Don't miss out on Oxford rights issue

Oxford Molecular is a slightly different animal from the usual biotechnology hopeful, given its concentration on producing the specialist computer software necessary to handle the massive amounts of data required to develop drugs nowadays. This $1bn market is growing fast, given the increasing inability of paper-based systems to cope and the added kicker provided by the relentless drive for efficiencies and speedier methods of drug discovery.

Oxford's success is underlined by two agreements with Glaxo Wellcome for the use and development of its Comms Manager basic software or "architecture" - to which was added yesterday a one-year deal with Astra Arcus, an offshoot of Astra, the Swedish drugs giant. The beauty of the agreement is that while Oxford gains access to Astra's huge resources, it retains the rights to any new software which emerges from the project.

Arguably less welcome for shareholders was news of yet another cash-raising to fund acquisitions, the latest in a string since the group floated at 80p a share three years ago. The one-for-seven rights at 360p a share will raise pounds 30.4m to meet the $22.5m (pounds 13.9m) cost of acquiring Genetics Computer and MLR Automation, two US pharmaceutical software companies. Unlike Oxford, which yesterday reported 1996 losses halved to pounds 1.85m, both the companies being picked up are profitable.

Genetics Computer, for which $20m is being paid, is described by Oxford as the pioneer of the use of computers in analysing the genetic map of man. Its Wisconsin Package suite of computer programmes, to be merged with Oxford's recently launched Omiga product, is used by over 30,000 researchers, the company believes. MLR's CSAP software package has been distributed by Oxford since last year. Oxford will have pounds 25m cash after the latest deals. With shares down just 6p at 402.5, investors should climb in.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

SThree: Talent Acquisition Consultant

£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...

Recruitment Genius: Experienced Financial Advisers and Paraplanners

Negotiable: Recruitment Genius: This extremely successful and well-established...

Guru Careers: FX Trader / Risk Manager

Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...

Day In a Page

How to stop an asteroid hitting Earth: Would people co-operate to face down a global peril?

How to stop an asteroid hitting Earth

Would people cooperate to face a global peril?
Just one day to find €1.6bn: Greece edges nearer euro exit

One day to find €1.6bn

Greece is edging inexorably towards an exit from the euro
New 'Iron Man' augmented reality technology could help surgeons and firefighters, say scientists

'Iron Man' augmented reality technology could become reality

Holographic projections would provide extra information on objects in a person's visual field in real time
Sugary drinks 'are killing 184,000 adults around the world every year'

Sugary drinks are killing 184,000 adults around the world every year

The drinks that should be eliminated from people's diets
Pride of Place: Historians map out untold LGBT histories of locations throughout UK

Historians map out untold LGBT histories

Public are being asked to help improve the map
Lionel, Patti, Burt and The Who rock Glasto

Lionel, Patti, Burt and The Who rock Glasto

This was the year of 24-carat Golden Oldies
Paris Fashion Week

Paris Fashion Week

Thom Browne's scarecrows offer a rare beacon in commercial offerings
A year of the caliphate:

Isis, a year of the caliphate

Who can defeat the so-called 'Islamic State' – and how?
Marks and Spencer: Can a new team of designers put the spark back into the high-street brand?

Marks and Spencer

Can a new team of designers put the spark back into the high-street brand?
'We haven't invaded France': Italy's Prime Minister 'reclaims' Europe's highest peak

'We haven't invaded France'

Italy's Prime Minister 'reclaims' Europe's highest peak
Isis in Kobani: Why we ignore the worst of the massacres

Why do we ignore the worst of the massacres?

The West’s determination not to offend its Sunni allies helps Isis and puts us all at risk, says Patrick Cockburn
7/7 bombings 10 years on: Four emergency workers who saved lives recall the shocking day that 52 people were killed

Remembering 7/7 ten years on

Four emergency workers recall their memories of that day – and reveal how it's affected them ever since
Humans: Are the scientists developing robots in danger of replicating the hit Channel 4 drama?

They’re here to help

We want robots to do our drudge work, and to look enough like us for comfort. But are the scientists developing artificial intelligence in danger of replicating the TV drama Humans?
Time to lay these myths about the Deep South to rest

Time to lay these myths about the Deep South to rest

'Heritage' is a loaded word in the Dixie, but the Charleston killings show how dangerous it is to cling to a deadly past, says Rupert Cornwell
What exactly does 'one' mean? Court of Appeal passes judgement on thorny mathematical issue

What exactly does 'one' mean?

Court of Appeal passes judgement on thorny mathematical issue