COR Therapeutics Inc. said Wednesday it has filed for an initialpublic offering of 2.5 million shares of common stock with anestimated price of $9 to $11 per share.
COR, which is developing products to treat and prevent acutecardiovascular diseases, also announced that it has signed afour-year joint research agreement with Eli Lilly & Co. thatwill provide additional funding to the South San Francisco,Calif., company.
COR and Lilly will jointly develop platelet aggregationinhibitor products to treat cardiovascular disorders. Lilly willprovide an undisclosed amount of research funds and haspurchased $4 million worth of COR's series D preferred stock.
In exchange, COR has granted Lilly an exclusive worldwidelicense to products resulting from the collaboration. Lilly alsohas rights of first negotiation or refusal for Integrelin, COR'sglycoprotein GPIIb-IIIa antagonist for treating diseasesassociated with arterial thrombosis. Integrelin is in Phase Iclinical trials.
COR also will receive milestone payments and royalties fromsales of any products resulting from the agreement.
After the IPO, COR (proposed NASDAQ:CORR) will have 9.5million shares outstanding. Underwriters Robertson, Stephens& Co. and Montgomery Securities have an option to buy 375,000additional shares to cover overallotments. -- KB
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