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  • 19 August 2016
    InDex Pharmaceuticals plans Initial Public Offering

    August 19, 2016 – The Board of InDex Pharmaceuticals today announced its intention to proceed with an Initial Public Offering of the drug development company on Nasdaq First North during the autumn. A new share issue in order to raise capital for the development of the company’s lead drug candidate – cobitolimod – is planned in connection with the listing.

    “A public listing and a broadened ownership is the logical step when the development now is accelerating and is entering a decisive stage”, said Dr. Wenche Rolfsen, Chairman of the Board.

    The planned share issue will primarily fund the upcoming Phase IIb study with the drug candidate cobitolimod. The design of the clinical study was approved earlier this year by the US Food and Drug Administration, FDA.

    Cobitolimod is a potential new treatment for the serious and today often difficult to treat, chronic inflammatory bowel disease, ulcerative colitis. Extensive clinical studies conducted by InDex Pharmaceuticals show that treatment with cobitolimod, compared to placebo treatment, can improve the main symptoms of the disease. A major strength is that these improvements have been achieved relatively quickly and without the patients suffering from any side effects compared to the control group.

    InDex Pharmaceutical’s CEO Peter Zerhouni commented on the potential of cobitolimod:

    “Ulcerative colitis is a debilitating disease. Many of the worst affected patients are not helped by the currently available drugs and there is a high unmet medical need. We have in previous clinical studies with cobitolimod observed a greater effect than what has been reported for the currently approved biological drugs and with a, in comparison, very favorable safety profile”, said Peter Zerhouni.

    The market for the approved biological drugs to treat ulcerative colitis amounts to approximately USD 4 billion per year, although many patients experience side effects or do not respond to the treatments.