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Swedish-American biotech Cortendo hit the media with several news. The biopharma company not only purchased Somatoprim, Aspireo Pharmaceutical‘s candidate treatment for acromegaly, but also acquired the commercialization rights to Antisense Therapeutics’ ATL1103 for endocrinology applications. Additionally, Cortendo entered into an agreement to raise approximately €29.8M in a new private placement.
Somatoprim is a next-generation, somatostatin analog developed by Israeli Aspireo Pharmaceutical. The drug is being investigated for the treatment of acromegaly, with potential additional applications in Cushing’s Syndrome and neuroendocrine tumors. Somatoprim, according to its promising results during clinical trials, has the potential to become the best-in-class somatostatin analog in a growing market that currently amounts to over €1.35Bn in annual sales.
In addition to investing in Cortendo as part of the acquisition of Aspireo Pharmaceuticals’ drug, TVM Capital, Aspireo’s only investor, will invest an additional €3.8M in the announced private placement. This investment is part of Cortendo’s agreement to raise approximately €29.8M in a new private placement. The proceeds will be used for continued development of COR-003, Cortendo’s phase III candidate for endogenous Cushing’s Syndrome.For more click here