Ten weeks after its IPO, and given the tumble in stock markets around the world, Proteologics is traded at a market cap of NIS 87 million, a negative return of 41% on its IPO price. The share fell 6% today to NIS 5.25.
Thanks to the IPO, Proteologics had NIS 66.6 million in cash and cash equivalents at the end of March, of which NIS 46.6 million was in cash. The company spent nearly NIS 2 million on R&D during the first quarter and another NIS 1.6 million on general and administrative expenses. The company's net loss was NIS 5 million (NIS 0.53 per share) for the first quarter, compared with NIS 5.3 million for the corresponding quarter of 2009.
Proteologics is exploiting the ubiquitin system for the discovery and development of novel therapeutics. The ubiquitin system is the body's mechanism for breaking down proteins.
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments