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Orphazyme prepares for USD 50m capital hunt after nightmare year

After a year that brought Orphazyme failed studies and a rejection from the FDA, the Copenhagen-based biotech firm is now planning to bring in USD 50m by issuing American Depositary Shares (ADSs).

Photo: Orphazyme/PR

Biotech business Orphazyme, which is based in Copenhagen, Denmark, is planning to raise USD 50m through an American Depositary Shares (ADSs) issuance, it reports in a press release.

The statement also reports that net proceeds from the ADS sales will be spent on the ongoing regulatory approval process for its main candidate arimoclomol, which is a treatment for the neurodegenerative disease, Niemann-Pick disease type C (NPC), in addition to the commercial launch should the drug be approved. The money will also be spent on "general corporate purposes," the press release reads.

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