GlaxoSmithKline advance gives Proteologics cash flow
Proteologics has a market cap of NIS 87 million, a negative return of 41% on its IPO price ten weeks ago.
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.
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
- Tel Aviv market report
- Tel Aviv Stock Exchange
- Israeli stocks in NY
- Arbitrage gaps for dual-listed stocks
- Israeli stocks in Europe
- Israeli stocks on other markets
- Tel Aviv 25 options
- Mutual funds
- Current representative shekel rates
- Historical representative shekel rates
- Bank shekel rates
- Shekel/dollar options