Search

Biotech Medicortex Finland Oy completes pre-IPO funding to advance diagnostic tests for brain injury

Medicortex Finland Oy, a biotechnology company developing diagnostic tests for brain injury, announces successful closing of a pre-IPO share issue round that will allow the company to proceed to the next phase in the process of Initial Public Offering (IPO), in parallel to the development of its lead product candidate.

Medicortex announces today that the company has raised sufficient funds in the pre-IPO financing round from company’s existing shareholders and new investors. The proceeds of a net half million euro from the round will advance the development of company’s lead product candidate as well as equip the company for its contemplated initial public offering (IPO) expected to take place in 2022. Medicortex’s pipeline program aims at developing a quick diagnostic tool, ProbTBITM, for detection of biomarkers of traumatic brain injury (TBI) and concussion by testing noninvasive body fluids such as saliva or urine.

“We are pleased by the response to our round from both new investors and those who had previously invested in the company” said Adrian Harel CEO. “The interest in the share issue was overwhelming, and we thank our existing shareholders and new investors for their strong support”.

Göteborg Corporate Finance (GCF) acted as financial advisor to Medicortex during the pre-IPO and has also been appointed as financial advisor for the upcoming IPO and dual listing at Nasdaq First North Helsinki and Stockholm.

Medicortex has engaged Nordic Certified Adviser in Stockholm to serve as a certified adviser (CA) for the IPO. They have long experience on advising listed companies in the Nordic stock exchanges.

About Medicortex Medicortex Finland Oy (www.medicortex.fi) is a biotechnology company dedicated to improving the diagnostics and treatment of Traumatic Brain Injury (TBI). Company’s current focus is to develop biomarker diagnostics to evaluate mild TBI and concussion. The next goal of the company will be to develop an innovative drug to prevent the propagation and aggravation of traumatic brain injury from its initial local presence to a spread and more severe injury.

About ProbTBITM Medicortex’s first generation product, ProbTBITM, is a disposable and affordable strip test for rapid detection of concussion from urine or saliva, both for professional and lay use. Unique biomarkers of TBI basing the technology were found in body fluid samples of patients with TBI and this is the first-in-the-world discovery by Medicortex. The company has a comprehensive patent portfolio protecting the biomarker detection principle and related technology.