Cortecs International Raises L46 Million

UK-based pharmaceutical delivery system company, Cortecs International, raised L46 million ($71.5 million) in its international placing of shares carried out last month. Under the placing, 12.5 million ordinary shares were placed with institutions in the UK, continental Europe, Japan and the Far East, at a price of 365 pence per share. These shares rank pari passu with current ordinary shares on issue. The placing was more than twice oversubscribed.

The funds will finance the bringing forward and development of Cortecs' main therapeutic applications of oral delivery of peptides such as calcitonin and oral delivery of therapeutic vaccines which do not use antibiotics.

"These funds will be utilized to add value for shareholders," said Glen Travers, chairman of Cortecs, "by: completing US trials of oral calcitonin following the granting of our Investigational New Drug application there; taking two further proteins into human studies with our oral peptide delivery systems; extending the oral Pseudomonas therapeutic vaccine Phase II studies into Europe this year; and taking advantage of important opportunities being presented to Cortecs, which utilize our core capabilities in doctors' office diagnostics and oral drug delivery systems."