As most of us already know that the preliminary results of a pivotal European Phase III trial of the BTG's greatest star VARISOLVE were positive.

- Overall response rate in patients (435 patients) treated with VARISOLVE was 83.4%, in line with expectations.
- Established that VARISOLVE is similar in efficacy to conventional treatments (sclerotherapy or surgery) in the treatment of moderate to severe varicose veins.
- The winning factor is that both physicians and patients would welcome this rapid, virtually painless, treatment for varicose veins.

But, the Varisolve US Phase II safety study has been put on clinical hold by FDA, continue to worry investors for about a month now since its announcement. Consequently shares oversold till today. This could be long enough and is an investment opportunity worth monitoring. Any spark of hope could easily double the share price. Base on the assumption that Varisolve may not survive the trails despite additional costs and efforts to do additional tests to accumulate enough proves and statistics or to improve their procedures, which is unlikely although sources suggest that the clinical Hold is more likely to cause a delay of 1-2 years to its commercialisation date, the net current asset value of the company alone is estimated to be around 190 – 250 (consensus from various analyst), excluding any contribution from Varisolve US and Europe. Note that BTG total revenues increased by 35% to 19.1 million (2002: 14.2 million). Investors will bet on the company’s ability to generate enough cash to carry Varisolve through till its commercialisation, which is estimated to be 2005/6/7 in EU and 2007/8/9 US. With institutional investments from Deutsche Bank AG (More than 11%), Amvescap PLC (More than 26%), Bank of New York Europe Limited and many more…, the risk may still remain significant, but definitely one to keep close to your screen. Remember that they have many more high potential projects on parallel development. Opportunity like this don't come often.

Investors are expecting BTG to clarified their strategy and plan to overcome their challenges associated with Varisolve by early 2004. The next important date will be in early February 2004 which may be an opportunity for them to inspire some confidence (2nd Annual BioPartnering North America).

My opinion : Now is the time to get in!!!

highinterest - Feel extremely sorry for those like you who owned at 3.50p plus when they lost 60% in a day, what can you do when they drop so fast. Hope you get your mony back - good luck.

thanks dosh. I still feel optimistic [that's a name for what you feel before you really understand the situation] about the outcome and I do still add when I get liquidity, but I am pouring more into pxc and fto at the moment.
The worst of my bgc crisis came when my broker phoned me on black friday and informed me that he had 'managed' to place my limit order for 7500 at 370p whilst they were falling! By this time they had fallen to 160 and he was advising me to sell as it was a 'very risky play'. When I did sell it cost me a lot of money. He says he acted in good faith and there was no way he could have known he was catching a falling sword. I was in meetings all day so he could not contact me.
We are currently in the ombudsman's hands.

highinterest - Hope it works out for you, I bought into pipex yesterday, looks like a good share for 2004. Hopefully you can recoup some money on this.

It has been a steady riser since I bought last week looks like the recovery is underway.

thx dosh. been stocking them both for some time and already well up on both - touch wood. agree with you apple; seems as though the recovery might be getting under way here. just a few small shoots of spring perhaps?
good weekend all

Highinterest. It really depends on your risk appetite. Its share price seems to have stablised and hence drop in volatility. The market is well informed and the current price correction is there for a good reason. Good luck!!

Alert for bargain hunters, again!!! This price will not stay long 156.00.

157.75 now

I was in at 1.56

Price now 159.25.

160 now

160.75 now

162 now

Dropping like mad, surely it worth more than 1.35 p/s. Have missed anything news etc..

Still plummetting. There must be something out there that I don't know? Doesn't seem to be anything on the news updates though - anybody any ideas?

there is no news bignose - investor relations told me yesterday that an announcemnet made very soon and will cover all outstanding issues. This share is seriously undervalued and even if it falls more it will be an opportunity to top up. hsbc estimates value without varisolve at 2oop adn 70p for europe varisolve. What is happening is that we have fallen below the trend line and a lot of small peeps have panicked, but I suspect it was the ones who bought on black friday at 150p.
I am still buying this but i am very long term holder. happy to sit for ten years if necessary.

The trouble with BTG (bgc) is that Management has been quietly snoozing, or should that be snoozing quietly?
They have a vast number of Patents and staff looking after them, yet days, weeks, months and years(?) go by without any churning over of progress reports etc.
If we take Varisolve out of the picture their next "bigie" is probably that rf tagging technology - aimed at anti-counterfeiting goods and distribution in wharehouses ( etc.) - this technology looks to be the next big thing for commerce, now that they've got as many CCTV as needed - even in the lifts!
Yet BAA still finds it difficult to stop van-loads of gold (cash?) leaving Heathrow Airport, whilst we the paying public have to queue-up and have our nailfiles removed in case we are terrorists. Clearly there is a need for better Airport security ( for Need read "essential need") as it apears to be open-season on airplanes and hangers etc.
Is it not possible that this RF tagging scheme could be used to identify persons allowed onto the Airport site?.I suggest badges are in two parts one that is retained for identification "off-site" and another that matches it when on-site (issued at any guarded entrance) tus as the worker moves through the site two signals will be present: 1)their personal tag and 2) their daily permit - the computer "instantly" checks the personal and permits and so should be able to "know" that at the point of entry the Authorised person was present.
Monitoring on site should show up any "unusual " movements/journeys etc.

Yet BTG remains silent on this rf technology - quieter than on the next chapter of Varisolve - but don't hold your breath - it's not going to be good news - we know it's delayed - it's a battle-scarred tortoise that's crawled onto a mine - the question is: when it crawls off, will the explosion push it further forward or will it become a terminal case?

I'm a holder of BTG from lower prices, shortly to be re-visited I suspect, oh dear.

Highinterest - you sound like a believer! I'm in between thinking it is too good an opportunity to miss at this level and thinking it could go a lot lower (as hangon said).

I've been watching them for ages and I've seen them a lot lower, they just don't have the confidence of the market. They seem to have plenty of interesting possibilities and theoretically the sky is the limit but the ongoing lack of profits, it still feels very 'internet boom - like' - no visible means of support. Am I being unduly pessimistic?

It needs to fall some more before I am tempted.

i've heard that the european regulators want the same tests as the fda and this will delay launch by two years. we're all queered if it's true. 70p here we come!