– We believe our theranostic approach using the uPAR target could provide improved diagnosis and more gentle treatment options for patients in the future. The rights issue will give us an important injection of capital that will enable us to pursue our updated strategy of developing uTRACE and uTREAT in parallel, says CEO Ulrich Krasilnikoff.
Curasight develops a targeted theranostic platform leveraging the urokinase-type plasminogen activator receptor (uPAR), integrating uTRACE PET imaging with uTREAT radionuclide therapy to minimize harm to healthy tissue. Unlike biopsies, uTRACE non-invasively assesses cancer aggressiveness across indications like prostate cancer, glioblastoma, bladder cancer, neuroendocrine tumors, head and neck cancer, non-small cell lung cancer (NSCLC), and pancreatic cancer, each offering its distinct development opportunities for the company.
Curasights’s strategy is to team up with experienced partners to advance later-stage development. This is exemplified in a phase II trial in prostate cancer conducted with global radiopharmaceutical leader and major shareholder, Curium.
Technical deep dive: uPAR Theranostics
Curasight’s uPAR theranostic platform utilizes positron emission tomography (PET), often combined with computed tomography (PET/CT), to generate detailed images of cancer biology. The process involves injecting a radiolabelled tracer, uTRACE, which binds to the uPAR biomarker overexpressed on cancer cells. A PET scanner detects the tracer’s radioactivity, mapping tumor location and aggressiveness with high precision. Unlike invasive biopsies, uTRACE non-invasively identifies aggressive cancers across indications, guiding treatment decisions – such as whether surgery (e.g., prostatectomy) or radiotherapy is necessary – potentially reducing up to 70 per cent of unnecessary prostate surgeries, and thereby also their associated side effects like impotence.
The theranostic approach integrates uTRACE diagnostics with uTREAT therapy. For therapy, uTREAT employs the uTRACE ligand “armed” with short-range beta-emitting radionuclides, injected intravenously to bind to uPAR-expressing cancer cells. This targeted radiation minimizes damage to healthy tissue, offering a gentler alternative to external beam radiotherapy, which often affects surrounding organs. The uTRACE scan predicts precisely where uTREAT radiation will be delivered, ensuring treatment tailored to each individual.
Multiple phase II trials (breast cancer 2018, prostate cancer 2020, head and neck and neuroendocrine tumors 2021/2022, brain cancer 2023, ongoing lung cancer) have validated uTRACE’s diagnostic accuracy, with no competing early-stage PET tracer company matching Curasight’s broad clinical portfolio, according to the company. A phase I/IIa trial in 2017 confirmed uTRACE’s safety and efficacy, supporting its theranostic potential.
Proceeds to finance upcoming milestones
Announced in Q2 2025, the ongoing rights issue’s final terms were set on April 24, with a subscription price of DKK 1.98 per share. The subscription period running from May 2 to May 16, grants shareholders one subscription right per share, with 18 rights enabling the purchase of 43 new shares. Full subscription will yield net proceeds of DKK 91.9 million after DKK 8.1 million in costs. The net proceeds from the capital raise supports the company’s strategy in developing its clinical activities and building value in the company including:
- Completion of the phase II trial for uTRACE in prostate cancer, with topline data in H2 2025 and final data in H1 2026.
- Completion of the phase I trial for uTREAT in glioblastoma (brain cancer), with efficacy readouts end of H2 2025 and final data in H1 2026.
- Preparation for part II of the uTREAT trial to begin in H1 2026.
- Ongoing working capital needs.
Two new strategic investors
Curasight has secured DKK 47 million, covering 47 per cent of the issue, including DKK 27.7 million in pre-subscriptions from two new strategic investors and members of management and the board of directors. The company’s current partner for uTRACE in prostate cancer, Curium will provide DKK 17.8 million and the multi-billion-dollar investor Pentwater Capital Management Europe LLP will provide DKK 4.7 million for 10 per cent of the issue, with management and the board of directors and other shareholders committing up toDKK 5.2 million in pre-subscriptions. A further DKK 19.3 million is provided in guarantees. The board estimates that these funds, in combination with the loan facility, will sustain operations through mid-2026, enabling key clinical data to drive future value. Investors can mitigate 70.5 per cent dilution by trading subscription rights (April 30–May 14, 2025).
Curium’s commitment is underpinned by the insight into Curasight’s theranostic approach, arising from the 2023 partnership with Curasight for uTRACE. A collaboration that provides for potential milestone payments of 70 million USD and double-digit royalties.
Comments from the CEO
We reached out to Ulrich Krasilnikoff, CEO of Curasight, for a comment on the rights issue, the road map to 2026 and beyond, and expected milestones during this period.
Ulrich, what are the advantages of the theranostic approach and what do you envision it will bring to cancer care?
– We believe our uPAR based platforms have the potential to improve diagnosis and provide more gentle treatment options for certain cancers. This capital injection will help us advance both our uTRACE and uTREAT platforms in parallel in clinical development in two specific cancer indications – prostate cancer and brain cancer.
What has your data so far shown regarding the platform’s potential?
– We have had a broad range of clinical data supporting our uTRACE diagnostic platform and have generated preclinical data to support our hypothesis that our treatment platform uTREAT could be an important option in the future for more gentle treatment of certain types of cancer. With the extra funds raised by the rights issue we look forward to continuing our work with Curium in prostate cancer with uTRACE and running a small rapid clinical study to gain proof of concept for uTREAT in brain cancer.
What are the main reasons targeting such a broad treatment landscape simultaneously?
– Nine clinical phase II studies have been conducted with uTRACE, where we have demonstrated that uTRACE works across all cancers with a solid tumor, as our biomarker uPAR on the cancer cells is cancer specific, but not cancer type specific. This means that our product will potentially target all cancer cells that contain the biomarker uPAR, which is the cause of the cancer spreading. In other words, we also have the opportunity to target metastases and small ”satellites” that cannot be seen with the eye and are often the cause of many cancer patients having relapses because not all of the cancer has been removed.
How will DKK 91.9 million proceeds be allocated, assuming full subscription, to balance uTRACE and uTREAT trials for maximum 2025–2026 impact?
– We have a number of use of proceeds aims with the proceeds from the rights issue. We expect to ensure the completion of the phase II trial for uTRACE in prostate cancer, with topline data in H2 2025 and final data in H1 2026. Additionally, we can complete the phase I trial for uTREAT in glioblastoma (brain cancer), with efficacy readouts end of H2 2025 and final data in H1 2026. We will also be able to fund activities to prepare for part II of the uTREAT trial to begin in H1 2026.
How important is the support from Curium and Pentwater?
– Curium and Pentwater are two important new strategic investors and their support validates our approach and our competences within the radiopharmaceuticals. As our partner for uTRACE Curium has worked and gained first hand insights into our diagnostic platform.
As our final question, why should one invest in Curasight at this time?
– We believe our theranostic approach using the uPAR target could provide improved diagnosis and more gentle treatment options for patients in the future. The rights issue will give us an important injection of capital that will enable us to pursue our updated strategy of developing uTRACE and uTREAT in parallel.
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This material has been created for marketing purposes and is not and should not be considered a prospectus under applicable laws and regulations. The complete terms and conditions for the rights issue and more information about the company have been presented in a prospectus published on the mentioned company’s website.
