HealthCap, Advent Venture Partners & Co. cash in

Algeta, a Norwegian therapeutics company, applied for a listing on the Oslo Stock Exchange. The company is taking this step to accelerate the late-stage clinical development of its lead product – Alpharadin.

Those investors most likely to benefit from the IPO came on board in September 2005 when Algeta raised €23m in a venture fundraising involving new and existing investors. Algeta’s shareholders include venture capital firms HealthCap, Advent Venture Partners, Selvaag venture capital, SR One and NorgesInvestor.

Algeta’s star drug, Alpharadin, is expected to progress to pivotal Phase III clinical studies based on positive Phase II data, which showed that Alpharadin delays the progress of prostate cancer and reduces the extent and effect of skeletal metastases from cancer.

Algeta’s chairman, John Berriman, said: “We have decided to take the company public to provide sufficient flexibility and strategic funding options.”