Strongbridge raises $25M in a downsized IPO

Drug developer Strongbridge Biopharma ($SBBP) cleared $25 million in an IPO, bringing in less than a third of the cash it once sought as biotech companies continue to struggle on Wall Street. The company, formerly known as Cortendo, moved 2.5 million shares at $10 each, pricing an offering well below the $86 million it craved last month. Strongbridge is working through Phase III with COR-003, a treatment for Cushing's syndrome, and expects to report data in 2017. Release