Phorm puts 20% on sale

A year after placing shares worth £32 million (E37m), Phorm, the ad targeting company, wants to sell 19.4 percent of the company through a new share offering for £15 million.

In 2007, it burned through $22.4 million cash and made a $32.8 million loss. So far the controversial system has several trials but no confirmed contracts.

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