Warrants challenge investors' nerves

Article Abstract:

Biocompatibles and Vanguard Medica are seeking to raise funds from stock warrants, but the warrants' exercise prices are below the two companies' stock prices. Biocompatibles aims to raise 20 million pounds sterling and its warrants can be exercised to April 30 1998. The warrants came with the company's rights issue which had a take-up of only 57%. Vanguard aims to raise 22.2 million pounds sterling with warrants to be exercised between Nov 16 and Dec 11 1998. The company has had problems with a marketing agreement for frovatriptan, from which SmithKline Beecham has withdrawn.

Biocompatibles Ltd., BIOC

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Boffins float baby bio

Article Abstract:

Vanguard Medica is a UK biotechnology company which plans a flotation in London, England, in 1996. The company has six founders who have developed products valued at some 6 billion pounds sterling in terms of peak sales per year. The board includes John Vane, who was awarded a Nobel prize in 1982. The group has 22 employees and takes on other companies' drugs which go through trials. This involves risk and a high level of investment, so another call for funds is likely.

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Biotech revival brings wave of new issues: after months in the shadows, the biotech sector is set to take centre stage again. Resurgent share prices are tempting unquoted biotech companies back into the new issue arena

Article Abstract:

There is revived interest in the biotechnology and pharmaceuticals sectors following a rally in share prices of quoted companies and a stream of optimistic company announcements. There are plans for biotechnology companies worth over 500 million pounds sterling to float during 1997, including Cambridge Antibody Technology and Core Technologies. Others seeking quotes are Therexsys, antisoma, Cerebrus, Biorex and Oxford Biosciences.

Finance

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