Bionor's mission is to enable the immune system to fight HIV infection. Bionor currently retains full ownership rights to the HIV immunotherapy Vacc-4x, i.e., the upside potential from partnering or licensing remains with the company's shareholders. Bionor is listed on Oslo Børs (OSE:BIONOR).
Strategic and financial update
On 18 August 2016, the company announced that it had raised a total of NOK 105 million in new equity by an agreement with certain new investors regarding full subscription of a NOK 52.5 million private placement, subject to approval at an extraordinary general meeting 9 September 2016, as well as a proposed, subsequent, fully underwritten rights offering of NOK 52.5 million. Following completion of the private placement, the company will be fully funded under the current strategy for no less than 12 months. The company’s main shareholder has committed to vote in favor of the private placement and the rights offering, and not to sell any Bionor shares prior to the extraordinary general meeting.
The current strategy of Bionor is to further advance Vacc-4x in clinical development to develop a functional cure for HIV. As a consequence of the new, expected ownership structure following the private placement and subsequent fully underwritten rights offering, a new Board of Directors will be elected at the extraordinary general meeting on 9 September 2016. Accordingly, the company's strategy will be evaluated by the new Board of Directors, which may lead to a reassessment of the company's current short and long-term strategies. Until such further assessments have been undertaken all planning of clinical trials is put on hold.