Nykode raises NOK 286M in oversubscribed placement to push cancer trials forward
What's the deal? Norwegian biotech Nykode Therapeutics has raised approximately NOK 286 million (about $30.7 million) in gross proceeds through a private placement. The company issued 65,000,000 new shares at NOK 4.40 each, in a round backed by Rasmussengruppen, AndenæsgruppenDealroom has a profile for this one. Try Dealroom →, NordaDealroom has a profile for this one. Try Dealroom → ASA, and Victoria India Fund.
Why now? The funds arrive as Nykode moves several programs into more advanced — and costlier — stages. The company said the raise will support the accelerated transition of its abi-suva candidate from phase 2 to phase 3.
What's the endgame? Net proceeds will fund development of its VB.10.NEO candidate to strengthen partnering prospects, plus manufacturing enhancements. Nykode also plans to advance its Tolerance platform toward first clinical development, aiming to identify a lead program within the first half of 2027.
By the numbers: The placement was multiple times oversubscribed, drawing local and international investors. Rasmussengruppen, represented on Nykode's board, took its pro rata share of roughly 11%, while Andenæsgruppen accepted a reduced 50% allocation to free up shares for international investors.
Following registration of the share capital increase, Nykode will hold a share capital of NOK 3,915,464.44, divided into 391,546,444 shares. The Offer Shares are expected to be tradable from August 31, 2026, with settlement on or about September 1, 2026.
The signal: At roughly NOK 286 million, this placement lands in the top 10% of non-VC private placements over the trailing 48 months. That scale, and the oversubscription, points to sustained investor appetite for clinical-stage biotechs advancing candidates toward pivotal trials.
Read more: mfn.se
Image credit: Nykode Therapeutics
