Healthcare group Ark Therapeutics has lost more than half its value after failed fundraising proposals.
The company it revealed it had been in talks with a number of shareholders about a "substantial equity fundraising" to fund its new business plan. The new strategy involved cutting all early stage development to concentrate on its viral development and manufacturing services in Finland.
But it has not received enough support for the fundraising, so it has ended the discussions and will now pursue other options with the shareholders who were prepared to back its plans. It said "in all likelihood...any equity financing proposal will be materially dilutive and subject to shareholder approval."
Ark is down 1.6p at 1.5p.
