We’ve bemoaned the fact that very few Seattle area companies are considering initial public offerings. But Koronis Pharmaceuticals, a Seattle company led by venture capitalist Donald Elmer, is positioning for an IPO in London either this year or next, Reuters reports.

It would be a modest amount. Elmer tells Reuters that the company needs about $15 million to continue clinical trials to continue development of a technology known as Viral Decay Acceleratio, initially created from the work of Manfred Eigen, aNobel Laureate at the Max Planck Institute in Gottingen, Germany.

Founded in 1998, the biotech company has raised about $43 million to date, including a $20 million round in 2007. Pacific Horizon Partners, Elmer’s Seattle venture capital firm, remains the majority shareholder of the company, according to Reuters.

John Cook is co-founder of GeekWire, a technology news site based in Seattle. Follow on Twitter: @geekwirenews.

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