NORDIC NANOVECTOR
Strong data expected at ASH

Nordic Nanovector reported Q3 earnings (loss) more or less in line with our forecast. As usual, quarterly earnings were a non-event. More important will be the (final) data presentation from the LYMRIT 37-01 trial at the ASH meeting in December. The recruitment of patients in PARADIGME and ARCHER trials seems on track with data read-out of PARADIGME in H1 2020. We keep our
BUY recommendation and NOK110 target price.

ASH 2018 showed that efficacy data is holding up. On 1 November, updated results
from the phase I/IIa trial LYMRIT 37-01 were presented as the abstracts for the 2018
annual ASH meeting were published. LYMRIT 37-01 is evaluating Betalutin in R/R iNHL
patients; Nordic Nanovector has provided interim updates from this study about every
three months but a complete dataset is to be presented at the ASH meeting. Last year at
the ASH meeting, the company presented efficacy data based on 62 patients; this data
will be based on 74 patients. The abstract tells us that response rates are consistent with
what we previously have seen, which is positive, and even a bit better than in the past
for the highest dose group. Overall, ORR was 70% in 3L FL patients and a CR of 27%.
In the highest dose group (20/100), ORR was 69% and CR of 19%. Duration of response
holds up at 13.3 months for all patients and the safety profile remains tolerable.

Betalutin was granted PIM designation. FDA granted Betalutin a fast track for the
indication FL in June earlier this year. During the quarter, Betalutin was also granted an
equivalent designation, Promising Innovative Medicine (PIM), from the UK authorities for
R/R FL. The PIM designation further supports our view that Betalutin holds promising
potential in a treatment area where a significant unmet medical need exists.

Update on PARADIGME. During the quarter, the first US site has been opened and a
total of 51 sites are now enrolling patients in 16 countries. We still do not know how
many patients have been recruited at these sites as the company does not provide
guidance on this. It is now focused on opening new sites and getting the protocol
approved in additional countries.

Fully financed until the readout of PARADIGME. As is usually the case with biotech
companies, Nordic Nanovector sees a lot of opportunities in the pipeline which could
expand the potential of its drug candidates to new indications. However, at the Q3 call,
the CFO mentioned that careful prioritisation has to be made to make sure that its burn
rate stays on track, and the main development activities cannot be compromised. The
company reiterated its previous guidance that the current cash position is sufficient to
take it to H2 2020 when it expects a final readout from PARADIGME