Danish biotech is headed to Wall Street.

The biotech company Forward Pharma announced Monday that it had submitted an F1 form to the United States Securities and Exchange Commission containing its prospectus for an initial public offering of shares on the Nasdaq in New York.

Forward Pharma is developing a biological drug, FP187, against multiple sclerosis and moderate to severe psoriasis – a drug that is currently in phase III of clinical testing.

Fresh funding and new CFO

The Danish company aims to raise USD 200 million in the IPO and Forward Pharma writes in the prospectus that it secured bridge funding of USD 10 million on August 6.

The company also announces that it has hired a new chief financial officer to boost its management team. Joel Sendek, a bio analyst from Stifel Financial Corporation, has joined the company as of August 5.

"We are excited to build out our executive team through the addition of Joel. With his extensive biotechnology expertise, financial acumen and proprietary insight, Joel is well equipped to oversee Forward Pharma's finances.  We look forward to Joel's many contributions to our Company," says Florian Schonharting, Forward Pharma's Co-Founder and Chairman of the Board of Directors.

For legal reasons, Florian Scönharting is barred from commenting further on the matter.

- translated by Martin Havtorn Petersen

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