Norwegian biotechnology company Hofseth Biocare inked a consulting deal with consultant James Berger to help the company establish a wider base of international investors.

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The partnership will allow Hofseth Biocare to reach out to a wider investor base, which could facilitate a United States listing and a continued value development.

However, no decision has been taken yet on whether the company will list on a US stock exchange or when that may happen, but the company is eyeing Nasdaq or another similar stock exchange.

The consultant already assisted Hofseth Biocare with its oversubscribed private placement of NOK 118 million (€12.3 million/$13.7 million) during July directed towards international private investors and institutional funds.

He also helped sell additional shares in Hofseth Biocare from existing shareholders to new international investors.

Berger comes from a background as an investment banker with Goldman Sachs, JP Morgan, MAN Investments and Millennium Capital Management.

In the second quarter of 2019, earnings before interest, tax, depreciation and amortization (EBITDA) for the company were negative NOK 8.36 million (€833,882/$916,900), up 35 percent compared with the second quarter last year, though the company still lost money.

The consultancy agreement with Berger was through his company Nevera for an initial period of three years, however, Hofseth Biocare has the authority to terminate the agreement upon notice after half a year.

Berger will be granted a total of 6,486,400 share options in Hofseth Biocare, giving him the right to subscribe for about 2 percent of the company's shares.