Pharmalink planning IPO next year, raises $12 million to fund research for lead product
Sweden-based specialty pharma company Pharmalink on Thursday said it is planning an initial public offering on Nasdaq Stockholm in 2016 to fund the development of its lead drug candidate to treat a kidney disease and that it has raised 100 million Swedish kronor ($12 million) from its investors to advance its research for its Nefecon (PL-56).
The funds from the investor raising will be used to prepare a Phase III clinical trial for its drug candidate Nefecon. The condition progresses to end-stage renal disease in up to 40% patients.
The Phase II trial of Nefecon in 150 patients met its primary efficacy endpoint. Final results from the trial are expected in the fourth quarter 2015.
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