Isofol raises SEK430M in IPO

Isofol Medical AB (SSE:ISOFOL) lost SEK2 to SEK27 in its first day of trading Tuesday after raising SEK430 million ($48 million) through the sale of 14.8 million shares at SEK29 in an IPO underwritten by Pareto Securities. The offering values Isofol at SEK916.5 million ($102.3 million).

Isofol's lead candidate, Modufolin 6R-methylenetetrahydrofolate (ISO-901), is in a pair of Phase II trials to treat colorectal cancer and osteosarcoma. Isofol has exclusive worldwide rights from Merck KGaA (Xetra:MRK) to the endogenous folate-based biomodulator...