Xenova's US deal heads new biotech boom
Tuesday 28 January 1997
With another, BioFocus, waiting in the wings to launch on Ofex, the growing queue of fledgling companies ready to come to market suggests the sector has overcome last year's problems when several companies either pulled or delayed their floats.
Xenova said the deal with Bristol-Myers involved screening its "library" of more than 25,000 microbes and 6,000 plant extracts against disease processes thrown up by the US group's genetic research. The aim will be to isolate a molecule or molecules which can inhibit the target process, thereby checking the disease.
Xenova will also supply its expertise in so-called "infomatics", which involves using a database to identify the chemical which results from the screening process or determine whether it is a new one in order to aid its reproduction in the laboratory.
As well as providing the drug target technology, Bristol-Myers will undertake the development and marketing of any product which emerges from the collaboration. Xenova will do the screening, identify any chemicals which result and supply the chemical to Bristol-Myers, which will cover research costs and make undisclosed milestone and royalty payments.
Xenova's technology is based on the discovery of drugs derived from naturally occurring micro-organisms, such as those found in fungi and bacteria, and from plants and plant extracts. Its most advanced drug candidate under development is an anti-cancer treatment which is still three years away from the market. But Louis Nisbet, chief executive, pointed out that Taxol, one of Bristol-Myers' main anti-cancer drugs, was originally derived from a plant.
Separately, Cambridge Antibody Technology said it planned to seek a full listing in March at a price which analysts expect will value the company at between pounds 85m and pounds 95m. It is thought to be looking to raise pounds 30m in an institutional placing, having pulled in pounds 16.6m from investors since the company was founded in 1990.
The Bioscience Innovation Centre, which is raising pounds 6m in its placing and offer, is also based in Cambridge. It aims to offer start-up biotech groups the infrastructure to run their business, including providing laboratories and management skills.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
- 5 Zayn Malik quits One Direction: Hundreds of workers request compassionate leave following band member's exit
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...