Desentum’s 18 M€ share issue organised by the Finnish growth equity company Springvest marks the largest public share issue* ever conducted in Finland by an unlisted growth company. The company is advancing a novel allergen immunotherapy platform that has the potential to make AIT treatments faster, more effective, and safer.
The news originally published on 12 Mar 2026 have been updated on 27 Apr to include information about the second part of the share issue conducted in April.
In March–April, Desentum Oy raised a record 18 M€ from Finnish private investors and family offices in two tranches. The first 8 M€ tranche was oversubscribed in approximately 15 minutes in March, leaving hundreds of investors on a waiting list. The second 10 M€ tranche opened in mid-April and was fully subscribed on 27 April. In total, the offering was open for only about one and a half weeks.
“Desentum’s example shows that Finnish private investors have both the capital and the willingness to invest in Finnish ownership,” says Jouni Mäkelä, Investment Director at Springvest.
Springvest is one of Desentum’s major shareholders and has now arranged a share issue for the company for the fifth time.
“We wish to thank all our investors. The strong interest in Desentum shows that people are motivated to be part of transforming current allergy treatment practices for the better,” says Pekka Mattila, CEO of Desentum.
“We will use the invested capital responsibly and carefully consider how it can most effectively advance Desentum’s products toward regulatory approval,” he continues.
Indication of efficacy for the birch pollen allergy vaccine – new results expected this year
Desentum aims to shorten allergen immunotherapy from years to just a few months.
“Allergies are increasing everywhere, and there is a clear need for treatments that are fast, effective, and safe,” says Mattila.
Traditional immunotherapy relies on natural allergen extracts, whose efficacy can be difficult to predict. The dose level must be increased gradually, and the risk of allergic reactions can be significant.
To overcome this, Desentum investigates how allergens bind to IgE antibodies and trigger allergic reactions. Based on this knowledge, the company modifies allergens into hypoallergens that will induce a protective immune response while causing fewer allergy symptoms.
“Instead of a single vaccine, we are developing a technology platform for treating various allergies,” Mattila explains.
Desentum’s current research focuses on birch, peanut, and cat allergies. The investigational product for birch pollen allergy is already in clinical Phase II, involving nearly 100 patients. The results are expected in November.
Mattila notes that the clinical results so far have been very promising in terms of both safety and immunological effect. For example, patients’ IgG4 antibody levels have been observed to increase 80-fold during a 10-week treatment period.
“The primary goal of the ongoing study is to demonstrate statistically significant clinical efficacy on allergy symptoms.”
A potential alternative to total peanut avoidance
Peanut allergy is among the most dangerous allergies: as little as opening a bag of peanuts can lead to life-threatening anaphylaxis. Currently, there is no curative treatment, and patients must strictly avoid peanuts and carry an adrenaline auto-injector.
Only one product, Palforzia, has received marketing authorization for immunotherapeutic treatment of peanut allergy, but its manufacturer has announced plans to withdraw it from the market this year.
Desentum has studied peanut allergens for years. In February, the research group of Desentum and the University of Eastern Finland published a peer-reviewed study in the international journal Allergy about the binding of peanut allergen to the antibody that triggers allergic reactions.
A hypoallergen candidate developed based on this discovery has undergone laboratory testing, and Desentum is now preparing to move it toward clinical trials.
*IPOs have not been included in the comparison due to their different nature.