Fresh off its big deal with Novartis, Quark Pharmaceuticals has announced that it plans to pursue a $20 million IPO. The company had previously backed away from a $86.25 million IPO in March 2007. Last month, Novartis agreed to pay Quark Pharmaceuticals up to $680 million for licensing rights to QPI-1002, which is currently in Phase II for kidney-related conditions.
Quark, which boasts a rich siRNA pipeline, plans to use proceeds from IPO to bankroll mid-stage trials and preclinical development of various drug candidates. Those programs include Phase I and II trials for eye disease drug QPI-1007. The developer, which also inked a deal with Pfizer in 2006, says the money will support Quark's activities through the first half of 2013, according to the San Francisco Business Times. Quark, which has locations in both Colorado and Israel, says its stock will trade on the Tel Aviv Stock Exchange.
- read the San Francisco Business Times story