Europe adds to its IPO queue

Another two European biotech companies have stepped forward as IPO candidates, both looking to list on Nordic exchanges. BioTie Therapies (Turku, Finland) is seeking to raise EUR26.4 million ($24.9 million) through the sale of 3.6 million shares between EUR6.00 and EUR7.50 a share. BioTie, which is working in inflammation, blood coagulation and thrombosis and cancer, said its first trading date on the Helsinki Stock Exchange will be June 29. The company's lead product is vepalimomab, a murine monoclonal antibody against VAP-1 to treat such inflammatory diseases as ischemic-reperfusion injury, stroke and myocardial infarction. Vepalimomab is in Phase I/IIa development. BioTie also is developing a synthetic heparin. ...