Date: 2015-02-11
Type of information: Private placement
Company: Cortendo (Sweden)
Investors: RA Capital Management (USA - MA), New Enterprise Associates (NEA) (USA - MD), Broadfin Capital (USA - NY) HealthCap (Sweden)
Amount: $26.4 million
Funding type: private placement
Planned used: This financing will strengthens Cortendo\'s ability to drive enrollment in its global Phase 3 trial for COR-003 for endogenous Cushing’s syndrome and work with potential partners to expand its orphan disease portfolio.
Others: * On February 11, 2015, Cortendo, a global biopharmaceutical company focused on orphan endocrine disorders, announced that it closed a previously announced private placement totaling approximately $26.4 million. Including the $11 million private placement announced in October, the company has raised a total of approximately $37 million in the last five months. The Company has closed on transactions with leading U.S. institutional specialist healthcare investors RA Capital Management, New Enterprise Associates (NEA) and Broadfin Capital. HealthCap, a leading European venture capital healthcare investor, also participated by increasing its existing investment in the company. The additional share issues were approved at an Extraordinary General Meeting on February 3. Cortendo previously closed on an $11 million investment led by HealthCap, announced in October 2014, and approved by the EGM on December 1, 2014. As a result of the most recent private placement, the share capital of Cortendo will increase from SEK 106,708,863 to SEK 159,080,722 and the total number of shares in the company will amount to 159,080,722.
Therapeutic area: Rare diseases
