First German IPO of 2009 raises more than $12 mln
FRANKFURT, April 29
FRANKFURT, April 29 (Reuters) - California-based biotech HepaHope 039350.KQ said it had raised a total of $12.6 million (9.5 million euros) from funding activities in connection with its initial public listing, which include pre-IPO funds.
The company said this is about $4.6 million more than it had initially targeted.
"(The proceeds) provide a good financial basis for the (company's) upcoming clinical trials," said founder and Chief Executive Sung-Soo Park.
Shares in the liver dialysis specialist will begin trade on Thursday in the open market of the Frankfurt stock exchange with inclusion in the Entry Standard segment of the Deutsche Boerse (DB1Gn.DE).
In the public offering in Germany and Luxembourg and an international private placement, the company sold 1.5 million shares at a fixed price of 1.52 euros per share.
The IPO is the first in Germany in more than nine months.
HepaHope works in similar areas to those of Fresenius Medical Care's (FMEG.DE) small Prometheus project and the Teraklin unit of Sweden's Gambro GAMFF.PK, but the company says its patented biologic solutions set it apart from rivals. ($1=.7547 Euro) (Reporting by Tyler Sitte, Editing by Jon Loades-Carter)