Cosmo seeks listing on SWX exchange

Lainate, Italy-based Cosmo Pharmaceuticals says it is seeking to raise new funds through an initial public offering on the SWX Swiss Exchange within the next few weeks. Cosmo's proprietary development pipeline specifically addresses treatments for inflammatory bowel diseases, such as ulcerative colitis and Crohn's disease, as well as colon infections.

The firm's most advanced product is Lialda/Mezavant (mesalamine), a once-daily oral treatment for mild-to-moderate ulcerative colitis licensed globally to Giuliani and the UK's Shire Pharmaceuticals. Shire received US Food and Drug Administration approval for Lialda on January 16, 2007. The agent is based on Cosmo's proprietary MMX technology which allows the delivery of active pharmaceutical ingredients into the lumen of the colon through tablets in a delayed and controlled extent.

According to the firm, the broad nature of its pipeline allows it to evaluate the full range of commercialization strategies for its products. In addition, Cosmo provides drug formulation and manufacturing services to pharmaceutical clients from its facilities in Lainate, Milan. Lehman Brothers International (Europe) and Sal Oppenheim jr & Cie are acting as joint global coordinators and joint bookrunners for the planned IPO.