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Biotech / Medical : Biotechnology Value Fund, L.P. -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (4446)	8/5/2005 4:11:20 PM
From: tuck	Read Replies (1) \| Respond to of 4974

>>BOTHELL, Wash., Aug. 5 /PRNewswire-FirstCall/ -- Nastech Pharmaceutical Company Inc. (Nasdaq: NSTK - News) announced today that it has withdrawn its previously announced public offering of 1.5 million shares of common stock under its shelf registration statement. "We appreciate the interest shown by the investment community in Nastech as we continue to make progress in our research and clinical programs," said Steven C. Quay, M.D., Ph.D., Chairman, President and CEO of Nastech. "However, our present valuation requirements are not met by current market conditions, and we are fortunate to be in a strong financial position." Nastech intended to use the net proceeds from this offering for general corporate purposes, including, among other things, funding of Nastech's intranasal Parathyroid Hormone (PTH 1-34) and RNAi clinical research and development programs, the clinical development of Nastech's other product candidates, capital expenditures and working capital needs. Nastech will continue to evaluate market conditions and other financing opportunities on an ongoing basis for the advancement of these research and development programs.<< Not sure what is meant by "our present valuation requirements are not met by current market conditions." This withdrawal comes only a few days after the announcement to sell. Stock did drop a bit on that news, but not that much, and most companies would go through with it, in my experience. I suppose other stocks have held up well after such announcements recently, and NSTK's slight failure do to so could be a sentiment indicator that biotechs might start to go south a bit, intermediate term. The old Friday afternoon surprise, too . . . Why did you want to close the thread, anyhow? Cheers, Tuck