Anagen floats with 15m pounds share placing

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The Independent Online
ANAGEN, which makes sophisticated blood-testing equipment, is coming to the market via a placing that will raise pounds 15m, writes Paul Durman.

Like other bioscience companies, Anagen is still in the development phase, when investment costs exceed revenue. Mervyn Sennett, managing director, said he hoped to begin full commercial marketing of its AN2000 diagnostic system next year.

AN2000 is a computerised box that can handle up to 20 different tests at once. The world market is estimated to be worth dollars 5bn. Anagen also plans a food-testing device.

Anagen has lost pounds 13.3m since its foundation in 1989. It expects to lose another pounds 8m in the next three years before making its first profits in 1996.

Anagen's prospectus warns: 'There can be no assurance that the group will achieve significant revenues or profitable operations.'