ARTICLE | Financial News

Cortendo pulls Oslo IPO to mull U.S. listing, raises $11.3M

October 31, 2014 2:37 AM UTC

Cortendo AB (Gothenburg, Sweden) said it will raise SEK 81.5 million ($11.3 million) in a private placement. The company will also drop plans to list on the Oslo Axess exchange and consider a U.S. listing instead.

The company plans to sell 19.3 million shares at SEK 4.22 to HealthCap; Third Swedish National Pension Fund; Storebrand; and Arctic Fund Management. The financing is subject to shareholder approval at a Dec. 1 meeting. A majority of Cortendo's shareholders already plan to approve the financing and elect a board member nominated by HealthCap. ...