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12:00 AM
 | 
Feb 23, 2004
 |  BioCentury  |  Finance

The story of the Ark

Ark Therapeutics Ltd. could become the first biotech company to list on London's main market in two years if its latest try at an IPO is successful. The question is whether the prospect of clinical news flow will induce U.K. investors to re-read the story.

Last week, Ark announced that it hopes to sell about 41 million shares at 120p-146p. If the shares sell at 133p, it would raise £54.5 million ($103 million) and have a post-money valuation of £177 million ($335 million). The company attempted to list in 2002 at a valuation of about £140 million ($204 million), but abandoned the effort due to market conditions.

Ark's first product, the Kerraboot dressing device to treat...

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