Ark gains on restructuring

Ark Therapeutics Group plc (LSE:AKT) gained 1.47p (32%) to 6p on Thursday after announcing a restructuring and headcount reduction. Ark will now focus on its vascular endothelial growth factor D (VEGF-D) programs for refractory angina and peripheral vascular disease, as well as its preclinical neuropilin 1 (NRP1) antagonist and fetal growth restriction programs. The company will seek partners for the programs and expects at least one of the projects to be partnered next year. Further details on the headcount reduction were not disclosed.

At June 30, the company had L4.5 million ($6.9 million) in cash and a six-month operating loss of L10.2 million ($15.7 million). Ark had a 2009 operating loss of L21.8 million ($33.6 million). As a result of the restructuring, Ark expects to have sufficient funds to support the business into 2013. Andrew Christie also will step down as chairman. He will be replaced by Iain Ross, who joined the company in July to assist in the strategic review. ...