VetMedUni biopharmaceutical spinout Marinomed Biotech has completed its IPO to attain a market cap of $109m.

Marinomed Biotech, an Austria-based biopharmaceutical spinout of University of Veterinary Medicine Vienna (VetMedUni), has completed its initial public offering (IPO) on the Vienna Stock Exchange at a market capitalisation of €95.1m ($109m), MondoVisione reported on Friday.
Shares were priced at $86.40 each, slightly higher than the $85.80 target, which had been expected to raise $25.6m for Marionmed Biotech based on the sale of 299,000 shares. Marinomed’s stock price had risen to approximately $87 per share at the time of writing.
The move was originally announced in November 2018 as a 400,000-share placement targeting $34m to $41m but Marinomed later decided to pause the process in light of global market volatility.
Founded in 2006, Marinomed Biotech designs pharmaceutical drugs for respiratory diseases and allergic conditions based on information from its two drug creation platforms, Carragelose and Marinosolv.
The spinout has already commercialised six medications for viral…

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