Good morning, ladies and gentlemen. Welcome to the Nordic Nanovector and Apim joint webcast, where we will discuss the merger between our two companies. My name is Jan H. Egberts. I'm the Chairman of the board of Nordic Nanovector. Together with me here are Malene Brøndberg, our interim CEO and CFO, as well as Kostas Alevizopoulos. I hope I pronounced his name correctly. The CEO and CFO of Apim Therapeutics. I will first take you a little bit through the headline of the transaction, and then Malene will take you through some of the implications on the Nordic Nanovector side. Thereafter, Kostas will tell you a little bit about Apim Therapeutics and give you a bit of an overview on the company. First of all, I want to give you a couple of comments.
I realize that many of you had a desire for more information over the past couple of months during the aftermath of the PARADIGME situation and the strategic review that we conducted together with the help of Carnegie. Unfortunately, due to the very sensitive nature, particularly stock-sensitive nature of our discussion, and due to the guidelines of the Oslo Børs, we were unable to provide you more information than we have done. Really, we were very much governed by what could be said, because number one, we have to adhere to all the guidelines of the stock exchange. Secondly, we also want to make sure we give you 100% correct information.
In a bit of an apology, we haven't been communicating as we probably would have liked to, but that's just the reality of being a public company in a very stock-sensitive situation. At the end of the presentation, there will be an opportunity to ask some questions to the three of us, Malene, Kostas, and myself. I'd like to go to the next slide. I really urge you to very carefully review this page. We are going to make this is a disclaimer about some of the forward-looking statements we're going to make, which is very important, that you review this page very carefully. On the next page.
After the very disappointing announcement we had to make on July 5th of this year regarding the fact that the board had to decide to discontinue the phase II PARADIGME clinical study, as you know, the board decided to explore alternative strategic opportunities for Nordic Nanovector. A lot of very hard work has taken place, particularly between our leadership team, which particularly included Malene and Fredrik Haavind, our Chief Legal Counsel, the board, and our strategic advisors, Carnegie and Selmer. I think we're at the end of all the hard work. We're very pleased to announce the merger between Nordic and Apim Therapeutics. Let me give you a bit of the highlights of the transaction.
As I mentioned, we started the strategic review in August, and we have completed it now, and we have agreed with Apim Therapeutics to merge in an all-stock deal. I think the objective is to create a larger clinical-stage oncology-focused company, and that's really what we're attempting to do here. Our combined company has a very broad oncology portfolio. I'll take you a bit through the highlights, particularly from the Apim side because you might not be as familiar. Again, Kostas will provide you more detail later in the presentation. Apim's key asset is ATX-101, which is a first-in-class peptide representing a pipeline and a product opportunity. Again, Kostas will talk a little bit more about it. Currently, the ATX-101 is in a phase I.
a combined phase I-B/II-A clinical study in ovarian cancer and in a phase II study in sarcoma, two very difficult-to-treat types of cancer. Other near-term clinical opportunities from Apim include their in oncology, and there's some additional indications, oncology indications in solid tumors and hematological malignancies. In addition, we obviously still have our Betalutin and other clinical-stage CD37 targeting programs, including the announcement we made last week regarding a more humanized version of our lead compound. I think in short, the combined company has a very competent and experienced management team, and also a very strong group of international key opinion leaders in the area of oncology.
Also very important for our investors is to know that the combined company has funding through 2024. It's a very important data point. On the next slide, I want to take you through a little bit of what has happened over the last couple of months and give a bit of a flavor of all the work that's taken place. Again, like mentioned earlier, this work was particularly executed by Malene and Fredrik Haavind, our Chief Legal Counsel, with the support of the board and our legal advisors. Immediately after the announcement, Nordic Nanovector made very significant cost reductions in order to extend our runway. Very quickly, our headcount was reduced from about 70 around the middle of the summer to eight FTEs today.
That's essentially, Malene, two people in the leadership team, and then the rest are people in R&D, which is obviously a key asset in our organization. More than 100 contracts had to be terminated, particularly contracts related to the PARADIGME clinical study with external partners. A lot of very significant contracts. They cannot be completely terminated. When you terminate a clinical study, you need to do follow-on work. We need to recognize that, and we need to reserve cost for that, and we need to reach agreement with those partners how we're going to terminate those contracts. Very quickly, the board was reduced from six members to three members, and the leadership team was reduced from six members to two members. We closed the Danish office, and we significantly downsized the Swiss office.
In parallel, we initiated a broad strategic review of Nordic Nanovector, where we really compared two broad options. One is, can we develop a viable go-it-alone strategy by leveraging our existing portfolio, the existing Nordic Nanovector portfolio? We compared this with the help of Carnegie, external viable M&A opportunities. With respect to looking at the M&A opportunities, we essentially used an approach of concentric circles, with the primary focus was on Norwegian-based oncology companies. Basically companies very close that we're with the activity that we're pursuing and in the same geography. Our secondary focus was more on Nordic oncology companies. Thereafter, there were a couple of other companies that were more in CDR space.
Our primary focus was to find a company that was very close to what we're doing from a strategic point of view. The team had discussions with over 25 companies in the Nordic and international arena, also in the U.S. and in the Far East, so a very broad portfolio of companies we have spoken with, more than 25. Again, the primary focus of the team in this part of the evaluation was on the strategic fit. Again, we are in oncology. We were most interested in other oncology company, and secondly, and very importantly, optimizing shareholder value. With respect to the shareholder value, the situation is obviously that every day you can read our market cap on the web because we're a public company, so it's very straightforward what the market thinks about us.
As the Americans always joke, the market never lies. We performed very extensive due diligence on both ourselves or made the database available for particular for parties that were interested in merger and on the selected M&A targets. In order to run this entire process, we had weekly meetings between the management team, the three board members, Joanna Horobin, Karin Meyer, and myself, and our advisors, to support the process and monitor progress. Finally, we got extensive legal support from Selmer, and we had executed a fairness opinion of the transaction by KPMG. Let me give you a bit of the details of the transaction. It is a merger of Nordic Nanovector with Apim Therapeutics.
Apim is a privately held clinical-stage oncology company based in Norway, as I mentioned before. It is an all-stock transaction, which means that Nordic Nanovector will issue new shares to Apim Therapeutics shareholders. They will acquire shares in Nordic Nanovector, and Nordic Nanovector will be the surviving entity. Upon completion of the transaction, the former shareholders of Apim will own approximately three-quarters of the new company. Excuse me. While Nordic Nanovector current shareholders are expected to own about 25%, 24% to be exact. Pursuant to the transaction, previously issued warrants in Apim will be exercised, which will raise an additional NOK 55 million . In addition, Apim Therapeutics, together representing over 100% of the shareholders, have agreed with this merger agreement, which is very important, so we know for sure that that's all taken care of on their side.
Also, the major Apim shareholders representing over 70% of their stock have agreed to a 12-month lock-up. In terms of the leadership team and the transaction timeline, the management and board of the new company, as you know, I'm currently Chairman of Nordic Nanovector, and I will continue to be Chairman of the combined company. Kostas Alevizopoulos, PhD, who's currently the CEO of Apim, will be the CEO of the new combined company, and we'd like to welcome him here today. Again, he's going to talk a little bit about Apim in a couple of minutes. The R&D teams from our side, Nordic Nanovector and Apim, will be combined, and obviously Jostein will continue in his role. Further details will be announced in due course.
The exact composition of the R&D team will be communicated at a later stage. Just to run you through the chronology, August fifth, eighteenth, we announced a strategic review. On November ninth, we announced the proposed transaction, so basically last night. Before this, we had dialogue and conducted due diligence on a lot of different parties in the period between the announcement and last night. Here today, we are giving you the presentation. It's important, we're gonna ask the Nordic Nanovector shareholder approval for this transaction, and we expect the EGM, the Extraordinary General Meeting, to be held around December first, and then we expect the closing of the transaction to take place later in the fourth quarter.
Now I'd like to hand over to Malene to tell you a little bit about the update on Nordic Nanovector's side.
Many thanks. Again, if we could have the next slide, please. Thank you. I'm just going to give you a brief update on what it is that we've done since we spoke at the Q2. As Jan said, now the restructuring is complete, and we have now eight full-time employees in the company. We have now also terminated all the large contracts, and here we're talking about the Icon contract, as we said on the last call. We also terminated all our large CMC contracts. Every time you make changes like this in a company, it's always a time effect and lag, and that's why it's very important that we get.
Got that done straight ahead because of course, despite that we terminated the trial in July, it takes time before that all of this takes effect. If you look at our cash position, as a standalone, we expect end of the year to be roughly NOK 95 million. Further commitments related to the closure of the PARADIGME will happen during the first quarter next year, and that is expected to be around NOK 25 million. As a result of all of this, we have a uncommitted net cash at a level of roughly NOK 70 million, and from that excludes any cost associated with the announced merger transaction. With that, I would like to hand it over to Kostas, and I'm pleased to see Kostas is here.
Thank you, Malene. Thank you, Jan, for the introduction. Welcome everybody in this meeting, and I'm excited to be able to present Apim Therapeutics for the first time to you. Before I provide information about the company, since you haven't met me previously or heard about me, let me say a few things about myself. I'm scientist by training. I've done the doctoral and post-doctoral studies in Switzerland and in the U.S. in molecular oncology. More than 20 years ago, I decided to leave academia to focus on biotech because I was always interested in practically turning ideas into interesting new technologies that could help patients.
As I said, this is what I've done and, over the last, more than 20 years, I've been involved in several biotech companies initially, you know, focusing on research as head of preclinical research, head of research before I over the years turned into the chief executive manager roles to chief executive officer roles. My expertise that I've built up over the years is exactly development of interesting new assets, primarily in oncology, but also other indications, such as in inflammatory diseases into, you know, from ideas into clinical programs, and this is the experience that I've been, you know, enhancing on over the last years.
This experience brought me to Apim Therapeutics, where I was recruited as Chief Executive Officer since the beginning of its corporate life. We have been able to turn interesting research by NTNU to this technology and asset that we are developing right now, and we have been able to bring this technology to the clinical stage level, generating in the meantime, very interesting data that I will present in a few minutes. I'm really excited to be part of this new venture, and I'm looking forward to working with Nordic Nanovector and also working with you in making this joint company a success. If we go to the next slide, I can present also some additional information about our company.
As I said, the company was created in 2010 as a spin-off from NTNU in Trondheim, where our co-company headquarters are found today. This was based on work by a Professor Marit Otterlei, who is a professor at NTNU. Currently, we are at the phase II clinical stage, developing our drug candidate, ATX-101 in oncology. I will spend more time discussing about our therapeutic intervention point, which has a broad applicability in a lot of different tumor types. We are a small, highly motivated and engaged team in Apim.
We have benefited from support by a network of consultants, by a lot of advisors, and as I said, we've been successful in bringing this asset from an early idea to phase II clinical stage, being supported in the meantime by a strong Norwegian investor base. You see the logos at the bottom of the slide. I'm sure you're familiar with those names, and these investors will be supporting us also in the next period of time. Up to this transaction, the company has raised NOK 210 million in equity grants and tax rebates, and these have been used exclusively to finance R&D operations within the company that I will be briefly presenting the next slide. Before I go to the next slide, actually, a few things about us.
I've presented myself. From the management team, you see on the left-hand side other members of the management team. Jens-Petter Marschner is our current Chief Medical Officer. He brings also significant experience in the development of oncology and commercialization of oncology assets at the environment of big pharma. Jens-Petter Marschner, JP as we call them, will remain and become the Chief Medical Officer of the combined company. Marit Otterlei is currently the chief scientific officer of Apim, but really she's the inventor and the heart of Apim Therapeutics for all these years. She remains a professor at Department of Clinical and Molecular Medicine.
In the combined company, Marit will take a scientific advisory role, and she will maintain her relationship to the company, supporting the clinical development and preclinical development of ATX-101. Hans Olav Minsås is actually a part-time Chief Financial Officer working for us as supporting us. In the combined company, he will continue supporting the company going forward, but his role will be modified in the combined company. On the right-hand side, you see our board of directors. Overall, an experienced board of directors. I'm sure you're familiar with some of those names. They are board of director members are also representing major investors in the company. We do have couple of other very experienced individuals.
Martin Welschof, who is the CEO of BioInvent, another oncology company, and Gökhan Batur, who is actually an advisor and member of our board, and he has been really a key factor as well in making this transaction with Nordic Nanovector happen. In the next slide, this is a snapshot of our clinical pipeline and ATX-101 development plan. First of all, I have to say that we have conducted a first-in-human phase I study with ATX-101, which is now finished. This study has shown, has proven that our compound has a very favorable safety profile and provided indication of clinical activity. This is really the study that has led to the development program that we are running right now.
With the colors on top, you see the two ongoing studies that we have in ovarian cancer, a phase I-B study, the first part of a phase I-B/II-A study in ovarian cancer and a phase II study in sarcoma. The first study is a combination study with standard of care, doxorubicin/carboplatin. You see on the right-hand side, obviously these names do not say much to you, but what I wanted to highlight is that while executing those studies, we are interacting with distinguished key opinion leaders. Professor Meniawy, who's the primary investigator of our ovarian cancer study. He's a world-known expert in ovarian cancer, the head of Australia New Zealand Gynaecological Oncology Group, and Professor Gary Schwartz, who is a Columbia University professor.
Actually, the study is being run at Columbia University in New York, and he's one of the biggest sarcoma experts in the world. We benefit from very important and prestigious key opinion leaders in managing those studies. These studies are running. We are at the parts that you see on the slide, as I said, with the color. Up to now, we have been receiving promising results. First of all, no safety issues with our compound, which is very important, especially in combination studies. Initially, we have seen quite a lot of, you know, we have seen clinical activity in patients. Obviously, the studies are ongoing, and we will be reporting significant data as we go forward over the timeline of those studies, as you see depicted on the slide.
More importantly, it is the goal of our company to initiate additional studies in late 2023 in indications with very high unmet medical need. These studies are another ovarian cancer study in a different population, platinum-resistant ovarian cancer, as well as an indication which has a tremendous medical need, glioblastoma. At the same time as we're running our development program, we will of course invest and advance our product development of our ATX-101, preparing for larger phase III studies and also for commercialization. This is part of our development program going forward. In the next slide, please. I will try to present, you know, just high-level details on the mechanism of action. It's a really highly scientific mechanism of action.
I think the title really gives you an idea of what we are trying to do. We are trying to address cancer escape mechanisms, which everybody recognizes that are really important in dealing with this deadly disease. Our target is a protein called PCNA. It's practically, an organizer protein found in all cells that performs its action, its actions by interacting with other different proteins. The processes that this target is participating are shown on the bottom left-hand slide. What is important to know about these processes, that these are extremely important processes for normal and cancer cells to be able to survive and proliferate. What is more important is the implication of the target in cancer.
Based on this work conducted by Professor Marit Otterlei at NTNU, it was shown that this specific target plays a role in the response of cancer cells to anti-cancer therapy. When a cancer cells is treated by anti-cancer therapy, it tries to survive, and by trying to survive, it activates stress defense mechanism, and our target is at the center of those stress defense mechanism. As you can imagine, if the idea here for an anti-cancer therapy, if the stress defense mechanism is relevant for cancer cells to survive, then if we block this mechanism, then we will be able to push these cancer cells to death and deliver anti-cancer activity. This is exactly the therapeutic approach that we are, you know, developing, blocking the stress response in cancer cell.
I think there are three major observations or key take-home messages also to make from this mechanism of action, which is novel and we are the first to target. The first thing is that this mechanism is active in practically all cancer types. This gives us an idea about the development opportunities in different cancer indications. The second most important point is that of course we are hitting cancer cells with different anti-cancer therapies, and we're blocking the stress defense mechanism, so we are making these anti-cancer therapies more active. Up to now, we have seen in preclinical experiments that we increase the efficacy of more than 25 different anti-cancer drugs. Also, the technology can deliver activity on its own in selected tumor types.
The third most important observation is that this stress mechanism is actually not only relevant in cancer but also relevant in inflammatory disease because there's also a stress response there. This gives you an idea about potential development opportunities for also non-oncology indications. In the next slide. Next slide, please. Yes. Thank you. This summarizes really the oncology background. I told you that the mechanism is active in many cancer cells, that we potentiate the actions of a lot of combinations. We consider our technology as a pipeline in a product because we can develop a lot of combinations which are key based on the mechanism of action for a lot of different indications. We have been exactly doing so in the last years.
We invested a lot of time and effort to validate this approach, initially in vitro experiments, so in cellular experiments, but also in animal experimentation. By doing so, we've generated the scientific data, and that have been published by Professor Marit Otterlei and coworkers in a lot of scientific journals, validating the approach and our technology over the years. Of course, by doing so, we're able to generate data that support the mechanism of action, the targeting of the stress response, and the ability of our drug to really target the escape and resistance mechanism in cancer cells. This is an approach that we are pursuing right now, and this is at the core of our development program. If we go to the next slide, please.
Why have we selected those specific indications that we are targeting right now? We have selected them for various reasons. Of course, one reason is that we had extremely promising preclinical data supporting development in these indications. At the same time, these indications are indications with really high medical need. You see, on the left part of this slide, the medical need broken down per indication. For example, ovarian cancer, I've talked about briefly two different subpopulation, the platinum sensitive and platinum-resistant population. You see there the numbers. These patients progress in a few months, and they live overall, you know, up to one to two years. There's a great medical need.
Our goal is to position our technology and ATX combination at a standard of care in the second line, and this addresses practically 90% of the total ovarian cancer population. In sarcoma, the medical need is even higher. You see that the interval of progression-free is only—it's less than five months, the survival of about a year. Really a big medical need. In that specific population, again, we wanna position our drug at the second line and in soft tissue sarcoma, which represents practically 40% of all patients. Lastly, glioblastoma, an even higher medical need. Their patients live for a short period of time. We are targeting all patients diagnosed with our disease, potentially hoping to place ATX-101 at the first-line standard of care of the first line.
Overall, the indications with various degrees, of course, of medical need and high medical need, definitely, and it's our goal as a company to develop for the benefit of patients new treatments in that. Now, on the right-hand side, you see the market potential as of course quite typical in oncology dealing with high number of patients. You also see that there's a significant market size, both at the level of ovarian cancer and sarcoma and glioblastoma. Some of those indications I would like to mention also have orphan status, which allows us potentially to benefit from accelerated approvals and also protection against competition.
On the bottom hand of that slide, you also see other indications for which APIM has already generated preclinical data and could be potential indications to develop, you know, our drug in the future. Again, significant market potential. Also inflammatory diseases, as I mentioned. Overall, you know, creating a significant market potential. I think the take-home message from these slides of APIM that I want you to stay with is that this is really a totally new mechanism of action. We are first to target that action. It has really a broad potential in a lot of different cancer indications. We are already beginning to see promising data in the clinic.
We hope we can deliver more interesting data in the future and really create value to the APIM and now the combined entity. With this, I would like to turn back to Jan and for the remaining couple of slides in the presentation.
Okay. Thank you very much. Very, very exciting. Very interesting. Obviously, we still have our key asset, our CD37 targeting immunotherapy pipeline. We'll continue to work with them, and we continue to see the best way to pursue this towards the market. You have probably seen our announcement from last week regarding the humanized monoclonal antibody, which we're very excited about, which obviously is in an earlier stage as we had to abandon the PARADIGME clinical study for Betalutin. Anyway, I just want to be assured that the key assets we had, the Nordic Nanovector key assets we had, are not gonna get shelved. We will continue to work with them, and we continue to excited about their their model. Okay, the final slide. We're quite excited about the merger.
It really will create a clinical-stage oncology, a Norwegian clinical-stage oncology with a very broad pipeline in late in the clinic, and therefore, very significant upside potential both for solid tumors and for hematological tumors. In summary, our combined pipeline will include ATX-101. As we heard earlier, it's a first-in-class peptide. Really super exciting data. Then there are some additional near-term clinical opportunities for ATX-101. Again, very much focused on solid, both solid and hematological tumor. Then we still have our CD37 targeting immunotherapy program, which we continue to pursue. Currently, unfortunately, back in the pre-clinic. And then there are a number of additional opportunities in a wide range of cancer indications. That's one of the first thing of the board is going to be to prioritize what are our key shots on goal.
Very important for investors, we do anticipate a very rich news flow over the next 12-18 months with a number of ongoing and planned clinical studies. Strong and experienced management team with a strong group of key opinion leaders, international key opinion leaders. Significant organizational synergies. We're both in oncology, both in our region, and I think also culturally, we're a very well-aligned team. We feel very confident this will enable us to create a very lean, efficient, and experienced organization. As mentioned before, the combined company is projected to be funded into 2024. In short, a strong foundation to build a leading oncology-focused company. In summary, I hope you all are equally excited as I am and equally optimistic about the restart of our company after the unfortunate events with Betalutin.
I hope you will all support us with this transaction at the upcoming EGM, early December. Now I'd like to open the floor for questions and hand over to the moderator.
Thanks, Jan. Can I start with the first question? The first question is: What has gone into the valuation of the two companies resulting in this kind of distribution of ownership? Nano has spent billions of NOK, whereas Apim has raised NOK 200 million in its lifetime, has one asset, and is about to start another phase II.
Now, the valuation of Nordic Nanovector, you can obviously read every day in the newspaper. We got significantly negatively impacted by the result of the Betalutin clinical study, the PARADIGME clinical study. That's very straightforward. I mean, Apim had a private valuation, so there were a number of investors who put money in that. Essentially, it's a combination of our publicly traded valuation, and there was a premium on that, and Apim's valuation from their last round. Just to come back to the other part of the question, the stock market, like I said earlier, as the Americans say, the stock market is always right, which is a bit of a joke, I understand.
The reality is the stock market has valued us the way it valued us today, which is a combination of the cash we have, the value of our Betalutin and other CD37 programs, and some other assets we have. That's basically how the market looks at us today.
Okay. Next question: Could you please elaborate on any external validation or interest in ATX-101, for example, in terms of future partner-funded studies?
Kostas, do you wanna take that? You're muted.
Yes, the question was to comment on potential. Could you repeat the question, please? The external validation of ATX.
Yes. I think it was what interest has there been in ATX-101, external interest?
Right.
whether that would help in terms of creating partner studies in the future.
Yes. Apim Therapeutics, as you, as I have presented, is currently running, you know, two major, oncology studies in indications with high medical need. We have recently finished our phase I study. This study was the first clinical study that actually delivered the safety data which were important to de-risk a mechanism which is totally new. I think we are now in the process or we were in the process of actually presenting or starting to present those data to international investors and pharmaceutical companies. This mechanism has traditionally generated a lot of interest with pharma because it is exactly a mechanism which is totally new. Having said that, a total new mechanism of action always generates some skepticism in the sense that, you know, pharma would like to see additional data.
This is the exact data we are generating right now. I think the fair answer to the question is that this mechanism and our technology has been presented, and this is an ongoing process. The current data is very supportive, and we hope that we will be able to actually interact further in the next period of time with the investors and pharma companies and really target a partnering approach that will deliver more value to the company. I think that's pretty much a summary of the existing status of Apim Therapeutics.
Thank you, Kostas. There was a couple of questions about the pipeline for the new company. What priority will existing nano assets get in the new setting? CD37 partnership with Orano has still not been concluded. Where are we with this?
Yeah. Let me take that question. One of the first charters of the board is to do a comprehensive review of the joint pipeline and prioritize what are the key assets. That we haven't come together as the new board. In the announcement, we mentioned the board member is gonna be Malene and myself will be from Nordic Nanovector. Erlend Skagseth and Gökhan Batur and one additional board member from the Apim Therapeutics side. Again, one of our first charters is going to be to do a comprehensive pipeline review and prioritize that we make sure we put our resources behind the most exciting assets.
That's good. There was another question about what the future pipeline would look like. The next question.
As a result of the review, what I mentioned.
Yes, exactly. Next question is what are the costs associated with the merger transaction?
Sorry, could you repeat that?
Yes. What are the costs associated with the merger transaction?
Malena?
It's a little bit too early to say right now because we still have a lot of things ongoing. There is still a lot of work that needs to be done both on the regulatory side and also on the financial side because we come with a public company merging with a non-public company, and there are certain standards for when it comes to accounting that needs to be addressed. We will most likely go into something like NOK 10 million+.
Okay. There's a question about what clinical and commercial synergies can we expect to see from this merger?
Yeah. I would particularly expect to see a number of benefits on the R&D side. Obviously, we're both in oncology. We both are in hematological oncologies, like malignancies. I think there's a strong management team, so there's the benefit of leveraging that across both the assets of both companies. I think we have a strong board. I see a number of different areas where there will be strong synergies.
Okay. There's a question about you, Jan, it said. Why should Jan become the new Chairman of the new Board?
Yeah. That's up to the shareholders and I feel my responsibility handed over to that the merged company gets a good start. Unfortunately, the outcome of PARADIGME is something that nobody can do anything about. It's as we have mentioned before. In oncology, a lot of compounds fail in clinical research, particularly later stage clinical research. We have mentioned it before, but ultimately it's up to the shareholders.
Okay. I think the final question I can see is how do you plan to regain investors' trust after keeping everyone in the dark and the negative results of the PARADIGME study?
Yeah. As I mentioned in my opening comments, unfortunately, as a public company, or fortunately, we're getting governed by both Oslo Børs regulations and guidelines, and they're very strict about what and how you can disclose certain information. Hypotheses you might have and or indications you might have, you need to make sure that you're communicating 100% correct, that you communicate exactly the same information in a timely fashion to all the shareholders. We worked very closely together with our advisors, particularly our lawyers, what and when and how we should communicate. Unfortunately, I will admit there was not much communication, but we really were being handicapped by the fact that we're a public company and we're very much governed in how and what we can communicate.
Thanks, Jan. I think that covers all of the key topics of the questions that were posted today.
Okay. Thank you very much, everybody, for your attention and hope you all support us.
Thank you.