Mondobiotech – new company on Swiss exchange
Zurich – Drug discovery company Mondobiotech AG has now listed on the Swiss stock exchange without issuing any new shares, although the biotech is planning a capital increase to ensure its future funding at the end of September. In early trading, shares of the company rose from CHF290 to CHF390 at a low trading volume. Mondobiotech is focused on the discovery of medicinal product candidates through redirecting already known peptides and other immunomodulating substances for the use against rare and neglected diseases, with the ultimate aim of out-licensing or selling them to third parties. The company has discovered more than 300 candidates so far; seven have been licensed to pharma and biotechnology companies like Biogen Idec. The initial price of the shares traded under the ticker symbol RARE corresponds to a market capitalisation of CHF360m.