Mixed news on stocks for US companies

Published: 21-Dec-2005

Washington-based Prestwick Pharmaceuticals has withdrawn its planned initial public offering (IPO) because of 'market conditions'.


Washington-based Prestwick Pharmaceuticals has withdrawn its planned initial public offering (IPO) because of 'market conditions'.

The company had filed a preliminary offering document with the US Securities and Exchange Commission in April (2005) in an attempt to raise as much as $74.75m through sale of stock, although the proposed number of shares and the price per share were never specified.

Meanwhile, shareholders in Virginia-based New River Pharmaceuticals at the close of business on 30 December 2005 will be issued one additional share of common stock for every issued and outstanding share owned as of that date, following approval of a two-for-one stock split by the board.

'We believe this action will increase liquidity in our stock and improve investment opportunities for both retail and institutional investors,' said Randal J. Kirk, chairman of the board of directors and ceo.

The distribution will be made on 12 January 2006 and trading of New River shares on a split-adjusted basis will begin on 13 January.

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