Ebb & Flow

After a busy summer, CoTherix last week got its IPO back on track. The deal was postponed in June, and in July, W. Scott Harkonen stepped down as CEO and a director. In its Thursday SEC filing, CoTherix disclosed that Donald Santel was promoted to CEO in August. Santel previously held the post from April 2001 until Harkonen joined in October 2003. When Harkonen joined, Santel became president, COO and secretary.

CoTherix also disclosed that its NDA for Ventavis iloprost to treat pulmonary arterial hypertension (PAH) was accepted for filing last month and received Priority Review and Orphan Drug designations. The NDA was submitted in July. The company has exclusive U.S. rights to Ventavis, an inhaled formulation of iloprost, from Schering (FSE:SCH; SHR), which markets it in Europe.

CoTherix now hopes to sell 5 million shares at $8-$10 through CIBC World Markets; Piper Jaffray; Needham; and Thomas Weisel. If sold at the mid-point of $9, the cardiopulmonary play would raise $45 million and be valued at $173.8 million. Previously, CoTherix had filed to sell the shares at $12-$14. A sale at $13 would have raised $65 million and valued the company at $251 million.

The trimmed filing could go well for CoTherix, as some bankers and VCs foresee activity on the IPO

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