UPDATE 1-Quark Pharma withdraws IPO filing

Fri Jul 27, 2007 4:38pm EDT

(Adds background)

NEW YORK, July 27 (Reuters) - Quark Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, said on Friday it was withdrawing its initial public offering filing, citing market conditions.

In a filing with the U.S. Securities and Exchange Commission, the company said "terms currently obtainable in the public marketplace are not sufficiently attractive" to go ahead with the IPO.

The Fremont, California, company said in June it was postponing the offering, which had been expected to price 5 million shares at $12 to $14 each. Underwriters were led by JPMorgan Chase and Bank of America.

The company had applied for a Nasdaq listing under the symbol "QURK".

The initial market capitalization of the company would have been $237.6 million after the IPO, assuming the mid-point of the offer price range. (Reporting by Megan Davies)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.