Curasights The uPAR-based theranostics platform uses positron emission tomography (PET), often in combination with computed tomography (PET/CT), to create detailed images of cancer biology. This is done with the aim of obtaining a more accurate diagnosis and treatment selection by visualizing the characteristics of the tumor.
Its diagnostic tools, uTRACE, uses a radioactive tracer that binds to the uPAR biomarker, which is overexpressed on cancer cells. This allows for precise mapping of the tumor's location and aggressiveness. This non-invasive method can reduce unnecessary procedures, such as prostate surgery, by up to 70 percent, thereby minimizing side effects such as urinary incontinence and impotence.
Several phase II studies (breast cancer 2018, prostate cancer 2020, head and neck and neuroendocrine tumors 2021/2022, brain cancer 2023, ongoing in lung cancer) have validated uTRACE's diagnostic accuracy, and according to the company, there is no competing early-stage PET tracer that matches Curasight's broad clinical portfolio.
Its therapeutic equivalent, uTREAT, uses the same uPAR-binding ligand to deliver targeted radiation directly to the cancer cells, while sparing healthy tissue.
Rights issue fuels clinical progress
In April, Curasight announced a rights issue to raise up to a maximum of approximately DKK 100 million. The rights issue was completed on May 21, 2025 with a subscription rate of 47 percent, raising DKK 47 million before issue costs. Key investors – including the global radiopharmaceutical company Curium International Trading BV. (DKK 17,8 million) and Pentwater Capital Management Europe LLP (up to DKK 4,7 million) – committed to participate in the rights issue.
Management and board members contributed DKK 5,4 million and guarantee commitments amounted to DKK 19,3 million. The funds will support the development of uTRACE and uTREAT, particularly in prostate and brain cancer studies, where topline data is expected in late H2 2025 and final data in H1 2026.
Directed new issue
On June 2, 2025, Curasight announced a directed issue of shares at DKK 1,98 per share to the underwriters of the rights issue, corresponding to approximately DKK 1,36 million in cash consideration. This preserves liquidity for clinical development while strengthening the underwriters' interest in Curasight's long-term goals.
Partnerships drive clinical progress
Curasight’s development is driven by strategic partnerships – a good example is the collaboration with Curium Inc. In May 2023, Curasight and Curium signed a partnership agreement to develop and commercialize uTRACE in prostate cancer, with potential milestone payments of up to USD 70 million and double-digit royalties. Key milestones were achieved in January 2024 for validation of the uTRACE manufacturing process and in June 2024 for recruitment of the first patient in the study. Curium’s investment further strengthens the collaboration and validates Curasight’s approach and the commercial potential of uTRACE.
In addition to attracting Curium and Pentwater as strategic investors in the latest funding round, Curasight has also secured a bridge loan of DKK 8 million, renegotiated the terms with Fenja Capital II A/S and extended a loan facility of DKK 10 million until 2026, to further strengthen liquidity.
CEO Ulrich Krasilnikoff comments
We spoke with the CEO Ulrich Krasilnikoff to find out more about the next steps after the rights issue.
How far will the funds from the capital raise take you in terms of clinical milestones and when should we expect these milestones?
- The proceeds have given us an important capital injection to support our strategy to develop both diagnostic and therapeutic solutions in parallel. The funding will support key clinical milestones including the completion of Part II of the Phase II trial for uTRACE in prostate cancer, where we expect topline data in H2 2025 and final data in H1 2026. Additionally, we are also able to fund until the completion of the Phase I trial for uTREAT in glioblastoma (brain cancer), with efficacy readouts by the end of H2 2025, as well as supporting preparation for Part II of the uTREAT trial expected to begin 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.
In what ways does Curium's support enhance Curasight's uPAR-based theranostics platform?
– Curium is a leader in the field of radiopharmaceuticals and therefore brings invaluable insight and a strong understanding of the landscape to the development of our uPAR-based theranostics platform and in particular the development of uTRACE diagnosis in prostate cancer. The fact that they also participated in the rights issue and have become a strategic shareholder lends further validation to our innovative approach with our uPAR theranostics platform.
Can you comment on the strategic rationale behind the rights issues?
- We believe our uPAR theranostics platform has the potential to deliver more accurate diagnosis and more gentle treatment options for certain types of cancer in the future. Therefore, it was important to us to ensure we have the funding in place to pursue parallel development of both our diagnostics uTRACE platform and treatment uTREAT platform without delaying any of them. The rights issue has secured our ability to do this and will allow us to deliver key milestones in the next 12 months.
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