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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio

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To: tuck who started this subject	2/17/2004 4:54:31 AM
From: nigel bates	of 1005

Ark Therapeutics Seeks London Stock Exchange Listing. Tuesday February 17 First UK company for a while sticks its head above the parapet. Apparently Astex (see Proteomics thread) is also contemplating an IPO. Edited Press Release LONDON -(Dow Jones)- Ark Therapeutics said Tuesday that it intends to proceed with an Initial Public Offering of shares and to seek a listing on the London Stock Exchange. Ark is an emerging healthcare group with one product introduced into hospitals and three further products in late stage clinical development. Ark is seeking to raise gross proceeds of approximately GBP55 million through a placing of ordinary shares to institutional investors in the U.K. and certain other jurisdictions. The indicative price range has been set at 120 pence to 146 pence per share corresponding to a pre-money valuation of GBP110 million to GBP135 million. The offering is expected to be completed by mid-March. The Company intends to use the net proceeds from the offering for the continued development of its lead product candidates, investment in manufacturing capacity, commercial launch of and subsequent sales and marketing for products as they receive marketing approval, other research and development activities, and for working capital and general corporate purposes... arktherapeutics.com

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