance the business until mid-2026, enabling the generation of critical clinical data to drive future value.
The dilution amounts to 70,5 percent, but investors have the opportunity to counteract this by exercising their subscription rights during the period April 30 to May 14, 2025.
Curium's commitment is based on the insights the company has gained in Curasight's theranostics platform through the partnership established in 2023 around uTRACE. The collaboration includes potential milestone payments of up to $70 million and double-digit royalty levels.
Comments from the CEO
We contacted Ulrich Krasilnikoff, CEO of Curasight, for a comment on the rights issue and expected milestones.
Ulrich, what are the advantages of the theranostic approach and what do you envision it will bring to cancer care?
- We believe our uPAR based platforms have the potential to improve diagnosis and provide more gentle treatment options for certain cancers. This capital injection will help us advance both our uTRACE and uTREAT platforms in parallel in clinical development in two specific cancer indications – prostate cancer and brain cancer.
What has your data so far shown regarding the platform's potential?
- We have had a broad range of clinical data supporting our uTRACE diagnostic platform and have generated preclinical data to support our hypothesis that our treatment platform uTREAT could be an important option in the future for more gentle treatment of certain types of cancer. With the extra funds raised by the rights issue we look forward to continuing our work with Curium in prostate cancer with uTRACE and running a small rapid clinical study to gain proof of concept for uTREAT in brain cancer.
What are the main reasons for targeting such a broad treatment landscape simultaneously?
– Nine clinical phase II studies have been conducted with uTRACE, where we have demonstrated that uTRACE works across all cancers with a solid tumor, as our biomarker uPAR on the cancer cells is cancer specific, but not cancer type specific. This means that our product will potentially target all cancer cells that contain the biomarker uPAR, which is the cause of the cancer spreading. In other words, we also have the opportunity to target metastases and small "satellites" that cannot be seen with the eye and are often the cause of many cancer patients having relapses because not all of the cancer has been removed.
How will DKK 91.9 million proceeds be allocated, assuming full subscription, to balance uTRACE and uTREAT trials for maximum 2025–2026 impact?
- We have a number of use of proceeds aims with the proceeds from the rights issue. We expect to ensure the completion of the phase II trial for uTRACE in prostate cancer, with topline data in H2 2025 and final data in H1 2026. Additionally, we can complete the phase I trial for uTREAT in glioblastoma (brain cancer), with efficacy readouts end of H2 2025 and final data in H1 2026. We will also be able to fund activities to prepare for part II of the uTREAT trial to begin in H1 2026.
How important is the support from Curium and Pentwater?
– Curium and Pentwater are two important new strategic investors and their support validates our approach and our competencies within the radiopharmaceuticals. As our partner for uTRACE Curium has worked and gained first hand insights into our diagnostic platform.
As our final question, why should one invest in Curasight at this time?
- We believe our theranostic approach using the uPAR target could provide improved diagnosis and more gentle treatment options for patients in the future. The rights issue will give us an important injection of capital that will enable us to pursue our updated strategy of developing uTRACE and uTREAT in parallel.
BioStock is a news service and does not provide investment advice, does not mediate any investment orders and does not take any responsibility for actions and/or any loss or damage of any kind based on the use of content published on BioStock.se. Instead, each investment decision is made independently by the individual investor. The content of BioStock's news and analyses is independent, but as BioStock's operations are partly financed by companies in the industry, the BioStock website may contain news about companies from which BioStock has received funding.
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.