Healthcare, ECM

Bryan, Garnier & Co acts as Sole Financial Advisor, Joint Global Coordinator & Joint Bookrunner on Exact Therapeutics’ NOK 145m Follow-On Offering anchored for USD 7m by GE Healthcare

Exact Therapeutics is a clinical-stage biopharmaceutical company founded in 2012 as a spin-off of GE Healthcare, developing a novel ultrasound-mediated technology platform for targeted therapeutic enhancement – Acoustic Cluster Therapy (ACT®).

The ACT® technology is a unique approach to ultrasound-mediated, organ targeted drug enhancement – with the potential to significantly amplify the clinical utility of a wide range of therapeutic agents across a multitude of indications. 

The ACT® platform has produced strong preclinical evidence across several cancer models with a range of different cancer drugs, where the combination with ACT® strongly enhanced efficacy of all tested cancer drugs. 

Strategic focus is anchored in high unmet need cancer indications such as pancreas cancer and liver metastases, currently in Phase I clinical study ACTIVATE. 

Mode of action suggests further platform expansion potential to glioblastoma, immunotherapy, CNS diseases, rare diseases and gene therapy, notably providing safe passage across the blood-brain barrier. 

ENACT, a Phase 2 study in first line treatment of locally advanced pancreatic cancer is planned to start in H2 2024.

Bryan, Garnier & Co acts as Sole Financial Advisor, Joint Global Coordinator and Joint Bookrunner on Exact Therapeutics NOK 145m Follow-on offering, anchored for USD 7m by a Cornerstone Investment from GE Healthcare, a global leader in medical technology.

Exact Therapeutics launched the offering on December 2nd on the back of: 

  • A USD 7m investment from GE Healthcare. Additionally, the company also entered into a 4-year joint development agreement with GE Healthcare regarding the development and acquisition of critical medical equipment for the Phase 2 ENACT trial and further clinical development
  • Strong support from historical shareholders (Investinor, Sundt, Canica)
  • Additional indications received after a wall-cross exercise from certain existing shareholders and new investors covering the base deal. 

The fixed offer price was set at NOK 4.65, representing a 15% discount versus 3-month VWAP and 22.5% discount to last close. 

Proceeds will be used to (i) initiate and conclude the upcoming Phase 2 ENACT trial in locally advanced pancreatic cancer, including development of medical device equipment with GEHC for abdominal oncology applications, for pivotal trial and commercialisation, (ii) explore and develop the ACT® platform within selected additional high-value areas through preclinical studies, including glioblastoma and (iii) general corporate purposes, business development and development of Intellectual Property. 

This is another successful transaction for the Bryan Garnier Healthcare Capital Markets Franchise in 2024 after EUR 50m Onward Medical follow-on offering, EUR 61m Valneva follow-on offering, SEK 715m Cinclus Pharma IPO and numerous other landmark transactions in the sector. 

EXACT-Tx is a clinical-stage precision medicine company utilizing the power of ultrasound and microbubbles to enable targeted drug delivery in oncology. Acoustic Cluster Therapy (ACT®) follows a unique approach and may be applied to a wide range of therapeutic agents within oncology and across a multitude of other indications including brain diseases. www.exact-tx.comEXACT-Tx is a clinical-stage precision medicine company utilizing the power of ultrasound and microbubbles to enable targeted drug delivery in oncology. Acoustic Cluster Therapy (ACT®) follows a unique approach and may be applied to a wide range of therapeutic agents within oncology and across a multitude of other indications including brain diseases.