IPO Profile

CoTherix
1301 Shoreway Drive, Suite 320, Belmont, CA 94002
Tel: 650-486-2100
Web: www.cotherix.com
Ticker: CTRX
Amount Raised: $30,000,000.00

Description:
Ventavis, or iloprost, is delivered using a nebulizer for the treatment of PAH, a highly debilitating disease characterized by severe constriction of the blood vessels in the lungs. This condition leads to very high pulmonary arterial pressure and makes it difficult for the heart to pump blood through the lungs to be oxygenated. We estimate that PAH afflicts approximately 50,000 people in the U.S., of which 15,000 people are currently diagnosed and under various treatments, including prostacyclins and endothelin receptor antagonists. We expect to compete primarily with other prostacyclin therapies. Current prices of existing prostacyclin therapies are approximately $100,000 per patient annually. Currently marketed prostacyclins for PAH are difficult to administer because they require continuous delivery through subcutaneous or intravenous routes. Ventavis targets the pulmonary vessels directly through inhalation, eliminating many of the inconveniences and potentially reducing many of the side effects associated with subcutaneous or intravenous delivery. We believe Ventavis is more conveniently administered than existing prostacyclin therapies and will become the preferred prostacyclin treatment for most PAH patients. In addition, we believe Ventavis offers therapeutic characteristics that support development for combination therapy, PAH associated with idiopathic pulmonary fibrosis and other possible indications, including PAH associated with sickle cell anemia. Ventavis was approved in September 2003 by the European Agency for the Evaluation of Medicinal Products, or EMEA, for the treatment of primary pulmonary hypertension. In Schering AG�s Phase III trial, the primary composite endpoint was met by 17% of patients taking Ventavis and 5% of patients taking the placebo, a result that was statistically significant and clinically meaningful. The results of the six-minute walk test and New York Heart Association class improvement, two commonly used measurements of PAH severity and secondary endpoints of this trial, were also statistically significant and clinically meaningful. Flushing and jaw pain, both typical side effects of prostacyclin therapies, were more common in the Ventavis group.