Optimizing Diagnostics and Treatment

Spago Nanomedical AB (publ) is a Swedish nanomedicine company in clinical development phase, developing products for diagnostics and treatment of life-threatening and debilitating diseases.

More Accurate Diagnosis and Treatments

The company's operations are based on a patented material for the design of functional nanoparticles that accumulate physiologically in tumors, which could enable higher diagnostic and therapeutic precision. The current pipeline projects have the potential to improve patient care in diseases with urgent medical needs.

The SpagoPix project aims to launch a ground-breaking gadolinium-free MRI contrast agent for visualization of cancer and similar serious conditions. Unlike the conventional low molecular-weight MRI contrast agents, which enhance healthy tissue as well as diseased tissue, and therefore results in a relatively high proportion of false positive findings, Spago Nanomedical’s proprietary contrast agent is designed to selectively accumulate in tumor tissue. This improves the precision of MRI scans for suspected cancers. With better cancer diagnostics, the chances of successful and cost-efficient treatment of cancer patients improve. The Tumorad® project aims to develop a novel therapeutic radiopharmaceutical targeting solid tumors based on functional nanoparticles with radioactive isotopes. The design of Tumorad® could make tumor selectivity possible even in the case of small, difficult-to-reach and aggressive tumors, which enables efficient radiation treatment of the cancer while minimizing the risk of adverse effects.

Spago Nanomedical´s share is listed on Nasdaq First North Growth Market in Stockholm  (ticker: SPAGO).

Spago Nanomedical's vision is to engage in competitive and successful development of products for increased survival and quality of life for patients and thereby create long-term profitability for the company and its owners.

Spago Nanomedical's objective is to become a leading company within diagnostics and therapy based on nanomedicine through the development of products that benefit patients and provide good health economics.

Spago Nanomedical's overall strategy is to conduct development of medical projects based on the company's proprietary and patented nanomaterial. The business strategy builds on commercializing the company's development projects through strategic collaboration and outlicensing to industrial partners who have the resources to bring the product to market and clinical use. This reduces the capital need and the time before revenue is received, and increases the potential for successful market penetration.

Comments from the CEO

The fourth quarter concludes an eventful 2022 in which we achieved significant progress in both our leading imaging diagnostics development projects, SpagoPix, and the radionuclide therapy Tumorad®.

A milestone in the SpagoPix project occurred at the end of the fourth quarter when we announced the start of the company's first Phase II clinical trial with the MRI contrast agent SN132D in endometriosis, a severely undertreated disease affecting up to 10 percent of women of reproductive age. Today, it often takes a long time for affected women to receive an accurate diagnosis and relevant treatment. The need for better imaging diagnostics is vast and the study will allow us to position SpagoPix in an indication where current contrast agents and other diagnostics do not work optimally.

The Phase IIa study evaluates the efficacy of SN132D in up to 18 patients with suspected endometriosis and is being conducted at Skåne University Hospital in Malmö, Sweden. Screening of patients is proceeding according to plan and several patients have already been enrolled. Our aim is to present study results around mid-2023.

At the same time as we announced the start of the Phase II trial, we also announced the completion of the SPAGOPIX-01 trial in breast cancer. Based on previously communicated interim data, we have concluded that our main objectives with the study, to document safety and contrast enhancement in tumors in patients with breast cancer, have been met. The results show that SN132D is well tolerated and provides clear contrast enhancement in MRI images of solid breast tumors. Furthermore, we see good contrast enhancement in the pancreas and liver. The initial results were presented at the San Antonio Breast Cancer Symposium 2022 in December and a final report is now being compiled.

In the Tumorad project, we focus on the initiation of the first clinical trial of the drug candidate 177Lu-SN201 in cancer patients. We plan to shortly submit the application to start a phase I/IIa trial in cancer patients to the regulatory authorities and the goal is to recruit the first patient at the beginning of the summer. The need for more effective methods to treat metastatic and aggressive cancers remains very high and the interest in radionuclide therapies is steadily increasing among both pharmaceutical companies and investors. The background to the increased interest is that modern radionuclide therapy can combine the effectiveness of radiation treatment with high-precision targeting to treat tumors that were previously not possible to access. So far, there are only a few tumor types that can be targeted with biologically targeted drugs. In this context, Tumorad may have a place due to its mechanism based on physiological targeting, which means that significantly more types of tumors could be treated.

The initiation of the planned clinical study is based on the positive results achieved with 177Lu-SN201 during the preclinical development phase. In January 2023, a summary of preclinical data was published in the scientific journal ASC Omega which, in brief, shows that 177Lu-SN201 accumulates well in cancer tumors, slowing tumor growth, leading to longer survival in preclinical tumor models. These results, together with previous favorable data from regulatory toxicology studies, reinforce our view that 177Lu-SN201 is a promising new radionuclide therapy for physiological targeting and tumor-selective treatment of cancer with the potential to target multiple solid tumor types.

Considering the uncertainty in the world and its impact on financial markets, we are carefully managing the company's resources while focusing on areas where we see the greatest opportunity to take projects forward and create long-term value. Spago Nanomedical has a unique platform technology and a strong team, and with positive momentum from an eventful 2022, I look forward to further important progress for the company in 2023.

Mats Hansen, CEO Spago Nanomedical AB

Board of Directors

Eugen Steiner

Chairman of the Board

Born: 1954

Member of the board since: 2019

Holdings (related parties included): 253,125 shares

Education and experience: Eugen is a medical doctor and a specialist in Clinical pharmacology, holding a Ph.D. from Karolinska Institutet. Eugen has over 30 years of experience from CEO and board assignments within several Swedish, Norwegian, English and American life-science companies in various development phases. He has been a venture partner in HealthCap since 1997.

Other appointments: Chairman of the Board of Empros Pharma AB. Board member of BioArctic AB, Apotek Produktion & Laboratorier AB, Inbox Capital AB, Inbox Intressenter 1 AB, Inbox Intressenter 2 AB, Inbox Intressenter 3 AB, Inbox Intressenter 4 AB Karolinska Institutet Holding AB. Karolinska Institutet Innovation and A3P Biomedical AB (publ). Board member and CEO of Setraco AB and deputy board member of Doctrin AB.

Independent in relation to the company’s major shareholders, the company and its management.

Peter Leander

Board Member

Born: 1957

Member of the board since: 2012

Holdings (related parties included):

Education and experience: Peter Leander is an associate professor and specialist in medical radiology. He is Head of Radiology at the Peritus Clinic and has conducted research on contrast agents for MRI and CT. Peter has extensive experience in radiology, including many years of experience as radiologist in Malmö as well as Regional Chief Radiology Officer in the Skåne Region, and is a member of the Swedish Society of Radiology (SMFR), and chairman of the Swedish contrast agent group within SMFR.

Other appointments: Member of the board of Lument AB.

Independent in relation to the company’s major shareholders, the company and its management.

Sten Nilsson

Board Member

Born: 1948

Member of the board since: 2013

Holdings (related parties included): 18,324 shares

Education and experience: Sten Nilsson is a specialist and professor emeritus in oncology, as well as a specialist in nuclear medicine. Sten was responsable for the study design and led the early clinical program Xofigo™ (previously Alpharadin™). Sten was previously the chairman of the Swedish Oncology Association (SOF) and the Swedish Association for Nuclear Medicine (SFNM) and member of EANM’s Radionuclide Therapy Task Force. He has published over 200 scientific articles.

Other appointments: Board member of Dextech Medical AB, owner and member of the board of DETRUSOR AB. Co-founder of Micropos Medical AB (publ) and board member and chairman of Rehnman & Partners Asset Management AB’s scientific advicery board.

Independent in relation to the company’s major shareholders, the company and its management.

Kari Grønås

Board Member

Born: 1965

Member of the board since: 2018

Holdings (related parties included): 83,333 shares

Education and experience: Kari Grønås is pharmacist and has long experience of industrial contrast agents and drug development from Bayer AS, Algeta ASA, PhotoCure ASA, and Amersham Health. She worked as a project leader for Xofigo, where the job included applications for marketing approval at EMA and FDA but also responsibility for CMC in the contacts between Algeta and Bayer. Kari has also been the project leader for developing the contrast agent Hexvix until market approval in EU/EEA.

Other appointments: Kari is a consultant for start-up companies in the pharmaceutical and biotech industry. Owner and CEO of K og K AS, owner and board member of Ultimovacs ASA, board member of Arxx AS and owner of Oncopeptides AB.

Independent in relation to the company’s major shareholders, the company and its management.

Nicklas Westerholm

Board Member

Born: 1976

Member of the board since: 2019

Holdings (related parties included): 8,265 shares

Education and experience: Nicklas Westerholm is the CEO of  Egetis Therapeutics AB (publ) since 2017. Before that, he worked within the AstraZeneca Group in a number of global roles in various business areas, most recently as Vice President of Project & Portfolio Management, Cardiovascular and Metabolic Diseases, Global Medicines Development Unit. Prior to that, Nicklas has held positions such as Executive Officer & Vice President Japan Operations and Director Investor Relations. He has studied analytical and organic chemistry at Stockholm University and chemical engineering at the Royal Institute of Technology. He has also studied at the University of Warwick, INSEAD and Harvard Business School.

Other appointments: Chairman of the board and CEO of Rare Thyriod Therapeutics International AB.

Independent in relation to the company’s major shareholders, the company and its management.

Management Team

Mats Hansen

Chief Executive Officer (CEO)

Born: 1971

CEO since: 2015

Holdings (related parties included): 160,522 shares

Education and experience: Mats Hansen holds a Ph.D. in plant biochemistry and a Master in biology. He has extensive experience in project management, clinical
development and business development within oncology pharmaceuticals. His prior roles include director of Project Management and Head of Knowledge Management
at Active Biotech AB, where he previously also has held various positions within information management, IP and business development.

Other appointments: Member of the board of Ekoscandica Naturguide AB

Oskar Axelsson

VP and Chief Scientific Officer (CSO)

Born: 1962

In the management team since: 2007

Holdings (related parties included): 69,922 shares

Education and experience: Oskar Axelsson holds a Ph.D. in organic chemistry and has extensive experience primarily from contrast agent research at Nycomed Innovation, Amersham, GE Healthcare and other companies. Oskar is leading the research department of Spago Nanomedical and is responsible for the Company’s patent issues. He has participated in over 50 patent applications and co-authored several scientific publications.

Other appointments:

Hanna Olsson

Chief Financial Officer (CFO)

Born: 1980

CFO since: 2019

Holdings (related parties included): 28,125 shares

Education and experience: Hanna holds an MSc. in Business Administration and has long experience from different roles in auditing, analysis, financial control and business planning, in both small and large national and international groups such as Deloitte, Schneider Electric and most recently from a role as CFO at System Verification.

Other appointments:

Paul Hargreaves

Chief Development Officer (CDO)

Born: 1969

CDO since: 2021

Holdings (related parties included): 25,000

Education and experience: Paul holds both an MSc. in clinical pharmacology and an MBA. He has extensive experience in international drug development across multiple therapeutic areas. His prior roles include Development Team Lead at Pfizer, Vice President Phase I for Quintiles and Global Head of Clinical Operations at LEO Pharma. Most recently he has been working as an independent consultant and CDO.

Other appointments: –

Medical Advisors

Per Hall

Per Hall is Professor at the Department of Medical Epidemiology and Biostatistics at Karolinska Institutet and Senior physician at the Department of Oncology at Södersjukhuset, Stockholm. Dr Hall has a long experience in clinical cancer research and randomized controlled trials. He has coordinated six research projects funded by the EU and three research projects funded by NIH.

Timothy Roberts

Timothy Roberts is Professor of Radiology and Vice-chair of Research at the Department of Radiology at the Perelman School of Medicine, University of Pennsylvania, where he also holds the Oberkircher Family Endowed Chair in Pediatric Radiology. Prof. Roberts’s research is focused on translational development of medical imaging technologies.

Corporate Governance

Corporate governance within Spago Nanomedical is based on applicable laws, rules and recommendations, such as the Swedish Companies Act (2005:551), the Annual Accounts Act (1995:1554), Nasdaq First North Growth market's regulations and Spago Nanomedical's articles of association and internal rules and guidelines. As Spago Nanomedical's share is not admitted to trading on a regulated market, the company is not obliged to apply the Swedish Code of Corporate Governance (the Code) but has adapted to the Code in parts where the Code is deemed to be relevant to Spago Nanomedical and its shareholders.


§ 1      Företagsnamn
Bolagets företagsnamn skall vara Spago Nanomedical AB. Bolaget är publikt.

§ 2      Styrelsens säte
Styrelsen skall ha sitt säte i Lund.

§ 3      Verksamhet
Bolaget skall bedriva forskning, utveckling, tillverkning, försäljning och licensiering av substanser som används för tillverkning av läkemedel, kontrastmedel och medicinsk utrustning samt därmed sammanhängande verksamhet.

§ 4      Aktiekapital
Aktiekapitalet skall utgöra lägst 40 000 000 kr och högst 160 000 000 kr.

§ 5      Antal aktier
Antalet aktier skall vara lägst 40 000 000 och högst 160 000 000 stycken.

§ 6      Styrelse
Styrelsen skall bestå av 3-­7 ledamöter med lägst 0 och högst 7 suppleanter.

§ 7      Revisor
1-2 revisorer med eller utan revisorssuppleant eller ett registrerat revisionsbolag skall utses. Revisors uppdrag gäller till slutet av den årsstämma som hålls under det första, andra, tredje eller fjärde räkenskapsåret efter det senast gjorda revisorsvalet.

§ 8      Kallelse till bolagsstämma
Kallelse till bolagsstämma skall ske genom annonsering i Post­ och Inrikes Tidningar samt på bolagets webbplats. Upplysning om att kallelse har skett skall annonseras i Svenska Dagbladet. Om utgivningen av Svenska Dagbladet skulle upphöra att vara rikstäckande, skall istället sådan annonsering ske i Dagens Nyheter.

Bolagsstämma kan hållas i Stockholm förutom på den ort där styrelsen har sitt säte.

§ 9      Anmälan om, samt rätt till deltagande i bolagsstämma
Aktieägare som vill delta i bolagsstämma skall göra en anmälan till bolaget senast den dag som anges i kallelsen till stämman.

§ 10   Årsstämma
Årsstämma hålls årligen inom sex månader efter räkenskapsårets utgång.

På årsstämman skall följande ärenden förekomma:

  1.  Val av ordförande vid stämman;
  2. Upprättande och godkännande av röstlängd;
  3. Val av en eller två justeringsmän;
  4. Godkännande av dagordning;
  5. Prövning av om stämman blivit behörigen sammankallad;
  6. Framläggande av årsredovisning och revisionsberättelse, samt, i förekommande fall, koncernredovisning och koncernrevisionsberättelse;
  7. Beslut om:
    • fastställande av resultaträkning och balansräkning, samt, i förekommande fall, koncernresultaträkning och koncernbalansräkning,
    • dispositioner av bolagets resultat enligt den fastställda balansräkningen,
    • ansvarsfrihet åt styrelseledamöter och verkställande direktör.
  8. Fastställande av styrelse­ och, i förekommande fall, revisorsarvoden
  9. Val av styrelse och, i förekommande fall, revisionsbolag eller revisorer samt eventuella revisorssuppleanter
  10. Annat ärende, som ankommer på stämman enligt aktiebolagslagen (2005:551) eller bolagsordningen.

§ 11   Fullmaktsinsamling och poströstning
Styrelsen får samla in fullmakter enligt det förfarande som anges i 7 kap. 4 § andra stycket aktiebolagslagen (2005:551).

Styrelsen får inför en bolagsstämma besluta att aktieägarna ska kunna utöva sin rösträtt per post före bolagsstämman.

§ 12   Räkenskapsår
Kalenderår skall vara bolagets räkenskapsår.

§ 13   Avstämningsförbehåll
Den aktieägare eller förvaltare som på avstämningsdagen är införd i aktieboken och antecknad i ett avstämningsregister enligt lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument eller den som är antecknad på avstämningskonto enligt 4 kap. 18 § första stycket 6­8 nämnda lag skall antas vara behörig att utöva de rättigheter som följer av 4 kap. 39 § aktiebolagslagen (2005:551).


Antagen vid årsstämman den 18 maj 2022

The Nomination Committee for the 2023 Annual General Meeting has been established based on the largest owners as of September 30, 2022, who wished to participate in the Nomination Committee’s work. The Nomination Committee has the following composition:

  • Peter Lindell, represents Cidro Förvaltning AB and own holding
  • Mikael Lönn, represents own holding
  • Eva Redhe, represents own holding

The Nomination Committee has elected Peter Lindell as Chairman.

The Nomination Committee’s assignment is to present proposals for the Annual General Meeting regarding the Chairman of the Annual General Meeting, election of Chairman and other members of the Board, as well as remuneration to each of the Board members. The Nomination Committee shall also submit proposals for the election and remuneration of auditors.

Shareholders who wish to submit proposals to the Nomination Committee can do so by e-mail to: valberedning2023@spagonanomedical.se

For further information, please contact Mats Hansen, CEO Spago Nanomedical AB, +46 46 811 88, mats.hansen@spagonanomedical.se

The company’s auditor is appointed by the Annual General Meeting. At the Annual General Meeting 2022, the auditing firm BDO Mälardalen AB was re-elected as auditor for a term of one year.

Jörgen Lövgren is the auditor in charge.


The future of Spago Nanomedical is dependent on the know-how, creativity and skills of its employees. The company has an informal and flexible working environment offering employees good possibilities to professional and personal development.

Are you interested in working with us or want to explore the possibilities for Degree Projects (primarily within chemical synthesis, analysis and simulation of nanomaterials, but also biologically oriented projects involving cell culture and immunochemistry), please submit the below form.

    By registering your personal data, you agree that Spago Nanomedical saves this. Spago Nanomedical will handle the data according to current Data Protection Regulation (GDPR). We protect your privacy and do not give your personal data to any external part. If you want further information about how your personal data is processed or want to delete your personal data from our system, please contact us: Personal Data Manager, Spago Nanomedical AB (publ), Scheelevägen 22, 223 63 Lund Sweden E-mail: info@spagonanomedical.

    * Obligatory