Jan 30 Ark Therapeutics Group Plc said
it had begun a formal sale process and appointed an advisor to
evaluate strategic options after fund-raising talks collapsed.
The company, which is yet to report a profit, said it had
appointed WG Partners LLP to evaluate strategic options, which
also included securing long-term strategic partners.
The contract development and manufacturing services company,
which has a market capitalisation of 2.65 million pounds ($4.17
million), said it would continue to explore opportunities to
monetise its non-core assets.
The company said earlier this month that it was in talks
with a number of shareholders in order to raise funds.
Ark, which operates in the UK and Finland, has tried to cut
costs and terminate costly investment in early-stage product
development to focus on its viral development and manufacturing
services in Kuopio, Finland.
The company had 4.9 million pounds in cash and cash
equivalents, and 3.1 million pounds in total liabilities as of
June 30, 2012.
Shares in Ark, which traded at over 130 pence in 2004 when
the company went public, closed at 1.27 pence on the London
Stock Exchange on Tuesday.