Ark planning IPO
Cancer and pulmonary company Ark Therapeutics (London, U.K.) formalized its plans to IPO on London's main market in a deal underwritten by CS First Boston and Nomura. The company hopes to raise about L55 million ($102.2 million) at a price range of 120p-146p per share. The company has a pre-money valuation of L110-L135 million ($204-$251 million) and expects the offering to be completed by mid-March.
Ark markets its Kerraboot dressing device to treat leg ulcers in the U.S. and Europe. Ark has four programs in the clinic: Vitor ( EG006), a small molecule in a Phase III trial to treat cancer-related cachexia; Cerepro ( EG009), a herpes simplex virus thymidine kinase (HSV-tk) gene therapy for use in combination with ganciclovir that is in Phase IIb testing to treat operable brain tumors; Trinam ( EG004), which is due to enter Phase II/III testing to prevent intimal hyperplasia after vascular graft surgery; and EG005, a mitochondria stimulator slated to start Phase II testing to treat lipodystrophy. ...