Cortendo sets its sight on US IPO
Enlarge image


Cortendo sets its sight on US IPO

31.10.2014 - Another biotech is leaving the European market place in favour of a US IPO. Swedish Cortendo is now planning to go public in the US after raising €8.8m in bridge financing.

Cortendo AB has been planning its IPO for some time now, and so far, Oslo Axess was the place to go public. But now, recently appointed CEO Matthew Pauls has ditched the European stock exchange in favour of one overseas. The biopharmaceutical company has announced that it is evaluating listing strategies in the US.

“The U.S. represents the largest potential market for our product candidate, COR-003, and a potential future listing on the U.S. capital markets would provide an improved opportunity for growth and brand recognition,” said Pauls. “We continue to view the Oslo Stock Exchange as a dynamic and attractive marketplace for companies seeking international sources of capital, and our experience has been positive.”

The news comes in tandem with the announcement of a raise of SEK81.5m (€8.8m) in a private placement. Cortendo is selling over 19 million of its shares at SEK4.22 per share to Swedish HealthCap, the Third Swedish National Pension Fund and Norway’s Storebrand and Arctic Fund Management. The investors will hold almost a third of Cortendo issued share capital.

The money is to be used for the continued development of Cortendo’s lead candidate, COR-003 (levoketoconazole) for the treatment of Cushing’s Syndrome. The drug candidate is currently being studied in the global Phase 3 SONICS  study and has received orphan designation for both the European and US market. “We welcome this opportunity to invest in Cortendo’s development and commercialisation plans for COR-003,” said Dr. Mårten Steen of HealthCap. “Cortendo has made important recent progress, and we believe in the company’s ability to bring a new treatment for patients with Cushing’s syndrome to the market.”



29.10.2014 British VC fundraiser Advent Life Sciences has raised €184m with its second fund. The money will help seed and build life sciences companies in the UK, Europe and the US, the company said.


28.10.2014 Swiss pharma company Novartis is selling its influenza vaccines business to Australian biopharma specialist CSL Ltd for US$275m.


23.10.2014 Just one day before its planned initial listing, Swiss Molecular Partners has cancelled its IPO. The reason: "unfavourable market conditions".


23.10.2014 Jean-Claude Juncker can breathe a sigh of relief as MEPs voted “yes” by a large majority to his team of European Union Commissioners. Previous to the vote, Juncker had shifted the EMA back to the health commissioner in response to protests.


21.10.2014 Yet another European company is looking for money on the US stock exchange – French DBV Technologies SA is all set up for its secondary listing on NASDAQ. The French biotech company hopes to rake in US$98m for its peanut allergy patches.


18.10.2014 After raising US$220.5m (€172m) with its IPO, fast Forward Pharma’s lucky streak hits an obstacle on the road to success with shares falling 17% on its first day of trading.


17.10.2014 Abandoned at the altar: Abbvie has dropped plans to acquire UK’s Shire following new US tax rules. This puts a stop to one of the biggest pharma mergers planned this year.


15.10.2014 Bicycle Therapeutics wins €25m backing by major pharma venture capitalists for the development of a new class of oncology drugs.


13.10.2014 Biotechnology IPOs are back in fashion – German Probiodrug AG wants to raise €32m with its IPO, whilst Swiss Molecular Partners AG hopes the launch of its IPO will gain a revenue of €145m.

© 2007-2014 BIOCOM


All Events

Current issue

All issues

Product of the week


Stock list

All quotes


  • THERAMETRICS0.08 CHF14.29%
  • CYTOS0.17 CHF13.33%
  • MORPHOSYS75.99 EUR4.89%


  • EPIGENOMICS4.15 EUR-4.38%
  • EVONIK26.20 EUR-2.42%
  • PAION2.80 EUR-2.10%


  • BIOFRONTERA2.82 EUR28.2%
  • HBM91.50 CHF8.6%


  • MAGFORCE5.55 EUR-19.6%
  • CO.DON2.65 EUR-15.6%
  • PAION2.80 EUR-13.0%


  • SANTHERA89.00 CHF2318.5%
  • CO.DON2.65 EUR167.7%
  • WILEX2.25 EUR81.5%


  • CYTOS0.17 CHF-95.7%
  • MERCK KGAA71.68 EUR-41.5%
  • 4SC0.98 EUR-41.0%

No liability assumed, Date: 30.10.2014