Radiopharmaceutical developer Spago Nanomedical's board will apply to delist the company’s shares from the Nasdaq First North Growth Market, pending shareholder approval.
Spago said the move is intended to improve the company’s ability to finance further development of its Tumorad (lutetium-177 SN201) program. Spago plans a phase IIa trial of the drug in head and neck cancer, focused on adenoid cystic carcinoma, an indication for which it intends to seek orphan drug designation. The board does not believe the capital required for the trial can be raised on acceptable terms as a listed company, according to Spago. Specialist investors and advisers have told the firm that its listing is an obstacle to investment, in part because some investment mandates are restricted to unlisted companies.
An extraordinary general meeting to vote on the delisting is scheduled for November 19. Shareholders holding about 65% of the shares and votes, including board members and senior management, have said they intend to vote in favor. Spago expects to submit its delisting application no earlier than January 25, 2027, with the last day of trading expected in February 2027.
