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 Jennifer Lawrence scores first UK top 40 single with Hunger Games track 'The Hanging Tree'
- 2 Shia LaBeouf claims he was raped during #IAMSORRY art installation performance
- 3 'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
- 4 Scientists predict green energy revolution after incredible new graphene discoveries
- 5 Michael Buerk wishes he killed Jimmy Savile when he had the chance - by pushing him overboard a cruise ship
Kim Jong-un 'in dire need of allies' within his own government as younger sister appointed to senior role
Black Friday UK: The shops hit by chaos and violence as shopping frenzy sweeps country
Scientists predict green energy revolution after incredible new graphene discoveries
Russell Brand: 'Katy Perry? I don’t know who that is'
Michael Buerk wishes he killed Jimmy Savile when he had the chance - by pushing him overboard a cruise ship
Obama: The only people with the right to object to immigration are Native Americans
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Ukip mocked after mistaking Westminster Cathedral – for a mosque
David Cameron sets out immigration reforms: We should distrust Ukip and their 'snake-oil of simple solutions'
iJobs Money & Business
Excellent Package: Austen Lloyd: EAST ANGLIA - SENIOR SOLICITOR LEVEL ROLE** -...
£Attractive Package: Citifocus Ltd: Prestigious asset management house seeks a...
£Negotiable: Citifocus Ltd: This is a varied role focusing on the firm's mutua...
£90000 - £140000 per annum + benefits: h2 Recruit Ltd: Are you a high achievin...