BTG's upbeat close period update (imo) further confirms the turnaround.
With recurring royalty revenues expected to be up by about 5% and R&D spend in line, and a product pipeline to die for, i believe they are cheap, and a real growth stock for the future.
Any comments.

Turnaround?
It seems to me that sp-apart (been falling recently), we are in the same position as last year. I don't want to hear the same script that was dished out to shareholders last agm (with amendments) - I want to know what the highly paid execs have been up to this past 12 months.- OR - do we sack the lot (saving a hefty amount) and wait for the products to speak for themselves?
This business has had a long time for "recovery" - so much that the shareholders have become weary and are turning deaf. What, 'when?', 'where?' are some of the questions I want answered.....just how long do we all wait?
"Product pipeline" is surely much the same as last year, and the year before that - just where is yr optimism?
If there is something to up-date we'd have heard it, surely?
Grr.

Good post!
But i suppose It depends on what way you look at it, and where you bought in at.
I bought in @91p so from my point of veiw, long term looks fine.
On the other hand, i have a friend that bought in @6+ and can't stand to hear to the letters btg

For BTG [BGC], I paid over 9 in the past, but also at 92p (close to yours). However, where yr friend may have slipped-up is not recognising that when the whole market is falling it's best to bite the bullet and get out - I sold at a loss abt 4, but bought-in again about 2.50 - The FDA-ruling created a further fall .... (was it 75p?) but it went past me and it was only when some news (and Market buying) raised the sp, did I come in stronger. I think my average is now about 2. However, it is no longer my No.1 investment as OXB has overtaken even though for a while BTG was the greatest cash-input.
OXB continues to be a sound investment, with very good management IMHO.
However, I'm not so convinced by BTG - Last year was much the same as
previous years (exclude the Varisolve fiasco, anyone can get it wrong once!) and, you know, I suspect we shall hear much the same this AGM.
Still, it is a fantastic potential if only it comes off..........My hope is "It will" and then maybe OXB will become no.2 again.
I see BTG is rising, always a good sign.....let's hope it more than investor-driven.
(The earlier "loss" is sitting on my tax-return so maybe one-day I can use it....it could be a long wait..............however, it means that I now own more shares for the same "original" investment...and if BTG comes good, then that is a better position to be in than holding onto the original stock.
Lets say you have 1000 invested at 10
...and sell at 5...you have 500 and a Loss of 500
Let's say the sp fell to 1 and reluctantly you buy-in,
Let's say 2008 the sp rises to 3 and you sell out.............
500 has bought 500 shares and you sold for 1500, take away the loss 500 leaves you with the original 1000........All square.
However if BTG rose above 3 - and it may well do - then every 50p is another 250 profit. If your friend did nothing, BTG has to rise to 6 for evens.......yet the above investor would have gained a further 1500 (ie 1.5x the investment).

.............(Maybe you should keep mum.)

On the face of it "we" appear to have done the right thing....but others sold and waited.....making use of their money between-times.....indeed I wonder if I should top-slice OXB just to secure some profit.....maybe tempt fate with BTG!
Regards

I think the 3 year bear market skewerd a lot of people, but what you have done is turned a 9 disaster into something more workable, well done!
AZM is my No1 and BTG 2nd...........no risk then.
Neil

Good news this morning, BTG has landed $46m on the drip, and maybe a further $20 to come.
Every little helps

I agree neil777, it shows that the workers at BTG are not drinking coffee all day (unlike the Execs, who sup on thick wines), I recall a memory-deal with Hitachi about 4 years ago - so this might be the same, or unrelated - it's odd that we never quite know...and that makes folks nervous - OK it's "commercially sensitive" - but is it?
Well, at least it's serios money and it also shows that there is life in some non-medic IP....so that's the "Good News" I was unaware of, (recently) and supports two day's sp improvement.
Great! . . . . . . . . Onward and upward.

More good news today with AQ4N deal.......on a roll!

- Look at the Graph - do we (few) really know better?
This was my No1 holding but that position has slipped greatly this last year - it's not quite an also-ran, but I'm sorely worried it might not recover...Oh very Dear!

I know what you mean hangon, but looking at the NMX4570 the whole sector has been hammerd lately.
Hopefully when it recovers it should help, and with some news due this year, fingers crossed good news, who knows where the SP will go.
For now i'm staying put

I've been reading the Annual Report and it does seem the execs are controlling things (and not taking all the cash for themselves!) - so I guess it's a hold also.

Any views on Woolworth...a well respected (if dull) cash generator? - indeed so is Jessops, but I sold-out rather too hastily at about current levels having thought their 2nd PW was the last...should have known. I still hold WLW although it marginally in Loss-territory about the same measure as BTG.....+ve hopes!


-Not that Retail has any connection with BTG, I hasen to add....just curious for a second opinion.

Hard for me to comment on WLW, its not one that i track, or have much intrest in to be honest.
But if i had to give an opinion, WLW is a bit confused a sells most things jack of all trades but master of none, it may come back but cant see it setting the world on fire. imho
Neil.

This seems to have given the lack luster dummy sp a bit of a lift.
BTG PLC
18 July 2007


BTG plc: 2007 Annual General Meeting and Interim Management Statement

London, UK, 18 July 2007: BTG plc (LSE: BGC), the life sciences company, today
issues the following AGM and Interim Management Statement, which is a summary of
comments to be made by Sir Brian Fender, Chairman, and Dr Louise Makin, Chief
Executive Officer, at the company's AGM at 10.30am today.

The Group reported strong results for the year ended 31 March 2007. Increased
recurring royalties from licensed products and good realisations from the
divestment of non-core IP together with reduced operating and administrative
costs have enabled the Group to report a second consecutive year of profits.
There was good progress both in BTG's internal pipeline of pharmaceutical
programmes and in its licensed programmes.

Since year-end, BTG has continued to make good financial and operating progress
in the year to date, in line with Board expectations. As part of the divestment
programme, two licences were granted for patents relating to storage capacity in
semiconductor chips, generating $44m in gross income plus an additional $22m if
an option is exercised and other conditions are satisfied. In addition, an
agreement to grant exclusive worldwide rights to the experimental cancer
treatment AQ4N was signed with KuDOS Pharmaceuticals Ltd and Novacea, Inc. These
deals have generated approximately 11m net of costs and taxes in the current
financial year.

The Group is actively seeking additional licensees for the semiconductor IP and
for its remaining physical sciences technologies. It is also seeking development
and commercialisation partners for a number of pharmaceutical programmes
including plevitrexed, which was recently granted orphan drug status in the US
for ovarian and gastric cancer.

There is good momentum in the internal development pipeline, which comprises ten
full development programmes, of which four are undergoing clinical trials, plus
four additional research programmes.

BGC20-1259, under development for dementia, completed a Phase I study. The drug
was well tolerated and has been shown in this and other studies to occupy key
molecular targets associated with cognitive improvement and the alleviation of
depressive symptoms. In addition, although the study was not powered to
demonstrate statistically significant changes in cognition in the healthy young
and elderly volunteers, there were significant dose-related improvements in
self-assessed calmness, power of attention and quality of working memory. These
encouraging results are planned to be explored in a Phase IIa study in people
with Alzheimer's disease, which is anticipated to start in the second half of
this financial year.

BGC20-0134, a structured lipid for the treatment of multiple sclerosis, and
BGC20-1531, an EP4 receptor antagonist for migraine, both continued through late
preclinical development ahead of their first Phase I studies, which are
scheduled to commence towards the end of 2007. BGC945 also continued to progress
through preclinical development and is anticipated to enter Phase I studies in
the first half of 2008.

A Phase II study of BGC20-0582, a proprietary formulation of a GRAS (generally
regarded as safe) compound for head lice, is expected to start in late summer
2007, with the results due before the end of the calendar year.

A third centre has started recruiting patients for the Varisolve(R) US Phase II
safety study. This is on track to complete treatment and follow-up of 50
patients around the end of the financial year.

Progress is also anticipated in several licensed programmes. The approval of
Genzyme Corporation's sBLA for Campath(R) as a first-line treatment for chronic
lymphocytic leukaemia (CLL) would significantly increase the number of CLL
patients available for treatment with Campath(R). Genzyme also expects by the
end of 2007 to commence two pivotal Phase III trials of Campath(R) in multiple
sclerosis following the excellent efficacy results in Phase II.

Tolerx, Inc. is continuing with a dose-optimisation Phase II study of TRX4, a
monoclonal antibody for the treatment of type 1 diabetes, ahead of a Phase III
study planned to begin before the end of the year.

Outlook

The Group's financial position is strong, with the revenues earned to date from
one-off transactions, the anticipated continued steady growth in recurring
royalty revenues and a healthy cash balance. This will enable investment in R&D
to increase as planned to around 15-16m this year to expand and further develop
the Group's pipeline of pharmaceutical products. Overall, the financial and
operating performance of the Group is expected to be in line with internal
expectations.

Louise Makin, Chief Executive Officer, commented:

'We have made a strong start to the year. With 11m generated in one-off
revenues already, continued steady growth anticipated in our recurring royalties
and a healthy cash position, we can progress our current development programmes
and explore options to strengthen our pipeline further.

'Building value in our pipeline is the key route by which we will create
shareholder value. We look forward to reporting significant progress during the
remainder of the year, including the progression of several programmes into
Phase I studies, the start of two Phase II studies, the completion of our
Varisolve(R) and head lice Phase II studies and the completion of the proof of
mechanism sleep apnoea clinical study. We believe we are well positioned to
become a leading life sciences company and to create significant shareholder
value.'



For further information contact:


BTG Financial Dynamics
Andy Burrows, Director of Investor Relations Ben Atwell/Anna Keeble
+44 (0)20 7575 1741; mobile: +44 (0)7990 530605 +44 (0)20 7831 3113
Christine Soden, Chief Financial Officer
+44 (0)20 7575 1591

95p looks like the rest of the World doesn't think these execs are up to much - I'm holding ( in Hope!), but it's a sure thing I'm thinking of getting out. This is now in negative gain land and I don't like their complacency.
Execs rewarding themselves with more Options is not why I invest. If they can't do their job without additional sweeteners - are they really "fit for purpose?" - surely they can buy shares out of salary, not get a Discount - - My brokers doesn't offer a Discount....is this honest use of Shareholder funds?
No, I just don't get it.
Any more of this and I'm out.
They'll be going to AIM, next!
- Oops don't be too sure.

I know what you mean hangon, news about execs buying tiny amounts of discount shares is not the kind of news we are looking for. But there is just something lurking in the back of my mind (probably a fly) telling me to sit tight, we shall see.

I have re-evaluated and added to my holding recently, since I think the sp drift has been caused by lack of new buyers, rather than a panic-selling as has hapened to other businesses.
Their trials are on-going and FWIW I'm still hopful they will received the recognition for what is ( otherwise) an unpleasant surgical procedure ( Varicose vein removal) - that there are alternatives "doesn't matter" because these are mixed by the surgeon and subject to variability, both in mixing and the ingredients - therefore once Varisolve is approved I suspect insurance Co's and health authorities will insist on an Approved product being used. It represents a minor part of the over-all cost and the Surgeon makes a profit on the price anyway.
My average price was close to 1.50 and now has dropped, so any significant boost to the sp will be most welcome. I think that BTG needs to demonstrate at least one out of the several "blockbuster" pharma-products before folk realise this is a long-term growth business - so let's hope it comes Good!
- I must have changed my position (based on an opportunistic buy).... and the recent sp-rise, as Markets recover their fear of recession - sparked by the sub-prime Mortgage scandal. (er, IMHO). It would help if BTG-Execs were a bit more positive, rather than expecting shareholders to fund their good lifestyles, with little (yet) to show for it and that is why I remain against Options - they are paid enough to buy shares for themselves....

I can't find falt with any part of your post hangon, there should be some news to come over the next few months, let's hope it's good news, and the very best of luck!
Neil

This is more like it! and hopefully more news to come.
BTG PLC
20 September 2007


BTG plc: Campath(R) approved for first-line use in Adult Leukemia

London, UK, 20 September 2007: BTG plc (LSE: BGC), the life sciences company,
today announces that its licensee, Genzyme Corporation, has received approval to
market Campath(R) (alemtuzumab) as a first-line treatment for B-cell chronic
lymphocytic leukaemia (CLL). Campath(R) was previously approved only for
third-line use in CLL.

Louise Makin, BTG's CEO, commented: 'The approval of Campath as a first-line
treatment for CLL provides another effective treatment option for newly
diagnosed patients and should increase product sales and royalties to BTG. We
are also excited by the ongoing development of Campath in multiple sclerosis.'

The text of Genzyme's announcement on the approval follows.

'FDA Approves Expanded Labeling for Campath(R) to Include First-line Treatment
for Leading Form of Adult Leukemia

Study Data Demonstrated Improved Progression-free Survival with Campath

Cambridge, MA and Wayne, NJ - Genzyme Corp. (Nasdaq: GENZ) and Bayer HealthCare
Pharmaceuticals Inc. (NYSE: BAY) today announced that the U.S. Food and Drug
Administration (FDA) has approved a supplemental biologics license application
(sBLA) for Campath(R) (alemtuzumab) and granted regular approval for
single-agent Campath for the treatment of B-cell chronic lymphocytic leukemia
(B-CLL). Campath was initially approved in 2001 under accelerated approval
regulations and the FDA has determined that the study results submitted in the
sBLA fulfill the post-marketing commitment to verify clinical benefit. A label
expansion is under consideration in Europe.

'Campath is clearly an important single agent for the first-line treatment of
CLL,' said Peter Hillmen, MB, ChB, of the Leeds General Infirmary, Leeds, United
Kingdom, and the lead investigator of the pivotal study comparing Campath
against chlorambucil. 'We are excited to be entering an era where our improved
understanding of CLL, coupled with more advanced laboratory tests and targeted
therapy options like Campath, have dramatically changed the first-line treatment
approach for this type of leukemia.'

Campath works in an entirely different way than chemotherapy, and is the first
and only monoclonal antibody approved by the FDA for the treatment of B-CLL.

'The data that supported this label expansion add to a growing body of evidence
about the effectiveness of Campath across the entire B-CLL treatment pathway,'
stated Mark Enyedy, president of Genzyme's oncology business unit. 'A broader
range of patients is now eligible for Campath treatment, regardless of whether
they have received prior therapy. The approval also marks an important step in
a long-term development plan that is exploring the full potential of Campath in
high-risk CLL, combination and consolidation therapy.'

Presented at the 48th Annual Meeting of the American Society of Hematology (ASH)
conference last year, data supporting the sBLA were part of an international
Phase III clinical trial comparing Campath with chlorambucil in previously
untreated patients with B-CLL. The study met its primary endpoint by
demonstrating longer progression free survival (PFS) in patients treated with
Campath versus chlorambucil, with Campath reducing the risk of disease
progression or death by 42 percent (p=0.0001).

Patients receiving Campath exhibited higher overall and complete response rates
that were statistically significant in comparison to patients who were treated
with chlorambucil. Campath also demonstrated a manageable safety profile among
study patients.

'We are excited that Campath can now be used to treat patients in the U.S.
earlier in the course of their disease,' said Gunnar Riemann, Ph.D., member of
the Board of Management of Bayer Schering Pharma AG. 'The ability to now
provide Campath as a first-line treatment of the disease will make an important
difference in battling B-CLL. It may help patients by offering a potentially
more effective treatment approach that can extend progression-free survival.'

Campath is marketed in the U.S. by Bayer HealthCare Pharmaceuticals Inc., as
Campath, and outside the United States as MabCampath(R).


About B-Cell Chronic Lymphocytic Leukemia

According to the Leukemia and Lymphoma Society, approximately 15,000 new cases
of B-cell chronic lymphocytic leukemia (B-CLL) are diagnosed in the U.S. each
year. It is the largest subset of chronic lymphocytic leukemia (CLL), the most
common form of adult leukemia in the western world. B-CLL is characterized by
the accumulation of functionally immature cells in the bone marrow, blood, lymph
tissue and other organs. Because these cancerous B cells have a longer than
normal life span, they begin to build up and 'crowd out' normal, healthy blood
cells and can become fatal. Symptoms include fatigue, bone pain, night sweats,
fevers, and decreased appetite and weight loss. Bone marrow infiltration leads
to a lack of healthy blood cells, thus causing susceptibility to bleedings and
weakening of the immune system, exposing the patient to a higher risk of
infection.

About Campath

Campath is indicated as a single agent for the treatment of B-cell chronic
lymphocytic leukemia (B-CLL). Campath has a boxed warning which includes
information on cytopenias, infusion reactions, and infections. The most commonly
reported adverse reactions are infusion reactions (fever,chills, hypotension,
urticaria, nausea, rash, tachycardia, dyspnea), cytopenias (neutropenia,
lymphopenia, thrombocytopenia, anemia), and infections (CMV viremia, CMV
infection, other infections). In clinical trials, the frequency of infusion
reactions was highest in the first week of treatment. Other commonly reported
adverse reactions include vomiting, abdominal pain, insomnia and anxiety. The
most commonly reported serious adverse reactions are cytopenias, infusion
reactions, and immunosuppression/infections.

About Genzyme

One of the world's leading biotechnology companies, Genzyme is dedicated to
making a major positive impact on the lives of people with serious diseases.
Since 1981, the company has grown from a small start-up to a diversified
enterprise with more than 9,500 employees in locations spanning the globe and
2006 revenues of $3.2 billion. In 2007, Genzyme was chosen to receive the
National Medal of Technology, the highest honor awarded by the President of the
United States for technological innovation. In 2006 and 2007, Genzyme was
selected by FORTUNE as one of the '100 Best Companies to Work for' in the United
States.

With many established products and services helping patients in nearly 90
countries, Genzyme is a leader in the effort to develop and apply the most
advanced technologies in the life sciences. The company's products and services
are focused on rare inherited disorders, kidney disease, orthopaedics, cancer,
transplant, and diagnostic testing. Genzyme's commitment to innovation continues
today with a substantial development program focused on these fields, as well as
immune disease, infectious disease, and other areas of unmet medical need.

Genzyme(R) and Campath(R) are registered trademarks of Genzyme Corporation. All
rights reserved.

About Bayer HealthCare Pharmaceuticals Inc

Bayer HealthCare Pharmaceuticals Inc. is the U.S.-based pharmaceuticals unit of
Bayer HealthCare LLC, a division of Bayer AG. Its research and business
activities are focused on the following areas: Diagnostic Imaging, Hematology/
Cardiology, Oncology, Primary Care, Specialized Therapeutics and Women's
Healthcare. The company's aim is to discover and manufacture products that will
improve human health worldwide by diagnosing, preventing and treating diseases.

For more information about Campath, including full prescribing information, call
1-888-84-BAYER (1-888-842-2937) or visit
www.campath.com
.

This press release contains forward-looking statements, including statements
about the regulatory plans and timing for, and the expansion of, the Campath
product label into earlier-line CLL, high-risk CLL, and combination and
consolidation therapy. These statements are subject to risks and uncertainties
that could cause actual results to differ materially from those projected in
these forward-looking statements. These risks and uncertainties include, among
others: the actual efficacy and safety of Campath in these indications; the
actual timing and content of submissions to and decisions made by the U.S. Food
and Drug Administration and other regulatory authorities, and the other risks
and uncertainties described in reports filed by Genzyme with the Securities and
Exchange Commission under the Securities Exchange Act of 1934, as amended,
including without limitation the information under the heading 'Risk Factors' in
the Management's Discussion and Analysis of Financial Condition and Results of
Operations section of the Genzyme Quarterly Report on Form 10-Q for the quarter
ending June 30, 2007. Genzyme cautions investors not to place substantial
reliance on the forward-looking statements contained in this press release.
These statements speak only as of the date of this press release, and Genzyme
undertakes no obligation to update or revise the statements.

This news release contains forward-looking statements based on current
assumptions and forecasts made by Bayer Group management. Various known and
unknown risks, uncertainties and other factors could lead to material
differences between the actual future results, financial situation, development
or performance of the company and the estimates given here. These factors
include those discussed in our annual and interim reports to the Frankfurt Stock
Exchange and in our reports filed with the U.S. Securities and Exchange
Commission (including our Form 20-F). The company assumes no liability
whatsoever to update these forward-looking statements or to conform them to
future events or developments'

For further information contact:


BTG Financial Dynamics
Christine Soden, Chief Financial Officer Ben Atwell
+44 (0)20 7575 0000, +44 7710 484199 +44 (0)20 7831 3113

BTG PLC
26 September 2007

BTG plc: Campath(R) commences pivotal phase III trial in multiple sclerosis

London, UK, 26 September 2007: BTG plc (LSE: BGC), the life sciences company,
today announces that its licensee, Genzyme Corporation, and Bayer Schering
Pharma AG have initiated a pivotal phase III trial of Campath(R) (alemtuzumab)
as a treatment for multiple sclerosis. This follows the announcement of 20
September that Campath(R) had been approved as a first-line treatment for B-cell
chronic lymphocytic leukaemia.

Louise Makin, BTG's CEO, commented: 'We are excited by the prospects of Campath
in multiple sclerosis and delighted that the pivotal phase III trials are under
way. If the excellent results from the phase II trials are reproduced, patients
will have a new treatment option that has the potential to be much more
efficacious than any other existing treatment.'

The full text of Genzyme's announcement follows.

'Genzyme and Bayer Schering Pharma AG, Germany Announce Start of Phase 3 Program
with Alemtuzumab for Treatment of Multiple Sclerosis

Date: September 26, 2007

Genzyme Corporation (Nasdaq: GENZ) and Bayer Schering Pharma AG, Germany today
announced that the first patient has been treated in the first of two planned
Phase 3 trials examining the safety and efficacy of alemtuzumab for the
treatment of multiple sclerosis (MS).

The CARE-MS I trial (Comparison of Alemtuzumab and Rebif Efficacy in Multiple
Sclerosis), a randomized, rater-blinded study, will compare alemtuzumab to Rebif
(R) (interferon beta-1a) in patients with relapsing-remitting multiple sclerosis
(MS). Alemtuzumab will be given in two annual cycles; Rebif will be administered
three times per week. The CARE-MS I study will include patients who have been
diagnosed with relapsing-remitting MS but who have not yet begun treatment with
any MS drug. CARE-MS II is scheduled to begin soon and will enroll patients who
have continued to experience relapse episodes while on currently available
disease-modifying therapies.

Initiation of this Phase 3 program follows the successful completion of the
initial treatment period in the Phase 2 trial. Interim results from the Phase 2
trial indicated that alemtuzumab-treated patients experienced a statistically
significant reduction compared with Rebif-treated patients in the risk for
sustained accumulation of disability and the risk for relapse for 24 months.
Results of the primary outcomes from this trial at 36 months are expected to be
presented on Oct. 14 by Professor Alastair Compston during the Charcot Award
lecture at the annual meeting of the European Committee for Treatment and
Research in Multiple Sclerosis, in Prague.

The CARE-MS I study will enroll up to 525 patients at approximately 60 medical
centers throughout North America, Australia, Latin America, and Europe, and will
again compare alemtuzumab-treated patients to Rebif-treated patients according
to two co-primary endpoints: the time to sustained accumulation of disability,
and the annualized relapse rate. Alemtuzumab will be dosed at 12 mg/day for five
days by daily IV infusion, with a second dosing 12 months later of 12 mg/day for
three days. All patients will be followed from their entry into the trial until
two years from the date that the last patient is randomized to treatment.
Alemtuzumab-treated patients will continue to have safety evaluations for at
least three years after the last course of treatment. The companies anticipate
filing for marketing approval of alemtuzumab for the treatment of MS in 2011.

Alemtuzumab is an investigational drug for the treatment of MS and must not be
used outside of a formal clinical trial setting in MS patients. Physicians or
patients seeking additional information about the CARE-MS I trial should contact
Genzyme Medical Information at 1-800-745-4447, option 2 in the United States, +
31 35 6991499 in Europe, or visit
www.clinicaltrials.gov
.

About Multiple Sclerosis

Multiple Sclerosis (MS) is a chronic disease of the central nervous system (CNS)
in which the immune system can attack the brain and spinal cord. The disease
causes a wide range of symptoms including fatigue, difficulty walking, numbness,
and vision problems, and can progress to cause severe disability.
Relapsing-remitting MS is the most common form of this disease.

About Alemtuzumab

Alemtuzumab is licensed in the United States as a single agent for the treatment
of B-cell chronic lymphocytic leukemia (B-CLL), and outside of the U.S. for the
treatment of B-CLL in patients who have been treated with alkylating agents and
who have failed fludarabine therapy. The product was launched in its oncology
indication in 2001 in the US, where it is marketed by Bayer HealthCare
Pharmaceuticals Inc. as Campath(R), and in Europe, where it is named MabCampath
(R).

Alemtuzumab is a humanized monoclonal antibody that binds to a specific target,
CD52, on cell surfaces and directs the body's immune system to destroy those
cells. It is the first and only monoclonal antibody approved by the FDA for the
treatment of patients with B-CLL.

Genzyme and Bayer Schering Pharma AG, Germany are co-developing alemtuzumab in
oncology, multiple sclerosis and other indications. Bayer Schering Pharma AG,
Germany holds exclusive worldwide marketing and distribution rights to
alemtuzumab.

Campath has a boxed warning which includes information on cytopenias, infusion
reactions, and infections. The most commonly reported adverse reactions in
patients with B-CLL were infusion reactions (fever, chills, hypotension,
urticaria, nausea, rash, tachycardia, dyspnea), cytopenias (neutropenia,
lymphopenia, thrombocytopenia, anemia), and infections (CMV viremia, CMV
infection, other infections). In clinical trials, the frequency of infusion
reactions was highest in the first week of treatment. Other commonly reported
adverse reactions include vomiting, abdominal pain, insomnia and anxiety. The
most commonly reported serious adverse reactions are cytopenias, infusion
reactions, and immunosuppression/infections.

About Genzyme

One of the world's leading biotechnology companies, Genzyme is dedicated to
making a major positive impact on the lives of people with serious diseases.
Since 1981, the company has grown from a small start-up to a diversified
enterprise with more than 9,500 employees in locations spanning the globe and
2006 revenues of $3.2 billion. In 2007, Genzyme was chosen to receive the
National Medal of Technology, the highest honor awarded by the President of the
United States for technological innovation. In 2006 and 2007, Genzyme was
selected by FORTUNE as one of the '100 Best Companies to Work for' in the United
States.

With many established products and services helping patients in nearly 90
countries, Genzyme is a leader in the effort to develop and apply the most
advanced technologies in the life sciences. The company's products and services
are focused on rare inherited disorders, kidney disease, orthopaedics, cancer,
transplant, and diagnostic testing. Genzyme's commitment to innovation continues
today with a substantial development program focused on these fields, as well as
immune disease, infectious disease, and other areas of unmet medical need.


About Bayer Schering Pharma

The Bayer Group is a global enterprise with core competencies in the fields of
health care, nutrition and high-tech materials. Bayer HealthCare, a subsidiary
of Bayer AG, is one of the world's leading, innovative companies in the
healthcare and medical products industry and is based in Leverkusen, Germany.
The company combines the global activities of the Animal Health, Consumer Care,
Diabetes Care and Pharmaceuticals divisions. The pharmaceuticals business
operates under the name Bayer Schering Pharma AG. Bayer HealthCare's aim is to
discover and manufacture products that will improve human and animal health
worldwide. Find more information at
www.bayerhealthcare.com
.

Bayer Schering Pharma is a worldwide leading specialty pharmaceutical company.
Its research and business activities are focused on the following areas:
Diagnostic Imaging, Hematology/Cardiology, Oncology, Primary Care, Specialized
Therapeutics and Women's Healthcare. With innovative products, Bayer Schering
Pharma aims for leading positions in specialized markets worldwide. Using new
ideas, Bayer Schering Pharma aims to make a contribution to medical progress and
strives to improve the quality of life. Find more information at

www.bayerscheringpharma.de
.

Forward-Looking Statements

This press release contains forward-looking statements, including statements
about the initiation of clinical trials, regulatory plans and expected timelines
for alemtuzumab, including the initiation of a second Phase 3 trial in MS
patients and the timing thereof, the timing of obtaining clinical trial data,
enrollment in clinical trials and the ability to manage patient safety. These
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected in these forward-looking
statements. These risks and uncertainties include, among others: that final
results of the clinical trial demonstrate safety and efficacy comparable to the
interim data that have emerged to date, the actual timing and content of
submissions to and decisions made by the regulatory authorities, institutional
review boards, data safety monitoring boards and treating physicians regarding
the continued administration of alemtuzumab to MS patients, Genzyme's ability to
develop and obtain approval of a patient safety plan, and the other risks and
uncertainties described in reports filed by Genzyme with the Securities and
Exchange Commission under the Securities Exchange Act of 1934, as amended,
including without limitation the information under the heading 'Risk Factors' in
the Management's Discussion and Analysis of Financial Condition and Results of
Operations section of the Genzyme Quarterly Report on Form 10-Q for the quarter
ending June 30, 2007. Genzyme cautions investors not to place substantial
reliance on the forward-looking statements contained in this press release.
These statements speak only as of the date of this press release, and Genzyme
undertakes no obligation to update or revise the statements.

Genzyme(R), Campath(R), and MabCampath(R) are registered trademarks of Genzyme
Corporation. All rights reserved. Rebif(R) is a registered trademark of EMD
Serono, Inc.'

The chart is looking a little better, lets hope it continues.

BTG PLC
28 September 2007


BTG plc: Close Period Update

London, UK, 28 September 2007: BTG plc (LSE: BGC), the life sciences company,
today announces the following update ahead of the planned interim results
announcement for the six months to 30 September 2007 which will be released on 7
November 2007.

Trading update

BTG's financial position continued to strengthen during the first half of the
year. Underlying recurring royalty revenues remain strong although, as
anticipated, BTG's reported royalty revenue is expected to be in line with last
year because of the continuing weakness of the US dollar against sterling. In
addition to these royalties, other transactions completed in the period are
expected to contribute around 15m of net profits and gains before withholding
taxes. These include the previously announced semiconductor chip patent licences
and the licensing of AQ4N by KuDOS to Novacea, Inc, and the completion of
additional elements of the RFID patent sale and other fully paid-up royalty
transactions. These sources of income, together with continued cost control,
have generated positive cash flow in the first half of this financial year which
has added to the 43m cash reserves reported at the start of the period.

Research and development costs are expected to be up to 15m for the full year
but will be significantly weighted to the second half, with the planned
acceleration of recruitment in the Varisolve(R) safety study, commencement of
phase I clinical studies of BGC20-1531 (migraine) and BGC20-0134 (multiple
sclerosis), and the progression towards the start of a phase I study of BGC945
(solid tumours) and a phase IIa study of BCG20-1259 (Alzheimer's disease).

Looking forward, the recent approval of Campath(R) as a first-line treatment for
chronic lymphocytic leukaemia is likely to have a small positive impact on BTG's
royalty revenues in the second half of the current financial year and provides
the potential for significantly increased royalties in future years.

BTG is continuing to seek development partners for a number of its
pharmaceutical programmes and to look to licence or sell its remaining non-core
physical science assets. These have the potential to generate both one-off
revenues and future milestones and royalty streams.

Operating update

Good progress has been made with products under development. Varisolve(R), the
varicose veins treatment, continued to progress through the US phase II safety
study as planned. A scheduled meeting of the Drug and Safety Monitoring Board
was held in early September in order to review initial results. Recruitment is
proceeding well and it is expected that the study will complete on schedule
during the first half of 2008.

A phase II trial commenced of BGC20-0582, a novel head lice treatment following
the successful outcome of ex vivo studies. Recruitment is anticipated to finish
by the end of 2007, with the trial results being available around the end of the
financial year.

The proof of concept trial on BGC20-0166, a pharmacological treatment for
obstructive sleep apnoea based on combining two known serotonin modulators, is
fully recruited and the results are expected to be fully analysed by the end of
2007.

BGC20-0134 and BGC20-1531 progressed towards completion of their preclinical
development and are anticipated to enter phase I clinical studies in multiple
sclerosis and migraine respectively during the second half of the financial
year. BGC945, targeting solid tumours, also continued preclinical development
including long-term safety testing ahead of a planned phase I study, anticipated
to commence in the first half of 2008.

BGC20-1259, a multifunctional compound targeting Alzheimer's disease (AD),
continued to progress towards a planned phase IIa study in AD patients in 2008
while completing certain safety studies.

Among licensed programmes, in addition to its approval as a first-line treatment
for B-cell chronic lymphocytic leukaemia, Campath(R) also commenced a pivotal
phase III in multiple sclerosis.

Louise Makin, BTG's Chief Executive, commented:

'We have made good progress during the first half and the significant one-off
transactions have further strengthened our cash position. With a strong
financial platform of growing recurring royalties, we can step up investment in
our development programmes as planned with the confidence that we can continue
to build a valuable pipeline and life sciences business.'


Ends

BTG PLC
10 October 2007




10 October 2007


BTG PLC : NOTIFIABLE INTERESTS IN SHARES


BTG plc (LSE: BGC) has received notification that Schroders plc has a notifiable
interest in 15,158,645 ordinary shares of BTG plc. This increased holding
represents 10.038% of the voting rights of the Company.

The shares are held in portfolios managed by Schroder Investment Management
Limited on a discretionary basis for clients under investment management
agreements.



- ends -

FOCUS BTG's Campath leaves MS patients weighing the risks despite study success
AFX


LONDON (Thomson Financial) - Biotech company BTG will be in focus after analysts highlighted excellent results for its Campath product in a multiple sclerosis (MS) phase III trial, but cautioned that its side-effects may keep it a niche product.

Neurologists may think twice about prescribing Campath because of the risk of developing serious blood disorders, said Bear Stearns.

However, if preliminary evidence is correct, then patients and doctors will need to decide whether the documented risks are worth the improvements in quality of life.

The success of Campath in the MS indication is noteworthy by any measure -- Bear stearns described it as 'outstanding' -- as patients who received small doses of Campath were 73 pct less likely to suffer a relapse of the condition than those prescribed with the market leader Rebif.

According to the initial trial data, Campath can cause side-effects in some patients that can be fatal if not properly managed. The most serious is ITP, a blood disorder that must be detected early and treated with steroids.

BTG said the questions over side-effects are nothing new and there will be a very big debate within the neurological community over the benefits and risks of Campath.

The side-effects for all MS products in development are well known, but this has never affected trial recruitment, the company said

Citigroup analysts predict that Campath will stay a niche product because of its side-effect profile and will pose little threat to sales of Rebif.

Martin Adams at Datamonitor said that Campath's growth may be hampered by strict prescribing rules or an indication limited to late-stage MS patients, but the drug could still achieve global sales of 500 mln usd, in a total market of 4.5 bln usd.

Bear Stearns points out that a high side-effect profile has limited another promising MS product, Biogen and Elan's Tysabri, to 17,000 patients -- although this is because Tysabri caused instances of the fatal blood disorder PML.

The full extent of Campath's risks and benefits will be clearer when the phase III trial reports in full next year.

julian.hofmann@thomson.com

Decent set of results, and if varisolve continues to produce in the phase II US study, then a deal must be on the cards!

BTG PLC
07 November 2007

BTG plc: Interim Results for the Six Months Ended 30 September 2007



London, UK, 7 November 2007: BTG plc (LSE: BGC), the life sciences company,
today announces its interim results for the six months ended 30 September 2007.



Financial highlights



• Revenues of £47.6m (H1 06/07: £20.8m) reflect significant non-recurring
transactions and continued steady receipts from royalty income

o Total net revenues £27.2m (H1 06/07: £12.5m)
o Net recurring royalty revenues £12.1m (H1 06/07: £12.2m)
o Net revenues from non-recurring items £15.1m (H1 06/07: £0.3m)


• Operating and administrative costs stable at £8.9m (H1 06/07: £9.1m)


• Research and development expenditure increased to £4.8m (H1 06/07: £4.5m)

o H2 investment expected to be significantly greater



• Profit before tax of £15.2m (H1 06/07: £1.7m) and profit after tax £13.4m
(H1 06/07: £1.6m)

o £1.8m tax charge relates primarily to unrecoverable withholding tax on
one-off licensing deal



• Cash reserves at £46.6m (31/03/07: £43.0m)



Operating highlights



• Good progress with internal development programmes

o Varisolve(R) Phase II study proceeding as planned, on track to end
in H1 08
o BGC20-0166 (sleep apnoea) clinical study completed, results due Q1 08
o BGC20-0582 (head lice) Phase II study enrolment completed, results due
Q1 08
o BGC20-1259 (Alzheimer's disease) completed Phase I and preparing to
enter Phase IIa study in 2008
o CTAs filed for BGC20-1531 (migraine) and BGC20-0134 (multiple
sclerosis) to commence first clinical studies

• Strong progress in partnered programmes

o Campath(R) approved as 1st-line treatment for chronic lymphocytic
leukaemia and two Phase III trials in multiple sclerosis initiated

o TRX4 to be developed by Tolerx in collaboration with GlaxoSmithKline
for type 1 diabetes and other autoimmune diseases



Louise Makin, BTG's Chief Executive Officer, commented: 'These excellent
financial results are supported by strong progress in our internal and licensed
development programmes. We look forward to an exciting second half-year in which
we anticipate achieving a number of significant development milestones while
continuing to seek to strengthen our pipeline by in-licensing or acquiring new
programmes.'





For further information contact:


BTG Financial Dynamics
Andy Burrows, Director of Investor Relations Ben Atwell
+44 (0)20 7575 1741; mobile: +44 (0)7990 530605 +44 (0)20 7831 3113
Christine Soden, Chief Financial Officer
+44 (0)20 7575 1591



About BTG

BTG in-licenses, develops and commercialises pharmaceuticals principally in the
areas of neuroscience and oncology. The company has a substantial and growing
revenue stream of royalties from out-licensed products and a broad, expanding
internal pipeline of development programmes. BTG operates from offices in
London, Philadelphia and Osaka. For further information, visit:
www.btgplc.com
.

Isn't it great when one goes out and comes home to find things have moved up? I knew I'd read something somewhere, and have just tracked it down - this little snippet from Moneyam's Press Roundup of 27Nov:

"Dealers suggest an upbeat broker note is imminent for BTG" - from the Daily Express.

I've tried to search for more details on the Express site today but not found anything. Anyway: it explains today's rise - could go further next week perhaps?

Thanks Toya, have a good weekend.

You too, Neil.

BTG PLC
04 December 2007

BTG plc Appoints Dr John Brown as Chairman Designate



London, UK, 4 December 2007: BTG plc (LSE: BGC), the life sciences company,
today announces the following Board changes.



Dr John Brown is to join the Board of BTG on 1 January 2008 as a non-executive
director and, upon the retirement of Sir Brian Fender on 3 March 2008, will
become non-executive Chairman of BTG.



Sir Brian Fender commented:


'I am delighted that John Brown will join our board and will succeed me as
Chairman of BTG. I have enjoyed the years I have spent as a director and then
Chairman of this exciting company and wish John every success in moving BTG
forward in the coming years.'


John Brown, PhD MBA FRSE is a non-executive director of a number of public and
private biotech companies including Ardana plc, Protherics plc and Vectura Group
plc, and was a director of Cambridge Antibody Technology plc until its recent
acquisition by AstraZeneca. He currently chairs the Governing Council of the
Roslin Institute in Edinburgh and is chairman of Scottish Biomedical, CXR Ltd
and SingVax Pte Ltd. He sits on the advisory board of the Life Sciences ITI in
Scotland, is a member of the UK Technology Strategy Board and an advisor to
several private equity and venture capital funds.



Until late 2003, Dr Brown was Chief Executive of Acambis plc, a leading producer
of vaccines to treat and prevent infectious disease. John holds a PhD in
neuropharmacology from Edinburgh University and is a Fellow of the Royal Society
of Edinburgh.



There are no further details to be disclosed in relation to paragraph 9.6.13R of
the Financial Services Authority Listing Rules.



Ends

Replacing one expensive-suit with another will make no difference to the business"Pipeline" - or the short-term finances, IMHO.

BTG PLC
24 January 2008


BTG plc: Interim Management Statement

London, UK, 24 January 2008: BTG plc (LSE: BGC), the life sciences company,
today publishes an Interim Management Statement, providing an update on progress
in the business since 1 October 2007. The results for the full year to 31 March
2008 will be reported on 19 May 2008.

The overall performance of the business during the period has been in line with
the Board's expectations. In particular, recruitment of patients in the
Varisolve(R) phase II safety study is on track for the planned finish by June
2008.

Louise Makin, BTG's chief executive officer, commented:

'BTG has made good progress in the first nine months of the year. Momentum in
our own development pipeline has been supplemented by progress in licensed
programmes, including Campath(R) in CLL and MS, TRX4 in type 1 diabetes and
abiraterone in prostate cancer. Over the coming months we expect to report
results from our sleep apnoea and head lice clinical studies, initiate the first
clinical studies for our migraine and MS programmes, and conclude the US safety
study of Varisolve(R).

'We are in a strong financial position with significant revenue streams and cash
reserves, and we are well positioned to create shareholder value by further
developing and strengthening our pipeline.'

Financial update

Sales and growth rates of licensed products underpinning BTG's recurring royalty
revenues for the three months to 31 December 2007 are anticipated to generate
income broadly in line with expectations.

Factors that may influence sales of certain individual products during the
period and for the remainder of the second half of the financial year are:

As previously disclosed, Wyeth's distribution agreement with Baxter
in the EU for BeneFIX(R), the treatment for haemophilia B, has ended and
although the demand for this product remains strong sales may be affected
temporarily;

The label for MabCampath(R) (trademarked as Campath(R) in the US)
was extended in the EU in January 2008 to include treatment of patients with
B-cell chronic lymphocytic leukaemia (CLL) for whom fludarabine combination
therapy is not appropriate. This followed the approval in September 2007 of
Campath(R) in the US as a single agent therapy for B-cell CLL, and together
these approvals are expected to increase product sales over time; and

Sales of the antibody products that underpin BTG's royalties from
the Medical Research Council are expected to continue to increase as the
products become more established.

Research and development expenditure has increased as planned during the period
as programmes have progressed further through preclinical and clinical
development. Full-year expenditure is anticipated to be in the range 12-14m.
Operating and administrative costs are stable and over the full year are
anticipated to be around 18-19m.

Cash and equivalents of over 46m at 1 October 2007 have been augmented by the
receipt of $10m gross/$5m net from Tolerx, Inc. in connection with its agreement
with GlaxoSmithKline on TRX4. The business has otherwise operated on a broadly
cash neutral basis over the three month period, with cash and cash equivalents
of 48.2m at 31 December 2007.

Pipeline update

Varisolve(R) - varicose veins and venous stasis ulcers

The US phase II safety study continues as planned. This study is investigating
whether patients who have right-to-left cardiac shunts experience
microinfarction or other subclinical events following treatment. Six treatment
sites have now been initiated, and it is anticipated that the required 50
patients with detected microbubbles in the middle cerebral artery during
treatment will have been evaluated by the end of H1 2008. To date, treatment
with Varisolve(R) has not been associated with evidence of microinfarction. An
interim report will be presented at a scientific meeting in March 2008
describing the results of the study in patients treated up to early March.

BGC20-1259 - Alzheimer's disease

Approval was granted in Sweden to conduct a positron emission tomography (PET)
study in healthy volunteers to estimate the efficacious dose range of BGC20-1259
to take into Alzheimer's patients in a phase IIa study, which is anticipated to
start in H2 2008. Dosing in the PET study is anticipated to begin during the
current quarter.

BGC20-0166 - sleep apnoea

The 39-patient clinical proof of mechanism study was completed and the results,
which are being analysed and will be discussed with expert advisers, will inform
the future clinical and commercial options for the programme. It is anticipated
that the results and next steps will be published around the end of the current
quarter. Development is continuing of a proprietary formulation to deliver the
most effective dose form of the two serotonin modulators.

BGC20-0582 - head lice

Treatment of 225 subjects in a phase II study of this Generally Regarded As Safe
(GRAS) designated compound was completed in Q4 2007. The results are anticipated
during the current quarter, and in parallel BTG is planning the future clinical
and commercial strategy for this product which promises safe, effective
pediculocidal and ovicidal activity with reduced expectation of resistance
build-up.

BGC20-1531 - migraine

Site initiation was completed for a phase I clinical study of this EP4 receptor
antagonist, which offers a potential new mechanism to treat migraine headaches.
First doses are now scheduled to be administered this quarter rather than before
Christmas 2007.

BGC20-0134 - multiple sclerosis

MHRA and ethics approvals are expected for commencement of a phase I study in
healthy volunteers of BGC20-0134, a novel structured lipid that aims to treat
multiple sclerosis by rebalancing the body's pro- and anti-inflammatory
cytokines during MS episodes. First dosing is anticipated this quarter.

Senexis Limited, a private drug development company in which BTG is an investor,
secured 2.9m of new funding from the Wellcome Trust in January 2008. The funds
will be used to further optimise and progress preclinical development of the
company's small molecule compounds, licensed to Senexis by BTG, as a potential
disease-modifying treatment for Alzheimer's disease. BTG currently owns 48% of
Senexis.

For further information contact:

BTG Financial Dynamics
Andy Burrows, Director of Investor Relations Ben Atwell
+44 (0)20 7575 1741; mobile: +44 (0)7990 530605 +44 (0)20 7831 3113
Christine Soden, Chief Financial Officer
+44 (0)20 7575 1591

About BTG

BTG in-licenses, develops and commercialises pharmaceuticals principally in the
areas of neuroscience and oncology. The company has a substantial and growing
revenue stream of royalties from out-licensed products and a broad, expanding
internal pipeline of development programmes. BTG operates from offices in
London, Philadelphia and Osaka. For further information, visit:
www.btgplc.com

Worth a read!

Mon, 25 Feb, 13:02 GMT

FOCUS Prognosis poor for cash-strapped biotech cos if market problems persist
LONDON (Thomson IM) - Troubled biotech companies Ardana and Vernalis are early casualties of a funding crisis that could leave peers such as Allergy Therapeutics, SkyePharma, Amarin, Medical Marketing International and Proteome needing to make major cuts to survive, according to analysts.

'It's become very apparent that the next six months are going to be very hard for companies that need to raise money,' said Robin Davison, a senior analyst at Edison Investment Research.

He said that any company that is at risk of coming to the market is getting its shares depressed because investors don't want to have to stump up more money.

Ardana announced last week that it was putting itself up for sale, and the following day Vernalis cut its workforce by almost 60 pct and sold most of its profit-making operations in a bid to pay off debt.

Davison said the few companies that aren't in this danger area include Antisoma, BTG, Renovo, Oxford Biomedica, GW Pharmaceuticals and Protherics.

For most other companies in the secto, the funding situation is either quite bad or acute, he said, adding that the only way they can solve their problems is by licensing a product.

'You've got like 20 or 30 companies that are desperate to license,' he said.

He mentioned Allergy Therapeutics as being in a difficult situation, explaining that it has got a borrowing facility but is unlikely to want to use it because 'that just gears up disaster'.

He added that Alizyme also is in a difficult situation unless it can do a licensing deal because it doesn't have a lot of money to fund ongoing development.

Meanwhile SkyePharma has a put option for 69 mln stg convertible bonds due at the earliest in May 2009, and another put option for 20 mln stg due in June 2010 at the earliest, and Davison said that in the current climate refinancing the debt would be very difficult.

He said that in a lot of cases the problem faced by companies is that their overheads limit what they can spend on R&D

'Maybe if you can rationalise that -- you have fewer CEOs paying themselves a lot of money, all the other costs and hangers on, PR advisors and that sort of thing -- it will thin the whole thing out,' he said.

Paul Cuddon at KBC Peel Hunt agreed, adding: 'It all depends on whether people can make some money with what they've got at the moment. I mean that's the key. If they've got some IP (intellectual property) that's worth something then they should be OK; if not then they shouldn't really have the IP in the first place.'

Cuddon identified Proteome, Allergy Therapeutics, Amarin, Alizyme and Acambis as being companies that don't have a lot of cash, but said that in the case of Alizyme and Acambis they have good products to license.

Cuddon agreed with Davison that a key factor that could determine the survival of biotech companies is the extent of their overheads.

'Phytopharm don't spend very much money on R&D at all because they in-source all their compounds from universities, from people who have spent a lot of money already developing them. So it's the companies that have got a huge number of employees and are spending a lot of money on R&D that are most at risk, certainly Alizyme, Amarin, Allergy Therapeutics,' he said.

ben.deighton@thomson.com

BTG PLC
06 March 2008


BTG Initiates Clinical Study of Novel Multiple Sclerosis Treatment


London, UK, 6 March 2008: BTG plc (LSE: BGC), the life sciences company,
announces that dosing has commenced in a Phase I clinical study of BGC20-0134, a
potential treatment for multiple sclerosis.

The randomised, double-blind, placebo-controlled study will assess the
pharmacodynamic, pharmacokinetic and safety profiles of single and multiple oral
doses of BGC20-0134 in healthy volunteers.

Louise Makin, BTG's chief executive officer, commented: 'The effective treatment
of multiple sclerosis remains a significant unmet need. We are pleased to have
started clinical development of BGC20-0134, which has the potential to address
different forms of the disease and has the advantage of being an oral product.'

Although the cause of multiple sclerosis is unknown, there is strong evidence
that autoimmune mechanisms are involved in its development. T-cell infiltration
into the central nervous system and resultant dysregulation of key
pro-inflammatory cytokines leads to myelin loss, neuronal damage and the onset
of symptoms and disability. BGC20-0134 is a novel structured lipid designed to
restore the balance between pro-inflammatory (e.g. IL-1b and TNFa) and
anti-inflammatory (e.g. TGFb1) cytokines.

In a pilot study of a prototype compound, patients with the relapsing-remitting
form of multiple sclerosis experienced clinical benefits including decreases in
both relapse rates and EDSS scores (a standard measure of disability in multiple
sclerosis), together with improvements in pain and cognitive endpoints. In
preclinical models of multiple sclerosis, the potency of BGC20-0134 was shown to
be three times that of the prototype compound.


For further information contact:

BTG Financial Dynamics
Andy Burrows, Director of Investor Relations Ben Atwell
+44 (0)20 7575 1741; mobile: +44 (0)7990 530605 +44 (0)20 7831 3113

Christine Soden, Chief Financial Officer
+44 (0)20 7575 1591


About BTG

BTG in-licenses, develops and commercialises pharmaceuticals principally in the
areas of neuroscience and oncology. The company has a substantial and growing
revenue stream of royalties from out-licensed products and a broad, expanding
internal pipeline of development programmes. BTG operates from offices in
London, Philadelphia and Osaka. For further information, visit:
www.btgplc.com
.

Found this on BTG's web site, hopefully will stir the SP!


17-20 March 2008
2008 SIR 33rd Annual Scientific Meeting of the Society for Interventional Radiology
Washington Convention Center Washington, DC, USA
John D Regan, MD, Clinical Director Interventional Radiology, Wake Forest University Baptist Medical Center, and investigator for BTGs Phase II clinical study on Varisolve, presenting

BTG PLC
17 March 2008



BTG plc: Positive Interim Report of Varisolve(R) Phase II Safety Study to be
Presented at SIR 2008 Scientific Meeting


London, UK, 17 March 2008: BTG plc (LSE: BGC), the life sciences company,
announces that a positive interim report of the US Phase II safety study of
Varisolve(R), which is being developed to treat varicose veins and venous stasis
ulcers, is being presented today at the Annual Scientific Meeting of the Society
of Interventional Radiologists in Washington, DC.

The study is investigating whether treatment with Varisolve(R) polidocanol
microfoam can cause subclinical events such as microinfarctions in the brains of
varicose vein patients with right-to-left (R-L) cardiac shunts. R-L shunts, e.g.
patent foramen ovale, may allow bubbles to enter the brain by crossing from the
venous into the arterial circulation. The study finishes when 50 patients with
bubbles detected in the middle cerebral artery (MCA) have been treated and
followed up at 24 hours and 28 days using MRI scanning and other procedures.

Study investigator John Regan, M.D. will report that 40% of the patients with
great saphenous vein incompetence who were screened for enrolment into the study
were diagnosed with R-L shunts. In shunt-positive patients, 83% had detectable
MCA bubbles during the Varisolve(R) procedure, though the number of bubbles was
generally very low (median of 5 detectable bubbles). After evaluation of 28
eligible patients with MCA bubbles, none had developed new MRI lesions,
neurological or other visual field abnormalities, or elevated cardiac markers.

Dr Regan commented: 'It is clear that patients undergoing microfoam endovenous
occlusion are commonly exposed to gas bubbles in the cerebral arterial
circulation. Exposure to this proprietary microfoam, which has a controlled
density, bubble size and gas mix, has not been associated with evidence of
microinfarction.'

Louise Makin, BTG's chief executive officer, said: 'With over half the required
patients now treated, the study is progressing as planned and continues to
validate our belief in the unique attributes of Varisolve(R).'

In parallel with the Phase II study, BTG is advancing other aspects of the
product's development. Supply chain arrangements have been simplified and a
user-friendly single-can product presentation will be ready for use in the Phase
III studies. Having agreed with the FDA the Phase III plans in outline, BTG is
initiating a pilot Phase III study to test and finalise the procedures to be
incorporated into the pivotal Phase III trial protocols. Market research studies
underway confirm our belief that Varisolve(R) has the potential to be
competitive in an underserved market, with significant patient and physician
benefits over existing varicose vein treatments.


For further information contact:

BTG Financial Dynamics
Andy Burrows, Director of Investor Relations Ben Atwell
+44 (0)20 7575 1741; mobile: +44 (0)7990 530605 +44 (0)20 7831 3113

Christine Soden, Chief Financial Officer
+44 (0)20 7575 1591


About BTG

BTG in-licenses, develops and commercialises pharmaceuticals principally in the
areas of neuroscience and oncology. The company has a substantial and growing
revenue stream of royalties from out-licensed products and a broad, expanding
internal pipeline of development programmes. BTG operates from offices in
London, Philadelphia and Osaka. For further information, visit:
www.btgplc.com
.

BTG PLC
18 March 2008


BTG PLC : NOTIFIABLE INTERESTS IN SHARES

BTG plc (LSE:BGC) has received notification today that Schroders plc has a
notifiable interest in 15,049,766 ordinary shares of BTG plc. This holding
represents 9.96% of the voting rights of the Company.

The shares are held in portfolios managed by Schroder Investment Management
Limited on a discretionary basis for clients under investment management
agreements.



- ends -





Contact for Queries: Andy Burrows
Telephone: 020 7575 1741


This information is provided by RNS
The company news service from the London Stock Exchange

BTG PLC
02 April 2008


BTG plc: Close Period Update
Initial Results from Two Clinical Studies Announced Today


London, UK, 2 April 2008: BTG plc (LSE: BGC), the life sciences company, today
provides the following update for the year ended 31 March 2008, ahead of the
planned publication of its Preliminary Results on 19 May 2008. BTG also today
provides initial results from two clinical studies.


Trading update

BTG expects to report a strong financial performance for the year, in line with
the results reported in the Interim Report and with the Board's expectations.

Revenues are expected to increase significantly from the prior year with another
strong performance from marketed products and significant contributions from
one-off transactions. BeneFIX(R), the haemophilia B treatment, has shown
continued strong market penetration despite the previously reported termination
of Wyeth's marketing agreement with Baxter in the EU. Sales of the monoclonal
antibodies that underlie BTG's royalties from the Medical Research Council are
also showing good underlying growth. One-off revenues, including the proceeds of
two previously-announced licensing deals for the semiconductor chip memory
capacity technology and the milestone received from Tolerx, Inc, are expected to
contribute more than 17m in net revenues and gains before withholding taxes.

BTG's net cash at the year end was over 55m.


Operating and clinical update

With two programmes commencing clinical development during the year, BTG's
internal pipeline now comprises six programmes in clinical development. In
addition to these, BTG has nine programmes licensed to partners that are in
clinical development.

Varisolve(R) - polidocanol endovenous microfoam product for the treatment of
varicose veins

Positive interim data from the US Phase II safety study were reported in March
2008 at the annual meeting of the Society of Interventional Radiologists, with
no new MRI lesions, neurological or other visual field abnormalities or elevated
cardiac markers being observed in the first 28 of the required 50 patients with
bubbles detected in the middle cerebral artery following treatment with
Varisolve(R). The study continues to progress well.

The structure of the overall Phase III programme and the pivotal Phase III study
designs have been agreed with the FDA. To validate aspects of the study
protocols and to enable a Special Protocol Assessment to be sought later in
2008, BTG plans to conduct a Phase III pilot study and other key Phase III
planning activities over the coming 6 months.

Significant progress has also been made with the product's design and
manufacturing. A smaller, lower-cost, user-friendly single canister presentation
has now replaced the bulkier two-can product. Manufacturing has been contracted
to a third party, and the new process and pilot plant have been fully validated.

Given the design improvements and outsourcing of the manufacturing process, the
economics of BTG's existing manufacturing facility have been re-assessed. The
additional capital costs of up to 4m to commission and validate the existing
facility, together with ongoing running costs of over 1m per annum up until
product launch, are no longer considered viable. Accordingly, BTG intends to
terminate the lease on its existing facility and will write off its carrying
value of 7.5m. As a result of these changes, the overall economics and
flexibility of product manufacture will improve significantly in the period up
to launch and beyond.

Following the good progress made with Varisolve(R) in the current Phase II
safety study, the outline Phase III studies being agreed with the FDA and the
important manufacturing developments, BTG now intends to actively recommence
partnering discussions during the current quarter.


BGC20-0166 - sleep apnoea - study results

Encouraging results were obtained in a clinical proof of concept study of
BGC20-0166 in 39 subjects with mild to severe obstructive sleep apnoea. Subjects
received placebo, high or low-dose combinations of two generic serotonin
modulators or a single agent. The primary endpoint was a reduction in the
Apnoea-Hypopnea Index (AHI). The high-dose combination caused a statistically
significant 40% reduction in AHI (range 10-85%) compared to placebo at both day
14 and day 28. Three of ten subjects in the high-dose group were considered
complete responders, with a reduction in AHI of over 50% and a final AHI score
below 10. BGC20-0166 was well-tolerated and had no detrimental impact on sleep.
An expert advisory panel has reviewed the data and concluded that the results
with the high-dose combination are positive and therapeutically relevant. BTG is
continuing with non-clinical studies and formulation development in preparation
for US IND submission.


BGC20-0582 - head lice - study results

A single-centre Phase II study to investigate the safety, efficacy and
tolerability of BGC20-0582, a Generally Regarded As Safe compound, was completed
in 230 subjects (average age 13 years, 90% female) with newly diagnosed head
lice infestation. Subjects were treated with placebo or one of three doses of
BGC20-0582 (2.5%, 10% or 12.5% w/v) administered as a topical gel formulation.
Top-line results show that, although BGC20-0582 did not significantly increase
the cure rate at 14 days compared to placebo (64.7% cure rate at 10% dose
compared with 52.6% in placebo; p>0.05), when taking into account lice
re-infestation the modified combined cure / re-infestation measure of efficacy
was 76.5% for the 10% dose of BGC20-0582 compared with 56.1% for placebo, which
was statistically significant (p<0.05). This level of efficacy compares
favourably to the 40-50% efficacy rate exhibited by a leading OTC product in
studies of similar design and patient demographics. The high level of placebo
response was unexpected and detailed analysis of the results continues.


BGC20-1259 - Alzheimer's disease

BGC20-1259 is a multifunctional compound targeting the cognition and behavioural
aspects of Alzheimer's disease. A human positron emission tomography study in
healthy volunteers has now completed. Data from this study are being used to
estimate the efficacious dose range to take into a Phase IIa clinical study in
patients with mild-moderate Alzheimer's disease, which is anticipated to start
in H2 08.


BGC20-1531 - migraine

BGC20-1531 is an prostaglandin EP4 receptor antagonist that offers a potentially
novel mechanism to treat migraine headaches. Dosing of the first cohort in a
single ascending dose Phase I clinical study is complete, and safety and
pharmacokinetic data are being collected. Dosing has commenced for the second
cohort, and the full study report is expected in H2 08.


BGC20-0134 - multiple sclerosis

Dosing commenced in March 08 in a Phase I study of BGC20-0134, a novel
structured lipid being developed to treat relapsing multiple sclerosis. The
study is also due to report in H2 08.

Louise Makin, BTG's chief executive officer, commented: 'We are pleased with the
progress in the business during the year. With the Varisolve(R), sleep apnoea
and head lice studies yielding encouraging data and the first clinical studies
of both our multiple sclerosis and migraine treatments starting, we have built
good clinical momentum. With over 55m of cash we are also in a strong financial
position, and therefore able to support our goal of further strengthening our
pipeline through in-licensing and acquisition.'


For further information contact:

BTG Financial Dynamics
Andy Burrows, Director of Investor Relations Ben Atwell
+44 (0)20 7575 1741; mobile: +44 (0)7990 530605 +44 (0)20 7831 3113

Christine Soden, Chief Financial Officer
+44 (0)20 7575 1596


About BTG

BTG in-licenses, develops and commercialises pharmaceuticals principally in the
areas of neuroscience and oncology. The company has a substantial and growing
revenue stream of royalties from out-licensed products and a broad, expanding
internal pipeline of development programmes. BTG operates from offices in
London, Philadelphia and Osaka. For further information, visit:
www.btgplc.com
.


This information is provided by RNS
The company news service from the London Stock Exchange

With 55m cash in the bank, and more on the way via milestone payments ect, Varisolve, with it's smaller, lower-cost, user-friendly single canister presentation which has now replaced the bulkier two-can product, ect, ect.
I also like the part, BTG now intends to actively recommence
partnering discussions during the current quarter.
The future looks progressive, and the chart looks a little better, lets hope it continues

Things are looking up! Its also good to see a firm move through the 200 DMA. But with the RSI looking top heavy there will be a bit of a pullback at some stage , a time to top up perhaps ? Would like to see it through the 115p-120p though.
Neil.

RNS Number : 7184U
BTG PLC
19 May 2008



BTG plc: Preliminary Results for the Year Ended 31 March 2008




London, UK, 19 May 2008: BTG plc (LSE: BGC), the life sciences company, today announces its preliminary results for the year ended 31 March 2008.




Financial highlights




3rd consecutive year of profit

Operating profit 16.6m (06/07:0.9m) before 8.1m Wrexham provision

Revenue net of revenue sharing 42.9m (06/07: 26.8m)

Net recurring royalties of 24.9m (06/07: 24.2m)

Surplus of net recurring royalties over operating expenses of 8.9m (06/07: 6.3m)

R&D investment increased to 10.7m (06/07: 9.7m)

Net one-off revenues and profits on assets & investments less direct taxes 16.6m (06/07: 5.3m)

Profit after tax 8.8m (06/07: 2.4m) and earnings per share 5.9p (06/07:1.6p)

Cash and cash equivalents of 57.0m (31/3/07: 43.0m)




Operating highlights




Continued growth in royalty income and good cost control supplemented by valuable one-off transactions generated 14m of cash flow in the period even after increased R&D spend:




Strong momentum in BTG's pipeline with six programmes now in active clinical development:




More than 40 of the 50 required patients treated in Varisolve phase II safety study, with no adverse MRI results; on track to finish treatments by June 2008

Positive results from clinical proof of concept study of BGC20-0166 in sleep apnoea

Phase I studies initiated for BGC20-1531 (migraine) and BGC20-0134 (multiple sclerosis)

BGC20-1259 progressing towards a European phase IIa study in patients with Alzheimer's disease starting in H2 08




Good progress with licensed programmes:

Genzyme's Campath label extended to include 1st-line treatment in chronic lymphocytic leukaemia

Two phase III trials of Campath initiated in multiple sclerosis

Encouraging phase I/II data published on Cougar Biotechnology's CB7630 in prostate cancer; enrolment for phase III trial commenced in April 08

Tolerx signed agreement with GlaxoSmithKline to develop TRX4 in type 1 diabetes and other inflammatory conditions: initial milestone paid to BTG of $10m




Louise Makin, BTG's chief executive officer, commented: 'We are reporting excellent financial results, with a third consecutive profitable year based on a strong underlying business with 14m of cash generated and cash reserves of 57m. We now have six clinical programmes in our active development pipeline with Varisolve moving forward as planned, encouraging results from our sleep apnoea study and our migraine and multiple sclerosis treatments starting clinical development. We are in a strong position to further build value by progressing our development programmes and seeking new opportunities that will help drive us towards sustainable profitability.'




For further information contact:




BTG
Financial Dynamics

Andy Burrows, Director of Investor Relations

+44 (0)20 7575 1741; mobile: +44 (0)7990 530605

Christine Soden, Chief Financial Officer

+44 (0)20 7575 1596
Ben Atwell

+44 (0)20 7831 3113





About BTG BTG in-licenses, develops and commercialises pharmaceuticals and has a broad pipeline of development programmes targeting neurological and other disorders including varicose veins. The company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products. BTG operates from offices in London, Philadelphia and Osaka. For further information, visit: www.btgplc.com.




Chairman's statement

I am pleased to report a very strong financial performance for the year. Net revenues after revenue sharing increased by 60% to 42.9m (06/07: 26.8m) based on gross revenues of 75.0m (06/07: 45.7m). Net recurring royalties grew to 24.9m (06/07: 24.2m) and net non-recurring revenues were significantly higher at 18.0m (06/07: 2.6m).




Research and development investment increased to 10.7m (06/07: 9.7m) while operating expenses reduced by 11% to 16.0m (06/07: 17.9m). As previously reported, following changes to the Varisolve product design and simplification of the supply chain, BTG decided to terminate the lease on the Wrexham manufacturing facility and as a result has taken a charge of 8.1m being the amounts written off the carrying value of the facility and estimated closure costs. Despite this charge, profit before tax increased from 2.6m to 10.7m and profit after withholding and other taxes increased to 8.8m (06/07: 2.4m). The Group ended the year with net cash of 57.0m (06/07: 43.0m).




There was also significant progress in our clinical development pipeline. Encouraging data were reported from clinical studies of Varisolve, the novel treatment for varicose veins, BGC20-0166, the combination product for sleep apnoea, and BGC20-0582, a non-insecticide treatment for head lice infestation. In addition, BGC20-1531, which is being developed to treat migraine headaches, and BGC20-0134, which is targeting multiple sclerosis, both commenced Phase I clinical studies. Many of our partners also saw good progress in their products, in particular Genzyme with Campath, Cougar Biotechnology with CB7630 and Tolerx with TRX4.




Board changes

Professor Colin Blakemore and Giles Kerr were appointed as non-executive directors in October 2007 and both bring extensive industry expertise to BTG's Board.




I joined the Board in January 2008 and became chairman in March, at which time Sir Brian Fender retired from the Board, having been a director since 1992 and chairman from 2003. My colleagues and I wish him well for the future and thank him for his many contributions to BTG over the years, in particular for guiding the Company as chairman successfully through a period of significant change.




Fred Weiss retired as a director in November 2007 after six years' service and Consuelo Brooke, having also served six years as a director, is not standing for re-election at the annual general meeting in July. Alison Wood has decided not to stand for re-election, due to commitments in her full-time position. The Board thanks each for their contributions to the Company's development and wishes them all success in future roles.




Outlook

We anticipate another strong financial performance in the current year. Good growth in recurring royalties from marketed products is anticipated, particularly driven by a change in revenue sharing arrangements on BeneFIX and the anticipated sales growth of key products. We aim to meet a number of important development milestones this year. In addition to completing the US phase II safety study of Varisolve, we plan to progress partnering discussions and to prepare for a special protocol assessment (SPA) for the phase III trials. The phase I studies of BGC20-1531 and BGC20-0134 are expected to finish this calendar year, with phase II studies planned to commence during the first half of 2009. A phase II study of BGC20-1259 is scheduled to begin by the end of 2008. We also anticipate development progress in our key partnered programmes.




Another priority is to further strengthen our pipeline, which may be achieved by licensing individual assets and through broader corporate transactions, moving us towards our goal of sustainable growth.




Dr John Brown







Operating review

We remain focused on maximising the cash flow from our pre R&D profits generated from royalties and licensing transactions in order to finance and facilitate the development of our drug pipeline.




This year we moved two further programmes into the clinic, bringing our current active pipeline to six clinical and two earlier stage programmes. In addition we have interests in 10 programmes under development by licensees.




Progress in the internal pipeline:




Varisolve - polidocanol microfoam treatment for varicose veins

The US Phase II safety study is progressing well. No new MRI lesions or neurological abnormalities have been found in any of the more than 40 patients who have been treated with Varisolve to date. The study is on track to complete treatment of the required 50 patients by the end of June 08.




Partnering discussions will be progressed in parallel with making preparations for the pivotal phase III trials. In making ready an application for a Special Protocol Assessment for these trials, BTG plans to conduct a pilot clinical study to validate the control procedure and a non-clinical study to validate a patient questionnaire. Updated market research shows a market potential of over $500m for the product from reimbursed procedures in the US alone with additional potential in the US self-pay and rest of world markets.




The product presentation has been improved with the development of a smaller, user-friendly single canister product, and the manufacturing supply chain has been simplified.




BGC20-1259 - Alzheimer's disease

BGC20-1259 is a multifunctional compound being developed for the treatment of Alzheimer's disease. It combines inhibition of acetylcholinesterase, serotonin transport and calcium channels to improve both cognitive and behavioural symptoms of the disease. Its neuroprotective properties and ability to stimulate neurogenesis suggest that BGC20-1259 also has the potential to slow disease progression.




A human positron emission tomography study was completed to aid dose selection in a planned European, 6 month, phase II proof of concept study in Alzheimer's disease patients scheduled to start in H2 08.




BGC20-0166 - sleep apnoea

BGC20-0166 is a proprietary combination of two marketed serotoninergic modulating drugs being developed for the treatment of obstructive sleep apnoea. The results of a clinical study in 39 patients were reported in April 2008. BGC20-0166 reduced the Apnoea Hypopnoea Index (AHI), a clinically accepted scale of apnoea severity, by a mean of 40% in patients with mild to severe obstructive sleep apnoea. BGC20-0166 was shown to be well-tolerated and had no impact on sleep architecture. BTG is continuing with both non-clinical studies and the development of a proprietary product formulation in preparation for US IND submission.




BGC20-0582 - head lice infestation

BGC20-0582 is a non-pesticidal product derived from a natural botanical source in development for the treatment of head lice infestation. The results of a phase II trial reported in April 2008 showed that although BGC20-0582 did not significantly increase the cure rate at 14 days compared to placebo, the modified combined cure / re-infestation measure of efficacy was 76.5% for the 10% dose compared with 56.1% for placebo, which was statistically significant (p<0.05). This was also superior to the efficacy rate exhibited by a leading over-the-counter product in studies of similar design and patient demographic. An in vitro study is underway to establish the product's resistance characteristics compared to other treatments.




BGC20-1531 - migraine headache

BGC20-1531 is an orally available EP4 receptor antagonist which inhibits prostaglandin-induced vasodilatation of cranial blood vessels via selective blockade of EP4 receptors, thereby reducing inflammation and migraine pain. With its novel mode of action, this compound targets those patients that do not respond to or cannot tolerate current treatments. In early 2008 dosing began in a randomised, double-blind, placebo controlled phase I study to assess the safety, tolerability and pharmacokinetic profile of single rising doses of oral BGC20-1531 in healthy volunteers. A phase II study is planned to begin in H1 09.




BGC20-0134 - multiple sclerosis

BGC20-0134 is a novel structured lipid designed to restore the balance between pro-inflammatory (tumour necrosis factor-, TNF-) and anti-inflammatory (transforming growth factor-1, TGF1) cytokines in patients with multiple sclerosis. As an oral therapy, BGC20-0134 could provide a significant advantage over current treatments. A combined single and repeat, rising dose phase I study in healthy male and female subjects commenced early in 2008. A phase II study is anticipated to commence in H1 09.




Pre-clinical programmes: BTG6001 - pain and BTG6228 - solid tumours

BTG6001 is an opioid agonist in preclinical development for the control of post-operative pain. In vitro and in vivo data suggest an improved side-effect profile and long duration of action compared with other opioid analgesics. BTG6228 is a novel, targeted, broad spectrum cancer therapeutic whose primary target is Na/K ATPase with effects on downstream pathways involved in tumour hypoxia including the Hif pathway. It has demonstrated in vivo efficacy in renal, pancreatic and chondrosarcoma xenograft models. Both programmes are moving towards development candidate selection.




Plevitrexed and BGC945 - cancer

Both are thymidylate synthase inhibitors targeting cancer. BTG has been seeking a licensee for plevitrexed and has held discussions with a number of companies, though no agreement has been reached. BTG remains open to interest from potential licensees. As previously announced, the development of BGC945 had been put on hold pending a review of its technical and commercial feasibility. Having completed this review, BTG has decided not to progress BGC945 any further.




Progress in key partnered programmes:




Campath - chronic lymphocytic leukaemia, multiple sclerosis

Licensed to Genzyme Corporation, Campath has been approved for the first-line treatment of CLL. Positive final data from a phase II trial in multiple sclerosis showed that Campath reduced the risk for relapse by 73% and the risk for sustained accumulation of disability by 71% compared with Rebif in patients with relapsing-remitting multiple sclerosis. Two phase III trials in RRMS are under way.




TRX4 - type 1 diabetes

TRX4 is a monoclonal antibody licensed to Tolerx, Inc, which has signed an agreement with GlaxoSmithKline to develop TRX4 in type 1 diabetes and a range of inflammatory conditions. BTG receives half of all the development and sales milestones due to Tolerx under that agreement. TRX4 is anticipated to start a phase III trial in type 1 diabetes in 2008.




CB7630 (abiraterone) - prostate cancer

BTG's licensee Cougar Biotechnology, Inc. announced the start of a phase III trial of CB7630 in patients with metastatic, castration-resistant prostate cancer in April 2008. The study, whose start triggered a milestone payment to BTG, is expected to enrol over 1100 patients and will have overall survival as the primary endpoint.




Financial Results for the year ended 31 March 2008




Revenues and gains

Net revenues after revenue sharing increased by 60% to 42.9m (06/07: 26.8m). Total gross revenues for the year increased by 64% to 75.0m (06/07: 45.7m) and revenue sharing averaged 43% (06/07: 41%). Revenues included recurring royalties from marketed products and milestone and other one-off transactions such as licensing payments or development milestones.




Gross recurring royalty revenues were slightly higher than in the previous year at 42.4m (06/07: 41.3m). Revenue-sharing payments on royalties averaged 41% in both years resulting in net recurring revenues of 24.9m (06/07: 24.2m). Underlying sales growth in a number of products was significant but the weak US dollar resulted in growth of just 3% upon translation into our sterling-denominated results.




BeneFIX, the treatment for haemophilia B marketed by Wyeth, performed well and contributed gross revenues of 16.9m (06/07: 15.8m). The hip cup continued to deliver steady underlying growth and generated 8.5m gross (06/07: 8.6m). Campath, the label for which was extended to include first-line treatment in late 2007, generated 5.0m (06/07: 4.5m) and gross revenues from the MRC humanisation patents were 4.1m (06/07: 3.4m).




The successful further licensing of BTG's patents on semiconductor chip memory capacity for net revenues after costs and taxes of 10m was the major factor in the significant increase in non-recurring revenues to 32.6m gross (06/07: 4.4m), which resulted in 18.0m net revenues after revenue sharing (06/07: 2.6m). Other one-off revenues included a $10m milestone payment from Tolerx, Inc. when it signed an agreement with GlaxoSmithKline to develop and commercialise TRX4, 2.7m gross from the MRC in relation to a paid-up licence it signed, and 1.5m gross from the assignment of AQ4N rights from KuDOS to Novacea, Inc.




Strong Operating Surplus and Operating Profit

During the year BTG generated an operating surplus of net recurring revenues over operating expenses of 8.9m (06/07: 6.3m) further supplemented by net financial income of 2.2m (06/07: 1.7m). These together funded the increased research & development costs of 10.7m. The one-off revenues further supplemented profits and cash reserves.



Total operating expenses decreased by 11% to 16.0m (06/07: 17.9m) and included employment costs of 8.3m (06/07: 10.1m). Operating costs were 2.4m (06/07: 2.4m) and included impairment and amortisation costs of 1.6m (06/07: 1.9m).




This operating surplus is expected to increase in the coming year with operating costs being held steady and expected increases in net recurring revenues, with growth forecast in all the major royalty-generating products and additional contributions expected from changes in the BeneFIX revenue sharing arrangements.




Group research and development costs of 10.7m (06/07: 9.7m) were lower than originally planned for the year owing to small delays in the start of a number of non-clinical and clinical studies. However, these are largely timing issues and many of the costs will roll forward into the current financial year. Varisolve costs were 4.6m (06/07: 3.5m).




Expenditure on other programmes under development was 5.4m (06/07: 5.5m), including costs related to the phase I clinical studies of BGC20-1531 in migraine, BGC20-0134 in multiple sclerosis and to completion of the sleep apnoea, head lice and BGC20-1259 PET clinical studies. BTG's share of the results of its associate companies involved in development activities was losses of 0.7m (06/07: 0.7m). Total R&D expenditure for 2008/09 is targeted in the 10m to 15m range.







Impairment Provision against Wrexham Facility

As previously announced, given the design improvements achieved and proven ability to outsource the manufacturing process for Varisolve, the economics of the leasehold manufacturing facility constructed to facilitate the product's development were re-assessed. The decision was taken to close this facility and as a result the overall economics and flexibility of product manufacture are expected to improve significantly in the period up to launch and beyond without adverse impact on our ability to develop or partner the programme. Of the 8.1m total charge, 7.5m is a non-cash expense being the write-off of the net book value of the manufacturing facility carried in fixed assets and the balance reflects the estimated costs to closure of 0.6m. Development costs of Varisolve in 08/09 and future years will be reduced as a result of this decision.




Profit for the year and earnings per share

The profit before tax was 10.7m (06/07: 2.6m) and the profit after tax was 8.8m (06/07: 2.4m). The tax charge of 1.9m arose primarily as a result of 1.8m of withholding taxes on the semi-conductor technology licensing deal. The Group expects to utilise certain of its brought forward tax losses against taxable profits achieved in the year.




Earnings per share based on an average 149.7m (06/07: 149.5m) shares in issue were 5.9p (06/07: 1.6p).




Position at year end

Total equity at 31 March 2008 increased during the year by 7.9m to 55.2m.




Non-current assets

Intangible assets at 31 March 2008 were 6.8m, with additions of 2.1m being offset by disposals and amortisation charges of 2.9m. Most of the intangible assets held are patents, which are written off over their remaining effective life - or their remaining useful economic life if shorter - and are subject to regular impairment reviews.




The net book value of the Group's property, plant and equipment reduced by 7.9m to 0.8m, largely as a result of the decision to terminate the lease on the Varisolve manufacturing facility. Additions of 0.6m were offset by charges of 1.0m in respect of depreciation and currency movements.




The value of investments and investments in associates increased by 0.3m in the year to 6.5m following additional investments offset by operating losses and impairment charges. During the year, BTG invested an additional 1.9m (06/07: 0.8m), including 0.7m in Senexis Ltd, which is developing small molecule drugs targeting CNS disorders. Other investments include Xention Discovery Ltd, a drug discovery company focused on ion channels, Protez, Inc, which is developing new antibiotics, and holdings in two venture funds.




Current assets, current and non-current liabilities

Trade and other receivables were 15.2m at 31 March 2008 (06/07: 10.5m), the increase being mainly due to remaining deferred payments totalling 5.5m due by December 2009 from the licensing of the semi-conductor technology patents.




Current liabilities increased from 21.9m at the previous period end to 24.2m at 31 March 2008. The increase relates mainly to revenue sharing payments due relating to revenues received and expected in respect of the semi-conductor technology licenses referred to above.




Non-current liabilities moved from 6.8m at the previous year end to 6.9m at 31 March 2008. They include 4.9m in relation to the BTG defined benefit pension plan and the remaining amounts payable against provisions for impairment charges under non-commercial leases.










Cash

Net cash and cash equivalents rose by 14.0m to 57.0m at 31 March 2008 (31 March 2007: 43.0m). The cash was generated primarily from the profit after tax of 8.8m which includes non-cash charges of 3.9m for depreciation, amortisation, share-related incentives and pension adjustments and the 8.1m Wrexham write-off charge. Cash outflows included funding of 2.2m for the deficit repair plan on the defined benefit pension plan, investments of 1.9m and acquisition costs of 1.7m on patents and fixed assets.

RNS Number : 5516V
BTG PLC
29 May 2008

Directors Interests in the shares of BTG plc


The Company has made the following awards to Directors:


(a) On 28 May 2008 the Company made the following conditional awards of shares in BTG
plc under the BTG Performance Share Plan 2006:

Louise Makin 316,824
Christine Soden 193,180


The awards will normally vest after three years, subject to continued employment and the
satisfaction of performance conditions.


The Performance Share Plan 2006 was approved at the Companys AGM on 26 July 2006. The
performance conditions were set such that 60% are subject to a Total Shareholder Return condition
and 40% subject to a Cumulative Profit target. The Cumulative Profit target requires a minimum of
54m cumulative pre-tax profit (excluding R & D investment) over the three-year period before any
shares may vest, and a ceiling for full vesting of 88m.


(b) On 28 May 2008 the Company awarded the following shares in BTG plc, under the Companys
Deferred Share Bonus Plan, representing 50% of their annual bonus, the balance having been paid
in cash.


Louise Makin 85,185
Christine Soden 52,008


Under the terms of the Plan these shares will normally be released in full to the directors only after a
further three years service.


The total of 137,193 shares were bought in the Market on 28/29 May 2008 by the Companys
Employee Share Trust at an average cost of 119.8649p per share where they will be held until due
for release.




Contact for Queries: Andy Burrows
Telephone: 020 7575 1741

RNS Number : 9412V
BTG PLC
04 June 2008






BTG plc: Acquisition of Protez Pharmaceuticals by Novartis




BTG to receive approximately $5 million in respect of its shareholding in Protez upon close of transaction with further potential payments







London, UK, 4 June 2008: BTG plc (LSE: BGC), the life sciences company, is pleased to note today's announcement by Novartis that is to acquire Protez Pharmaceuticals, a company focused on the discovery and development of novel antibiotics that was founded in 2003 by BTG alongside Protez management members Chris Cashman, Dr Klauss Esser and Dr Luigi Xerri.




Novartis is acquiring the entire share capital of Protez for an initial payment of $100 million, with potential for up to $300 million of additional payments contingent upon the success of PZ-601, a broad-spectrum antibiotic currently in phase II development for potentially fatal drug-resistant infections such as MRSA.




Upon the transaction closing, BTG will receive approximately $5 million, being its share of the initial $100 million, and will receive further sums of up to $15m being 5% of the additional contingent consideration of $300 million payable should PZ-601 achieve certain development and commercialisation targets. The closing is subject to customary conditions for a transaction of this type.



Louise Makin, BTG's chief executive officer, commented: 'We are delighted with the progress made by Protez and are confident that as part of Novartis its programmes will play a major role in the field of infectious diseases. It is also pleasing to see this investment deliver such a good return to BTG.'







For further information contact:




BTG
Financial Dynamics

Andy Burrows, Director of Investor Relations

+44 (0)20 7575 1741; mobile: +44 (0)7990 530605

Christine Soden, Chief Financial Officer

+44 (0)20 7575 1591
Ben Atwell

+44 (0)20 7831 3113





About BTG

BTG in-licenses, develops and commercialises pharmaceuticals and has a broad pipeline of development programmes targeting neurological and other disorders including varicose veins. The company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products. BTG operates from offices in London, Philadelphia and Osaka. For further information, visit: www.btgplc.com.





This information is provided by RNS
The company news service from the London Stock Exchange

END


ACQFKQKNCBKKAAK

About time!

RNS Number : 1319W
BTG PLC
06 June 2008






BTG Reports Successful Completion of Treatments in Varisolve US Phase II Safety Study




No subclinical effects found in MRI scans to date




London, UK, 6 June 2008: BTG plc (LSE: BGC), the life sciences company, announces the completion of enrolment and treatment of patients in the US phase II safety study of Varisolve polidocanol endovenous microfoam, which is under development as a treatment for varicose veins.




A total of 82 patients with saphenous vein incompetence were treated with Varisolve, of whom 57 patients met the study requirement of having bubbles detected in the cerebral circulation during treatment. In line with the trial protocol, all 57 of these patients have had MRI brain scans 24 hours after treatment; 40 of these patients have also completed the required 28-day MRI scans with the remainder expected to complete their 28 day MRI scans by the end of June. To date, no MRI lesions, neurological abnormalities or elevated cardiac markers have been found as a result of the treatment in any of the patients.




Louise Makin, BTG's chief executive officer, said: 'We are delighted that we have found no evidence of subclinical effects in any patients following treatment with Varisolve in this study. This supports our objective of developing Varisolve for the widest possible patient base by enabling recruitment to the planned phase III trials without having to screen future patients for cardiac shunts. It also allows us to embark on commercialisation discussions with potential partners with a valuable product that has now been significantly de-risked.'




Right-to-left cardiac shunts, which are estimated to be present in at least 25% of the population, can allow particles present in the venous system to cross into the arterial system and then into the brain, where they have the potential to block small vessels and cause injury. Following treatment with Varisolve, transient residual microbubbles are present in the venous system. The study was conducted to investigate whether there was any evidence of subclinical effects in 50 patients with such shunts (more were treated to allow for possible late patient withdrawals from the study) following treatment with Varisolve.




The full study results will be submitted for presentation at the November 2008 meeting of the American College of Phlebology.




In parallel with commercialisation discussions, BTG will conduct pilot studies to validate the photographic scales and questionnaires to be used in the phase III pivotal trials.




For further information contact:




BTG
Financial Dynamics

Andy Burrows, Director of Investor Relations

+44 (0)20 7575 1741; mobile: +44 (0)7990 530605

Christine Soden, Chief Financial Officer

+44 (0)20 7575 1591
Ben Atwell

+44 (0)20 7831 3113

Have we turned the corner? who knows, but the chart looks better anyway!
Are you still in Hangon.

neil777, YES and bought some in my ISA at 1.19 when the (banking) Markets were fearful....I thought there might be some good news prior to the AGM (Funny that.) as I see this as a Varisolve-play alone. If it fails I lose, if it wins then we are down to the abilities of the Execs to get a good deal ( their cash pile sure helps against any silly offers)....and "probably" double my investment, although in the past it has peaked near 12 on hopes. If we halve that excitement, and maybe take a bit off for the long-term income, I can see this could be pushed to 4-5 . . . when the Market factors-in the other products ...and potential yield.

What's yr take?

RNS Number : 6140Z
BTG PLC
22 July 2008



BTG plc: Study Shows Abiraterone Can Successfully Treat Aggressive, Chemotherapy-Resistant Prostate Cancer




London, UK, 22 July 2008: BTG plc (LSE: BGC), the life sciences company, notes the publication of a new study in the Journal of Clinical Oncology showing that abiraterone caused significant tumour shrinkage and reduction in prostate specific antigen (PSA) levels in 70-80% of men with advanced, chemotherapy-resistant prostate cancer.




BTG acquired abiraterone from the Institute of Cancer Research and, having funded its early development and secured the intellectual property position, subsequently licensed it to Cougar Biotechnology, Inc. Earlier this year, Cougar commenced a 1200-patient phase III trial with abiraterone, also known as CB7630, in men with metastatic castration-resistant prostate cancer who have failed standard chemotherapy.




In this latest study, conducted by the Institute of Cancer Research and the Royal Marsden Hospital, patients were followed for two-and-a-half years and most had stable disease throughout the period with few side effects. It follows a number of other phase I and phase II studies supporting the role of abiraterone as an important new potential treatment option for aggressive prostate cancer.




Louise Makin, BTG's chief executive officer, commented: 'We are delighted that abiraterone continues to show excellent potential as a new treatment for these resistant forms of prostate cancer, which represent a significant unmet need.'




BTG will receive milestone payments and royalties on sales of CB7630 if it is successfully developed and approved for sale.




CB7630 is one of a number of products BTG has licensed to partners that are making progress through clinical studies. Campath, licensed to Genzyme Corporation, is already approved to treat chronic lymphocytic leukaemia and is under development as a potential treatment for multiple sclerosis; two phase III trials in patients with relapsing-remitting multiple sclerosis commenced earlier this year. TRX4, a monoclonal antibody licensed to Tolerx, Inc, has completed a successful phase II study in patients with type 1 diabetes and is expected soon to start a pivotal phase III trial. Tolerx also recently announced a collaboration with GSK to develop TRX4 for a range of autoimmune diseases.




BTG is also conducting clinical studies with several of its own programmes targeting the treatment of varicose veins, Alzheimer's disease, multiple sclerosis, migraine and obstructive sleep apnoea.




For further information contact:




BTG
Financial Dynamics

Andy Burrows, Director of Investor Relations

+44 (0)20 7575 1741; mobile: +44 (0)7990 530605

Christine Soden, Chief Financial Officer

+44 (0)20 7575 1591
Ben Atwell

+44 (0)20 7831 3113





About BTG

BTG in-licenses, develops and commercialises pharmaceuticals and has a broad pipeline of development programmes targeting neurological and other disorders including varicose veins. The company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products. BTG operates from offices in London, Philadelphia and Osaka. For further information, visit: www.btgplc.com.


This information is provided by RNS
The company news service from the London Stock Exchange

Sorry for no reply Hangon, I have been away a fair bit and my attention has been elsewhere, ie, getting my nuts kicked in with AZM !

AZM(off thread) was indeed a blow! It's not one I hold, but I watched the graph in disbelief. What's yr take? ( try AZM iteslf, pse).

EDIT 4Aug08
Wow! just look st BTG moving - the Bear-Market is somewhere else ( famous last words!) and I love it....This is now my no1 holding ( others badly battered). . . . now what if Vs is a Winner? - twice the current sp ( that's 4 ).....let's not forget this stock rose to 12 in daft days, 2000-ish.
Very conveniently I bought all of my ISA into BGC, and its gone up 50% - wow, thankyou market - but I'm not selling just yet. Oh no.

RNS Number : 7801A
BTG PLC
06 August 2008



BTG plc: Tolerx initiates dosing of otelixizumab in a phase III clinical trial in type 1 diabetes

Tolerx to pay milestone of $7.5 million to BTG




London, UK, 6 August 2008: BTG plc (LSE: BGC), the life sciences company, notes today's announcement by Tolerx, Inc. that it has initiated a pivotal phase III clinical trial of otelixizumab (TRX4) in patients with new onset type 1 diabetes. Initiation of the DEFEND (Durable Response Therapy Evaluation For Early or New Onset Type 1 Diabetes) triggers a milestone payment by Tolerx to BTG of $7.5m.




The DEFEND trial, which is being conducted at multiple centres in North America and Europe, will enrol approximately 240 people aged 18-35 who have been newly diagnosed with type 1 diabetes. It will evaluate whether a single course of TRX4, administered no later than 90- days after the diagnosis of autoimmune type 1 diabetes, can inhibit the destruction of pancreatic beta cells and thereby reduce the amount of administered insulin required to control blood glucose levels. The primary endpoint will be a measurement of C-peptide, which is a surrogate measure of beta cell function.




Louise Makin, BTG's chief executive officer, commented: 'We are delighted that Tolerx has commenced this pivotal phase III trial of TRX4, which could be a significant new treatment option for people with new onset type 1 diabetes. TRX4 is the third of our licensed programmes to enter phase III trials recently, alongside Campath for MS and abiraterone acetate for prostate cancer, underlining the value of our licensed pipeline.'




BTG granted Tolerx worldwide rights to develop and commercialise TRX4 in September 2001. In October 2007, Tolerx entered into an agreement with GlaxoSmithKline to develop and commercialise TRX4 in a range of autoimmune and immune-mediated inflammatory diseases. Under the terms of that collaboration, Tolerx may earn development and sales milestone payments of up to $525m and BTG is entitled to receive 50% of the development and sales milestones paid to Tolerx.




For further information contact:




BTG
Financial Dynamics

Andy Burrows, Director of Investor Relations

+44 (0)20 7575 1741; mobile: +44 (0)7990 530605

Christine Soden, Chief Financial Officer

+44 (0)20 7575 1591
Ben Atwell

+44 (0)20 7831 3113





About BTG

BTG in-licenses, develops and commercialises pharmaceuticals and has a broad pipeline of development programmes targeting neurological and other disorders including varicose veins. The company also has a substantial and growing revenue stream of milestone payments and royalties from out-licensed products. BTG operates from offices in London, Philadelphia and Osaka. For further information, visit: www.btgplc.com.


This information is provided by RNS
The company news service from the London Stock Exchange

END

just a bit of history/

over 16 pounds once

18 to be exact! But that was in the stupid days.

The dot-com days are gone and those silly prices are unlikely to re-appear. Many companies had little real value - but the MArket kept pushing onwward and upward.
Now, back in 2008, from 85p (Springtime) BTG has be rising to current 2.20 with just a slight drop recently from higher. That shows the fundamentals are-a-changing since this Market is "tough" - there may be some sillynes, but if it's doubled confortable in under 6-months, there is no reason to believe it cannot do the same when some "news" supports the potential. Therfore I'd be surprised if we don't see another 1 ( =4-bagger) before long and maybe more at the time of any Ann. Perhaps that will be time to sell and buy on any bounce, as there will be plenty that think that's enough.
Yet, after a +ve Ann. why sell? That Ann will define the potential and timescale - why would any Market treat you to a buying Op ?
Other than balancing yr portfolio it will be better to stay In. At least until the first Deal is struck, which might indicate any cash-returns to shareholders...for that is when pay-day should start.
If Management finds other uses for the profits, that will be time to question the pipeline and the way Execs want to reward shareholders - - - Grief we've been patient! I think all my purchases are in profit now, but more would be an extra comfort.
Looking at the Graph, it looks sensible to say that 6 looks possible - but IF you remove the Dot-Com bubble, then the graph doesn't look so good. And nor should it - the value has only appeared recently, so consider the graph from about 2004/5 and maybe 3-4 looks achievable.
That's not to say a spike cannot occur and that will depend on Management.

BTG has been examined by "Shares" and found that the sp is higher than the all-time floor...funny that, eh?
What they don't say is that since last April)-ish), the Market has re-rated this because the prospects of Varisolve are much greater, and the Market sees the other products, the income-stream and the Cash - are worth the 2+


To suggest this will touch 85p begs this question - If you have any stock, will you sell them to me cheaply - many thanks.

DYOR

UPDATE 1-BTG to buy Protherics in $390 mln UK biotech deal
AFX


LONDON, Sept 18 (Reuters) - BTG has agreed to buy Protherics for around 218.1 million pounds ($388.6 million) in an all-share deal, the companies said on Thursday, marking the further consolidation of Britain's biotech sector.

Biotechnology has seen a spate of takeover activity recently, spurred by large drugmakers seeking to acquire new products to fill their depleted drug development pipelines and smaller companies joining forces to stretch cash reserves.

Protherics shareholders will receive 0.291 new BTG shares for every one Protherics share held. That values Protherics at 60 pence a share -- a premium of 45.5 percent to the closing price on Sept. 17 -- based on a BTG share price of 206p.

Annualised merger cost synergies and rationalisation of the enlarged group's cost base are expected to be around 20 million pounds by 2010/11, the two companies said.

The acquisition is forecast to be earnings enhancing, on an EBITDA basis, and cash neutral from 2009/10 and significantly earnings enhancing thereafter.

Protherics first announced last month that it had received several bid approaches and there had been some speculation it might be bought by AstraZeneca Plc.

'I think people would have preferred a cash offer from Big Pharma rather than paper in a company whose shares have gone up 115 percent in the last year when everything else has gone down,' said KBC analyst Paul Cuddon.

AstraZeneca has a deal dating back to 2005 with Protherics covering its experimental drug CytoFab for sepsis, a deadly syndrome linked to serious bloodstream infections. The Anglo-Swedish group also has a 3.2 percent stake in the company.

Protherics also has an alliance with privately owned Swiss drugmaker Nycomed, which sells its CroFab treatment for rattlesnake bites and DigiFab for drug overdoses in the United States.

Rothschild is acting as financial adviser to BTG. Jefferies is acting as financial adviser to Protherics.

(Additional reporting by Ben Hirschler; Editing by Greg Mahlich) ($1=.5612 pounds) Keywords: PROTHERICS BTG/

tf.TFN-Europe_newsdesk@thomson.com

ak



COPYRIGHT

Don't know of many deals that are settled on the first price recommended. Would like to have seen the usual release first, IE 'Protherics have been offered equivalent to 60p per share for the company by BTG. The company will not be recommending the offer as we believe it does not reflect the true value of Protherics'.
Was this the first offer?, and if so why is it being recommended. This is going against the normal trend of Takeovers.

So BTG say they have received a positive response from 45 percent of shareholders, and Protherics saying it had positive responses from 35 percent.
Obviously as myself and many other PI's have not been approached it means 45 percent and 35 percent of 'Those Approached'.
So presumably that means 55% and 65% respectively have given negative feedback.

As a PTI holder I agree with those who think it's a steal. Protherics has a healthy cash pile with a drug portfolio in varying stages, that is no doubt the envy of similar drug/bio market cap companies.

I hold both, although BTG is the greater investment. So it appears to me a good deal - for "we" never know the full extent of almost everything.

Greekman, You, appear to claim PTI Directors do not support this deal - this is untrue as I read the PTI document recently posted: "(dated 18 Sept.08 - p4). . . . Para10, ...and the Independent Protherics Directors intend unanimosly to recommend that Protherics Shareholders vote in favour . . . . and . . . at the Protherics EGM. - . . . . "
Doesn't read(to me), like you say. . . . . . do you have supporting documentation?

However, I suspect that together, they will be stronger than separate.
-Are there losers? - well, only if you believe the prospects for PTI are vast - and I'm inclined to discount what all Execs say:-
-1) They have said similar for ages

-2) Little excitement in the Market - witness the lamentable sp, prior to this ann.

So what are PTI sharehplders upset about? Why didn't they fill their boots when the sp was south of 30p ( ie well under half recent highs)....? I can only guess they were not impressed and put their money elsewhere.

By contrast, BTG has risen from a low ( nearly 90p Jan08) to nearly 3x prior to the recent financial implosion from US....and the reason? IMHO it's the prospect of Vs about the hit the Market....which is worth a lot....so PTI-shareholders will be able to embrace any returns for this - so maybe BTG shareholders should be concerned - and this is the REASON for the sp fall - in the minds of MM's for I don't see a huge selling in the Market.
However, it's true that such a tie-up is confusinig - it involves NO CASH - so the combined company will be very well positioned to bring their next generation Drugs forward.
Let's not forget that BTG has a decent regular income and is really the larger of the two - so if anything BTG shareholders are getting the less-good deal. However, to compensate for this, it is probable that Vs can be negotiated "better" by the combined efforts, so I suspect that cash-returns will be greater. "...Better 10% of something Big, than 20% of something much smaller, eh?..."

Whilst there are always losers - I suggest that its rather too complicated to "point the finger" - so let's hear from posters (here) . . . . . aren't we all winners?
Er, or all losers - - - surely not?
+I cannot imagine a better "fit" for two exciting businesses.
I attended PTI agm and was surprised at the number of "suits" all being paid by a relatively small turnover . . . . . Let's hope this generosity stops with the combined Group. BTG was quite restrained, by comparison.

getting close to the TAKEOVER ( well, combine, really).
I see a rising sp - this must be the Market accepting it will go through and seeing the advantages.
Have bought a few PTI recently at a small discount ( although only Time will prove this!)....but I suspect the original ratios are about right.
IF the BTG sp rises then recent PTI-prices will be something of a bargain....let's hope, eh?

Is there anything more driving the sp? - well, the underlying businesses are pretty good...with potential to reach maybe 5 . . . . a decent price for a Business with close-on 100million in cash and income.
[[Note that all sp figueres need to be adjusted because of the expanded shareholder-base, perhaps others here can suggest a discount, like 20%, so this means a figure of 5 is a guess on the "old" shares, therefore perhaps 4 - but this is still nearly 3x current level. Furthermore, this figure is not rational - it might be the any "good-news" will command an exceptional sp in these markets of dire-gloom.]]
BTG's products are Patent-protected and most require FDA-Approval - with this there is something like a Monopoly . . . .always good provided there are enough customers .. . . .but in America this is a Bonus, witht he exchange-rate a boost to UK -Shareholders. I Hold BTG[BGC].

Morning all,

Have followed this thread since the takeover of PTI was first muted. Looks like it is almost as quiet as the PTI thread became. Still here now and looking forward, instead of backward (those were the days etc) as forward is now the only way to look.

Greek

Nice positive write up in the Mail on Sunday.

http://www.cityam.com/index.php?news=26714

Morning Hangon,

Sorry wasn't ignoring you. Just been busy.

You stated in post 55....Greekman, You, appear to claim PTI Directors do not support this deal -

I think you possibly mis read my post (or it could have been my grammar) as all I said was.....Would like to have seen the usual release first, IE 'Protherics have been offered equivalent to 60p per share for the company by BTG. The company will not be recommending the offer as we believe it does not reflect the true value of Protherics'.......All between the dots was what I would have liked to have seen.
All along Protherics Directors have been very pro, what suprised me is that they took what looked like the first amount offered and did not attempt to up the anti.
This is going against the normal trend of Takeovers.


Nice little write up.
Seven shares we wished we'd picked in 2008
by Nick Louth, exclusive to MSN
December 16 2008

BTG being onesurprised of them.

http://money.uk.msn.com/investing/articles/nicklouth/article.aspx?cp-documentid=11911094

Cheers Greek.

+++and the new co is up 5%
(incidently I did start a new thread for the New Company - "Happy New Year", so we could refer to the new (enlarged) business, without getting historical references to the separate businesses - they are all ONE, now.)
Also, I suspect PTI directors were not quite as open as one might like on the matter of cash to push forward, as I wasn't sure Crofab income was more than petty-cash, being a limitied market with little expansion prospect ( but with a small risk of a competitor, or improved snake-management, etc.).

Hangon,

Yes, nice rise. Also thanks re the new thread. Did not know it referred to BTG.
Any chance of changing it to BTG 2 or something as newbies may not know where to go.

If not, no prob, I will help spread the word.

Good trading update.

As many on here know I was strongly against PTI selling out (as I put it) to BTG. Whilst not ready yet to change my opinion, it is beginning to look like it was a good deal after all. Does not matter the price level paid for PTI shares, which at the time I thought was too low, if the end product means that the deal brings better and bigger profits to the share holder.

Hopefully within the next 12 months or sooner I will be able to hold my hands up and say I was wrong, it was a good deal.

Nice of you to say greekman, I'm still holding; I guess we're still on this thread.
The Update was onwards and upwards, without any back-bighting that can come from a joining of businesses, with their internal "empires".
However, I didn't get the impression they were slimming-down Management, probably best to see how things pan out and where Execs can expand into newer roles....so it's still looking good, IMHO. I did have shares in both so it looked good to me, esp as they might secure better deals in US - and "now" is probably a good time to be getting stuck-in.(ie before any really valuable drugs are approved).
Noticed some price-slipping, but I guess folks really want Exceptional News, which is a little unrealistic since Approvals take time. Essential to be "in" than watching, eh?

Good sp action Friday may be worth a go.

Big article in Sunday Telegraph re the big push for larger companies, such as Glaxo, Astra, Pfizer etc to go further along the acquisition trail due to the increasing loss of patents and the increase of generic drugs. Almost every week we see these articles and with the last 12 months seeing the highest rate of such moves for many years, who knows what the next 12 months holds.
I expect many smaller companies to become prey to these big boys.
Not saying BTG will be a target, but will any companies of BTG's size be safe.
Could be an interesting year.

Hi, greekman - I think the story behind the article is THE REASON our company acted when it did - fortunately the CEO was the same-man, so that made it easier. Also Big-Pharma has much empire-building with huge research budgets and staff that cannot be discarded "at a stroke". . . . . . so whilst outsiders think Big-Pharma are looking to do deals, in reality they are like dinosaurs - very slow and likely to be attacked from their rear-quarters.

I think Big-Pharma needs an intermediary - maybe an opportunity for a new business? - someone that can act without ramping prices, and yet who has enough 8understanding of the "fit" - yet thius is such a difficult area - - - etc. - - - and that's why no big pharma has really cornered the Market in small-pharma, which they could do for a fraction of their own (relatively ineffective) internal research Budgets.
Remember ( well, it's MHO) that Big-Pharma is not a Pharma ---(!) - - -it is a Marketing Machine and could be better described as Big-Advertiser!

Did you have any money in Evolutec?
[There was a basically sound idea, but it weent wrong ( probably iinexperience?) and they didn't have the big-funds to keep going - once the Public sensed woes, the sp was ruined! Yet I thought they had something there, at the lower sp of 17p ( not 1++ the Market pushed it!)...
BUT I lost, because the Co didn't have the Cash to keep it going. . . . . pity...].

I see the buyers are active with BTG - good thing too; I'm holding until the price is much higher....there is plenty of time for the News to push it further, er IMHO.

Morning Hangon and all,

As a long time PTI holder and a new comer to BTG it is good to see a sensible debate. Hopefully I will become as conversant with the working and fundamentals of BTG as I was with those of PTI.
Posts on here are helpful and informative. Keep them coming.

Personally I don't have a clue whether such a move (Glaxo, Astra etc) is on the cards or not, and have no idea whether such a move would be beneficial to these bigger companies especially in the present climate. Be interesting to see the massive figures that would be thrown about if such a move did start. I am very happy with BTG's present situation present added to the direction it appears to be heading re future planning.

Note... Did not hold any Evo shares.

Greek.

SNOW! =half a day off work, so I'm at the keyboard and just got round to BTG -
FWIW, I can't imagine the takeover price would be less that twice today's....but then it would be a sell-out with no L-T value, so I'm guessing we'd want some shares as well, maybe 1 for five . . . or abt. 3.5x today's sp if pushed... i might look like a shade under 5, say 4.30 - or more if there was a "claw-back" clause in the event theproducts failed to achieve Approval.

I think there is a real issue that the likes of Glaxo are ignoring - at least until the present Management manages to retire on a whacky pension....ie they don't want to show up the deficiencies, not for the benefit of shareholders, but prpobably Pension Funds and the like that buy "Big Co's" regardless of their future earnings.

There are so many Generic manufacturers, that prioces will be slashed and that means if Glaxo ( for example) were to "match". their customers for on-patent might querey why they are expected to pay over the odds...etc.
The old chestnut was "prices pay for the research" is fairly hollow, since no real breakthoughs have been made in recent years. Viagra was "by chance" and is being milked for all its worth... no wonder there are worthless "copy" pills on the Market with the genuine thing nearly 10 a go.

A trade of 2 618,323 came in at 09.58.20. It registered as unknown but looking at the sp just prior and after looks more likely to be a buy than a sell. Anyone agree/disagree.

Today sales were 3/4 of Buys, yet MM's managed to drop the sp 1%

Is it surprising the sp has held so long - or is it true that holders are patiently waiting for the good news - knowing the merger was a reasonable success ( and cheap!). . . . . . . and there is plenty of cash, so no deep-discounts like so many Bigger FTSE's - - - - anyone holding BT?. . . . Arrgh!

Nice move up today.

Asterand's partner BTG to initiate Phase IIa migraine studies
Published:09-April-2009
By Datamonitor staff writer.

http://drugdiscovery.pharmaceutical-business-review.com/news/asterands_partner_btg_to_initiate_phase_iia_migraine_studies_090409

BGC is mentioned.....
Proximagen is raising 50 million pounds ($80.5 million) in what it said was one of the biggest fundraisings in the UK biotech sector in the past 10 years.
It will use the cash to buy drugs, and possibly companies, in the central nervous system area, treating conditions such as Alzheimers as well as Parkinsons disease where it already has expertise.
BTG (BGC.L) have assets the company might be interested in.

Whilst I feel BGC are progressing nicely, we are in a time of more takeovers/acquisitions involving drug/bio companies than any other time for many years.

http://www.pehub.com/41562/proximagen-raises-50-million/

Any views!

Looks like the business model is paying off. Cash in the bank with a good portfolio of revenue earning products, plus a good few products progressing nicely toward adding to the revenue stream.
The next 12 months looks interesting.

From The Mail.

By Geoff Foster
Last updated at 10:26 PM on 17th July 2009

BTG firmed 3.25p to 168p on speculation that partner AstraZeneca will soon announce its intention to extend its Phase IIb development plan for CytoFab, a treatment for severe sepsis. AZ has already chosen Rhode Island Hospital and St Luc hospital in Brussels to coordinate Phase IIb. Edison Research's fair value price target is 325p.

Wondered why the rise.

Not a great believer in Research Notes, since they are at odds with the Market ( which by definition is usually right), and Edison Research is no better than another, er, IMHO.
Until these products are being Marketed and there is Product-income it's very difficult to put a value on any stock; esp. since a small slip can spell disaster. However, you have to be "in" to win (they say) and this is one of mine. Sure, a higher sp would contribute to "feel-good" - but I suspect we have more than a year to wait ( 2013, even?) before L-T shareholders will have anything to get excited about.

Is the Edison Research's Note available on-line, I wonder?
...Maybe they want a fee...

I'm hoping the price will be 4-5x higher by 2013, so I'm curious to know what timeframe Edison Research's Note is suggesting . . . . have you read it, Greekman...?
I'm hoping BTG does go "to Market" thereby getting big-income over several years....I think this would make an attractive stock to hold and some big-Institutional holding (currently only 30%-DYOR) would have a big effect on sp....
I doubt we'll see a 10-bagger from this level, but sub-10 would still be very nice once the income stream is seen to be repetitive. The currency-effect might help slightly, as well.

On another matter, now the Merger-dust has settled, it seems they are taking-out costs, including a move to less fancy offices and some slimming of the combined-operation where there is duplication, I'm guessing about 10m pa would be nice if shareholders got this, eh?

I agree with your comments re research notes, mainly as to predicted future sp pricing, but the comment, 'partner AstraZeneca will soon announce its intention to extend its Phase IIb development plan for CytoFab' rings true. Speculation, yes, but most indicators re this look good.

I have not read the notes. Lke you I always find that if they are not news published they want a fee, often of several hundred pounds.

Thanks for that Greekman, I suspect the cost (of the Research Notes) is greater than the value - For this "news" ( about AZ), was already Public by virtue of the AGM ( er, and maybe well before) . . . but what is not certain is which areas AZ will be hanging their hat upon. If for example going forwards with this product means they need new Offices, new salesmen etc, they need to see what other products these costly purchases will be able to handle, er, without upsetting their existing salesforce/image/etc. ( this includes "AZ Directors" who will want exciting technologies, so as to grow their own Empires!).

So, IMHO it matters not if the BTG-product is good and will turn in profits, - rather it matters how it fits with AZ's future Plans and they won't say until it's a done-deal.

Compare-contrast . . . . . with OXB's situation . . .
- There, Sanofi changed horses mid-race, just recently. Fortunately Sanofi invested yet more in a realted-technology but it applies to a different field, I understand. - DYOR -

I don't suppose BTG would want to lose AZ as their partner; but it depends on the "deal" they can achieve - er, if BTG believes in the "value" of the product.....that BTG is amassing their own US-salesforce (for Crofab and Varisolve I understand when they come on-stream ), so this puts BTG is a stronger position - but AZ-plans are crucial . . . although after they've been with the product there could be a "Corporate Change" ( as suggested above)....which would force BTG to find a new partner....and Markets don't like uncertainty...much preferring AZ to take the product forward. BUT not at ANY-price, therein lies the Risk, although it's small IMHO and will take its Course under BTG management.

Morning,

I think it's more a bit of both, if the BTG-product is good and will turn in profits and if it fits with AZ's future Plans.

As to Directors empire building, I presume you are inferring that some directors put their own little empires before those of the company they work for and also their shareholders. You will be saying next that all bankers, politicians and the like are only concerned about feathering their own nest (or pension pots) often at our expense.

Note... The last time I looked into obtaining a research note, (can't remember the company) but I was quoted a sum of just over 300, well beyond moneys worth for my holdings and I presume those of anyone not either very money rich or an institution.

Greekman, I'm not sure if you are agreeing with me - that Dir of BigPharma are so detatched from the laboratory they are really interested in being the TopDog ( er, that's Empire-building in my Book), rather than what's best for their shareholders. Of course, many will argue that if every Dir is doing this, then it must be good for shareholders. Sadly IMHO, it means that many decisions are taken with the aim of enhancing the Department, rather than the Company as a whole. The Chairman should be reining-in the Directors, but with opportunities/Markets/human behaviour - er, I rest my case.

Human nature is at work in the City and our National Banks . . . give 'em an inch and they'll take a mile.

Nevertheless, it's looking good for BTG and that we/the Market agree.
This is my No1 holding.
EDIT-(27Jy09)- Greekman; glad we agree.

Hangon,

I am totally agreeing with you.

I presume you realise I was being tongue in cheek, comparing the Directors with Bankers, Politicians etc. I take the view that they are all in it for what they can get, IE looking after number 1, often at others expense. So your statement, 'they are really interested in being the TopDog ( er, that's Empire-building in my Book), rather than what's best for their shareholders', is spot on.

Apologise if my last post, confused.

As for your comment, 'give 'em an inch and they'll take a mile', you wll probably be getting a written warning from our rulers in the EU, as you should have said, give 'em 2.54 cm and they'll take 1.60934 km.
Don't sound the same though does it.

Regards Greek.

Very good day re the SP.

As to todays note release,

According to the note, we are looking to 2014/15 for full launch of the drug, if successful.

A few months ago many of the world drug approval bodies, including the FDA and NICE stated they would look to shortening the length of time taken to bring drugs from first trial to full use approval, as they except many delays are unjustified.
If you follow the NIHR HTA programme as I do, you will often see reports on drug trails take many months to be written up, 'after the trials conclusion'. Often these reports are farmed out to be written up.
If further trials are then required, or clarification or eventual approval for general release, they can not go ahead without the completion of these reports.
And we wonder why new drugs take so long and cost so much to bring to market.
Procrastination truly rules, in the field of these drug approval bodies.
Like most job-worthies, their pending trays must be their most prized office possession.
'Finger and out', springs to mind.
Pathetic.

Greekman, without reading the full story, it looks as though the AZ-news is giving BTG something like a big-smile.
Looking good to me, up 9%-ish on the News....
EDIT (18Aug09)- Down 4.5% uyesterday on cancer-drug news will trigger $7m milestone paymnet - Er, what? + Still, it's up a tad today. (Abt. 187 to buy.)
EDIT-(26Aug09). Director sharedealing - no wonder they call it thus...their option shares are sold "to cover tax liabilities" - well, frankly if this is how they treat free shares, it shows little confidence in the next 3-months ( ie seeing-out 2009).
Oh deary. I think they should hold onto them at least until the end of the Tax-year...eh?
EDIT (16Oct09)- 199 = 2+ soon, now that's progress.
EDIT (17Nov09)- 199 a few weeks ago, now 165 after some selling today a buyer appeared and bought what looks like 200k shares (c. 300k) in 3 tranches.

BTG Licenses ReGel to Allergan for use in diseases of the eye.

Under the terms of the agreement, BTG will receive an undisclosed upfront payment, and potential additional future milestones and royalties on product sales.

Good news (I think) but 'why the secrecy' of the amount they will receive.

Although I have seen this before to not state the deal value of an upfront payment is in my experience very rare.

So the RNS does not tell us much at all, presumably it is a good deal for BTG, but how can we tell.

Happy New Year
But - I must take a different view to yours Greekman - in that it is my experience that good commercially-focussed companies usually don't give details. They may talk of Milestone payments and Royalties, but so often the RNS is somewhat short on pennies (or Pounds,). I've always thought this was to prevent other parties from understanding their competitors....
- For example if BTG is selling a minor treatment, then they'll approach say three or more potential partners. Hopefully one will bite and make a bid - this may be less than the others, because BTG believes the Return is more-certain (and hopefully better overall). To avoid upsetting the others, the "deal" is somewhat fudged - after all they may want to get top-dollar with one of the disapointed parties. By showinig their hand (that BTG settled for less, say) they may miss out on a far more finacially important deal.....

Sadly many also-ran companies (few on the Main Mkt. IMHO) use the same technique to pump-up their deals, E.G. by trying to use the good-name of a larger-player as though this creates a "value" for their technology, when in fact all they have is an "understanding" - which is pretty worthless. These "snipets" are then used by Rampers to justify rapid price-rises based on nothiing more than Hope . . . and the eagerness of punters to be "in" at the start - whereas the truth is they are being drawn into a sp that is already overvalued by a factor of ten.
- I hold BTG, in case anyone thinks I'm grininig any axe.
Oh and I'm still happy, waiting for my reward.

Hi Hangon,

I for one don't think you are 'grinding any axe', but I stick to my comments re detail, although I do see your point re keeping the figures from potential competitors.
Like you waiting for the reward which I am confident will come.

Regards Greek.

Thanks for that on BTG - - - - BTW are you reading OXB's RNS (today)...?

I hold that also, and am impressed by the irregular updates. . . . looks good to me for the US patent-holders have invested in OXB - looking for an extra return on their efforts, I guess.


EDIT (Oct2010), UPDATE - FWIW, I've sold most of my BTG-holding at 229, as a result of IC article that paints a less-rosey pic. So now I expect it to fly! Been a good run recently, but their US operation will drain funds and Vs has no G'tees.
EDIT (2Nov10)- flying still, now 350 that's nearly 10% up on my Sale. Huh!

Edison now saying BTG worth 3.51 a share and mentions a very positive update on Campath, with a possible hostile bid by Sanofi-Aventiss for Genzyme, BTGs licensee for the drug, which contends its prospects are vastly under-appreciated.

Today Norges Bank informed the market that they had increased their holding from 7,689,369 to 9,189,369 and the sp drops. Strange world.

As yet I have not made my mind up re a good or bad move.
BGC shareholders obviously think that at the proposed price offer is a bad move, whereas holders of Biocompatibles have judged it a good move. With the offer being worth about 40% more than the price on the day Biocompatibles announced it had been approached you can see why. Biocompatibles are the obvious instant winners. Holders of BGC will have to wait and see, but to offer a premium of 40% look on the face of it, far too generous. Remembering back to the price BGC paid for Protherics shares, which were not in this league of premium paid, this proposed deal looks very generous indeed.
As said, not yet judging. Just waiting and watching.

I noticed the CEO sold over �200k=worth just earlier, and it's difficult to imagine there was zero inkling of the lead-up to Due Dilligence (don't these things take for ages?), still, BII was a hefty price and one that does one Co well can't be so good for the other. I saw the obvious connection with Protherics, Both "lost" and Gained.....=Evens.
Of course BII might have been less-keen with a lower price, but BGC needs that cash for Varisolve trials (and I still wonder why no-one else is a willing partner).
The SP is now below my Sale, only just. But why take any risk....I knew nothing of BII, incidently. . . my sale followed the IC article....quite the opposite of "Shares" this week!

I wonder if there will be a cash-call in the New Year? - or, will the City dilute existing shareholders with a Placing....?
EDIT -(15Dec10)- Seems I may be wrong, the BII deal is still subject to shareholder approval....still, we know what that means, don't we?
EDIT 30Jan2012)- Well a Day after the Management Report we have GOOD NEWS on Varisolve, but the effect on SP is not much.....

Still form 8.5s coming out showing short positions. Not good for the sp.

Edit.....Sorry wrong thread

BTG plc: Interim Management Statement

London, UK, 25 January 2012: BTG plc (LSE: BGC), the specialist healthcare company, today publishes its interim management statement for the period from 1 October 2011 to 24 January 2012.

Trading has been in line with the Board's expectations and revenues for the full year are expected to be in the range £160m to £165m, as previously announced. This guidance excludes any royalty revenues that may be received in the second half relating to BeneFIX® (factor IX) product that was in the supply chain at the time of final patent expiry in March 2011.

The Biologics License Application for Voraxaze® (glucarpidase) that was submitted to the US Food and Drug Administration in September 2011 was granted priority review and was approved on 17 January 2012. Voraxaze® is indicated for the treatment of toxic plasma methotrexate concentrations (>1 micromole per litre) in patients with delayed methotrexate clearance due to impaired renal function. It will be marketed directly in the US by BTG through our existing acute care sales force; we anticipate peak US sales of around $15m per annum. BTG licensed the Japanese rights to glucarpidase to Ohara Pharmaceutical Co., Ltd. in December 2011.

BTG's new team of Medical Science Liaisons and Account Managers commenced direct sales of and medical support for the LC Bead™ in the US this month following expiry of the distribution contract with AngioDynamics, Inc. on 31 December 2011. The team has made good initial progress, with all key accounts updated with new order codes and first orders received. The revenue impact of selling the LC Bead™ in the US ourselves is expected to be evident from the financial year beginning in April 2012.

Analysis of data from the Phase III trials of Varisolve® (PEM) is continuing with the results of all three studies expected within the first half of 2012.

Louise Makin, BTG's CEO, commented: "We have continued to make good progress commercially and in our pipeline since reporting in November a strong set of results for the first half of the year. Our second US sales force is now selling the LC Bead™ and has started well. We were pleased to receive US approval for Voraxaze®, the first regulatory application we have made in the US, which we will market through our existing acute care sales force. We look forward to a busy 2012, with data from the three Phase III trials of Varisolve®, from our partner AstraZeneca's Phase IIb study of AZD9773 (CytoFab™) in severe sepsis and the submission of US and EU regulatory applications by Sanofi for Lemtrada™ (alemtuzumab) in relapsing-remitting multiple sclerosis."