Quark Pharmaceuticals files for Nasdaq IPO

The Nes Ziona based drug development company plans raising $20 million.

26 September 10 13:16, Globes' correspondent

Drug development company Quark Pharmaceuticals Inc. has filed a prospectus with the US Securities and Exchange Commission (SEC). According to the prospectus, the Nes Ziona-based company plans raising $20 million "as soon as practicable."

Quark president and CEO Dr. David Zurr founded the company in 1994. The company is developing silencing RNA (siRNA) drugs, which function by selectively blocking genes that cause disease. The Ness Ziona-based company has several drugs in the pipeline, aimed at treating age-related macular degeneration (AMD), acute kidney injury, and glaucoma. The company has raised $130 million in eight financing rounds to date, the most recent in June.

Quark has a licensing agreement with Pfizer for the commercialization of its ophthalmic treatments and an option agreement with Novartis for the commercialization of its kidney drug.

Published by Globes, Israel business news - www.globes-online.com - on September 26, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010