Corium raises $52 million in IPO
Drug delivery company Corium International Inc. (NASDAQ:CORI) raised $52 million through the sale of a bumped up number of shares below its proposed price range in an IPO on NASDAQ. The company sold 6.5 million shares at $8, which values Corium at $141.7 million. Last month, the company said it planned to sell 5.5 million shares at $10-$12. Jefferies; Leerink; Needham; and FBR are underwriters. Corium was unchanged on its first day of trading Thursday.
Corium developed two transdermal drug delivery technologies: MicroCor, a biodegradable microstructure patch technology to deliver biologics; and Corplex, an adhesive system and patch technology to deliver small molecules. The company reported $50.3 million in revenues for the year ended Sept. 30, 2013. ...