Date: 2015-05-15
Type of information: Private placement
Company: Cortendo (Sweden)
Investors: TVM Capital (Germany) Longwood Capital (USA - China) Granite Point Capital (USA - MA) RA Capital (USA - MA) New Enterprise Associates (USA - MD) Broadfin Capital (USA - NY) HealthCap (Sweden)
Amount: $33.2 million
Funding type: private placement
Planned used: Cortendo intends to use the proceeds of the placement for continued development of COR-003 along with the planned development of the two new programs (DG3173 and ATL1103).
Others: * On May 15, 2015, Cortendo announced that it has entered into an agreement to raise approximately $33.2 million in a new private placement.The subscription price is $1.322 per share and up to 25,128,559 new shares will be issued to the investors. New institutional investors in this round of financing include Longwood Capital, TVM Capital and Granite Point Capital. Additionally, several existing investors, including RA Capital, New Enterprise Associates, Broadfin Capital and HealthCap, have also extended their investments in Cortendo through this round of financing. Notably, in addition to investing in Cortendo as part of the acquisition of Aspireo Pharmaceuticals’ DG3173, TVM Capital will invest an additional $4.25 million in the announced private placement. The financing is subject to shareholder approval of the AGM, which is scheduled to be held on or about June 24, 2015, and is subject to certain other conditions, including expected gross proceeds of at least $20 million and the non-occurrence of any material adverse effects (as defined in the agreement with the investors) prior to completion. Locust Walk served as a consultant to Cortendo for this transaction.
Therapeutic area: Rare diseases - Hormonal diseases - Endocrine diseases
