ProStrakan rejecting cash-hungry biotech suitors

ProStrakan CEO Wilson Totten says he's been batting away anxious merger offers from cash-strapped biotech companies. ProStrakan landed a £50 million financing arrangement last year that's designed to fuel it through to its projected profitability late next year. And the cash stake has lured in developers hungry for funds and frustrated by badly roiled markets. One of those companies appears to be Ardana, which has been publicly signaling its desire to find a wealthy merger partner.

"One or two (companies) have approached us about merging on the basis that we are well funded and we would solve their problems," Totten told The Scotsman. "The problem is they don't add anything to the business."

- read the report in The Scotsman

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