Spago Nanomedical seeks delisting to fund cancer drug development

Spago Nanomedical, a Lund-based biotech company, has resolved to apply for delisting from the Nasdaq First North Growth Market. The company plans to seek shareholder approval for this move at an extraordinary general meeting on November 19, 2026. The board intends to submit the application no earlier than January 25, 2027, with trading expected to cease in February 2027.

The decision is driven by the need to finance Phase 2a clinical trials for Tumorad, a radiopharmaceutical targeting head and neck cancers, specifically adenoid cystic carcinoma (ACC). Spago management argues that remaining listed on the public market obstructs the ability to secure capital on acceptable terms. The company noted that specialist investors often cannot back listed companies due to specific mandates, and current public market access has failed to provide the scale of capital required for late-stage development.

Major shareholders, board members, and senior management, who collectively hold approximately 65% of shares and votes, intend to support the delisting. To facilitate the search for new capital, Spago has hired the New York-based Incentrum Group to engage with long-term specialist investors.