Biotech IPO raises E77m

Coley Pharmaceutical Group, a biopharmaceutical company based in the US and Germany and backed by a host of VCs, has floated on NASDAQ, raising US$96m (E77m).

The listing was priced at the top of its indicative range at US$16 (E13) per share, and was seven times oversubscribed. The reason for its popularity can largely be attributed to the fact that it has four products in clinical trials, included ProMune, a treatment for multiple cancer indications.

The company first received venture funding in 1997, and has had a number of funding rounds since then, the last one taking place in September last year. Investors included Alafi Capital, AlpInvest, Commerz Beteiligungsgesellschaft, Global Life Science Ventures, TVM, Thomas, McNerney & Partners and Venrock Associates.