Cortendo AB, a Swedish global biopharmaceutical company focused on orphan endocrine disorders, has entered agreements with U.S. institutional specialist healthcare investors RA Capital Management, New Enterprise Associates (NEA) and Broadfin Capital.
HealthCap, a leading European venture capital healthcare investor, also agreed to increase its existing investment in the company, bringing this private placement to a total of up to $27.5 million (approximately SEK 221 million). The subscription price is SEK 4.22 per share, and the total maximum number of shares outstanding after the completion of the share issue will be 159,080,722.
This investment commitment follows the company’s move to a U.S. financing plan laid out in October 2014 when Cortendo announced an $11 million investment led by HealthCap.
