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www.fdanews.com/articles/73310-prostrakan-raises-40-million-sterling-in-cut-price-ipo

ProStrakan Raises 40 Million Sterling in Cut-Price IPO

June 14, 2005

UK drugmaker ProStrakan said it had raised 40 million pounds ($73 million) in a placing at 100 pence per share, valuing the company at around 180 million pounds, down sharply from the valuation it had hoped to achieve a month ago. Valuations of the specialty drugmaker had been trimmed several times, underlining a tough European market for initial public offerings, especially biotechs. ProStrakan said it had placed the shares with institutional and other investors and that unconditional trading in the stock would start on the London Stock Exchange on June 16.

()a href="http://go.reuters.com/newsArticle.jhtml?type=topNews&storyID=8767494" target="_blank">Reuters