Calliditas Therapeutics raise US$90m in Nasdaq IPO

For its listing on The Nasdaq Global Select Market through a capital increase, NASDAQ Stockholm-listed Calliditas Therapeutics AB set the price of 8,306,770 common shares to US$19.50 per American Depositary Shares (ADS) in an US Offering, with each ADS representing two common shares (4,153,385 ADS). Additionally the company sold 924,000 common shares for SEK89.70 per share in a concurrent private placement to selected institutional investors outside the US. after the first day of trading, the stock closed at US$20,19, about 3% higher when issued.

The company said it will use the approximately US$90m in gross proceeds for its ongoing Phase III tests of Nefecon – a two step formulation optimized to combine a time lag effect with a concentrated release of the active substance budesonide, within a designated target area – its pre-commercialization and, if approved, commercialization activities for Nefecon and development of additional product candidates. This patented, locally acting formulation is intended for treatment of patients with the inflammatory renal disease IgA nephropathy, underserved orphan indication

The autoimmune condition occurs when aberrant immunoglobulin A (IgA) antibodies lodge in the kidneys, specifically the glomeruli, causing inflammation and, over time, irreparable damage to the organs. Detection of protein and blood in the urine frequently leads to diagnosis. According to estimates in a Evaluate Vantage report, up to 40% of those diagnosed by protein in the urine will eventually progress to end-stage renal disease (ESRD).