CEO Daniel Zurr: I have three products in clinical trials, and it's expensive.
Quark Pharmaceuticals is looking to raise $30 million in an eighth funding, according to VentureBeat newsletter. The firm attempted an IPO earlier this year but it failed. The firm has raised about $50 million from Oracle founder Larry Ellison. According to IVC, the firm has raised $79.7 million to date. Quark founder and CEO Dr. Daniel Zurr did not deny the report. Zurr noted that "I have three products in clinical trials, and it's expensive. I need to raise funds.". He added "an IPO is always a consideration but we are waiting for the right time". Quark has a joint development agreement with Pfizer which has brought Quark at least $25 million out of a potential $600 million plus royalties
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2008
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