PowderJect float twice oversubscribed

PowderJect float twice oversubscribed

Paul Drayson, the chairman and chief executive of PowderJect, will have a shareholding worth pounds 15.7m when the drug delivery company joins the stock market on 17 June valued at pounds 109.3m. Brian Bellhouse, the research director who together with Dr Drayson will own 22 per cent of the company, will be worth pounds 13.3m. Neither director sold shares in the placing and no director will sell shares for two years. The offer was almost twice oversubscribed. PowderJect, which has pioneered the needle-less injection and which made an operating loss of pounds 5m last year, is raising pounds 35m of new money to fund research. The placing was underwritten by Robert Fleming.