PREDIX Pharmaceuticals (PRDX)

[midastouch017]

Predix cancels Nasdaq IPO

Predix president and CEO Dr. Michael Kauffman: We’ll continue our clinical trials for our three flagship products.

Tali Tsipori 27 Oct 05 19:34

Only a few weeks after initial reports that drug developer Predix Pharmaceuticals Ltd. would cancel its planned IPO on Nasdaq, the company officially announced that its withdrawal. As “Globes” first reported, Predix said it was cancelling the IPO, due to what it termed “market conditions”.
Demand for Predix’s share was reportedly less than half the $55 million that the company had hoped to raise at a company value of just over $200 million.

Predix’s future operations will now be based mainly on the proceeds from private placements or public financing rounds.

Despite an uncertain future, Predix president and CEO Dr. Michael Kauffman is optimistic. “Although we decided to withdraw the IPO for now, we’ll continue our clinical trials for our three flagship products,” he said.

Published by Globes [online], Israel business news - www.globes.co.il - on October 27, 2005

Dubi