Alginor in a NOK 300 million capital raise from Borregaard, Hatteland and the EIC fund.

Alginor ASA, a Haugesund, Norway-based marine biotech company, announced that it completed a NOK 300 million ($34.2M) deal for increasing the capital in the company.

The deal was made with Borregaard, Jakob Hatteland and the European Innovation Council Fund through a direct offering of new shares at NOK 35 per share. Post deal, Borregaard and the EIC Fund will each hold 24.99% of the shares in Alginor.

The compay says that it aims to completed another fundraising tranche by the end of May 2022, in a public equity issue of up to NOK 70 million at NOK 35 per share, where existing and new investors will be invited to participate (excluding Borregaard, Hatteland, Zirconia and the EIC Fund). Between May 2022 and end of April 2024, Borregaard may acquire additional shares through a direct equity issue. This equity issue may bring Borregaard’s ownership in Alginor up to 35% fully diluted and bring another NOK 126 million in equity to Alginor.

Proceeds will be used  to industrialise and commercialise the company's life science ingredient portfolio based on Laminaria hyperborea for sale to the global pharmaceutical and nutraceutical markets.

Alginor, founded in 2014 by CEO Thorleif Thormodsen, is marine biotech company developing a fully transparent, traceable and integrated value chain for commercial harvesting and biorefining of Laminaria hyperborea for production of kelp-based ingredients for pharmaceutical and nutraceutical applications. The company has a production facility in Skudeneshavn, Norway, in close proximity to the marine kelp forests, and focuses on developing sustainable and scalable harvesting and biorefining methods for production of kelp-based ingredients for pharmaceutical and nutraceutical applications.