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 "Our main investors are positive and will take a significant part of
the amount we hope to raise," Chief Executive Oeyvind Kongstun
Arnesen told Reuters in an interview.
Ultimovacs hopes to first get the go-ahead to expand a U.S. trial
launched earlier this year to test whether its UV1 vaccine candidate
can combat malignant melanoma in combination with Merck & Co's <MRK.N>
top-selling cancer treatment Keytruda.
"We are planning the IPO as early as possible in the first half of
2019 and we are optimistic about the outcome," he said.
Among the top owners of the seven-year old firm are Norwegian
billionaire investors Stein Erik Hagen and Bjoern Rune Gjelsten as
well as two firms founded by Norwegian hospitals.
Ultimovacs has hired brokerages DNB Markets and ABG Sundal Collier
for the IPO, but Arnesen declined to discuss valuation.
Arnesen also held out the possibility that the company could be
taken over by one of the major pharmaceutical players.
"We haven't seen any direct interest in buying the entire company so
far, but we are in continuous dialogue with big pharma companies
that deal with immunotherapy and cancer."
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"We are in discussions with one of the major players about two
specific projects, and I expect a conclusion on these talks at the
latest by the end of the year," Arnesen added.
While Ultimovacs believes UV1 could generate commercial revenues
from 2022-2023 when the study is scheduled for completion, it is
also looking for income at an earlier stage from licensing deals
with other drug firms.
"If we document that the vaccine works, it can be combined with
other immunotherapy treatments for cancers that are coming, so I
expect a substantial demand for licenses ... It's probably the most
likely way for us to generate revenue," the CEO said.
"In the long run our goal is to spread out to several different
types of cancer in different stages, but that is in a ten-year
perspective.
($1 = 8.5333 Norwegian crowns)
(Editing by Terje Solsvik and Alexander Smith)
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