NEW YORK – Biopharmaceutical company Quark Biotech Inc. on Friday filed for 9an initial public offering to sell up to $86.25 million in stock.
Details about the number of shares offered and estimated price range for the IPO weren’t disclosed in the filing with the Securities and Exchange Commission.
The Fremont, Calif.-based company, which develops drugs to treat cancer and fibrotic diseases, said it will use net proceeds from the IPO to fund research and product development activities, and for other general corporate purposes.
For the year ended Dec. 31, Quark lost $17 million, widening from a loss of $7.5 million in 2005.
The company said it plans to list its stock on the Nasdaq Global Market under the symbol “QURK.”
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