FRANKFURT, April 29 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
"(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
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.
(Reporting by Tyler Sitte, Editing by Jon Loades-Carter)