Philogen Prepares First European Biotech IPO in 2011

Swiss-Italian biotech group Philogen plans to debut on the Milan stock exchange later this month.

Philogen is making a bid to become the first European drug developer to go public this year. The Swiss-Italian biotech plans to go public on the Milan market, where it hopes to raise up to €65.3 million. Philogen claims to be profitable.

The company says it has six anti-cancer antibody derivatives and an antibody-derivative for the treatment of rheumatoid arthritis in clinical studies. Two registrational studies--one in Phase III and one in Phase II--are in the planning stage.

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