An old favourite of mine ..... famous for their rattlesnake serum


Looking to get back in soon as the market has been weak and not helped by this mornings announcement ..... markets tend not to like aquisitins that have an immediate dilution effect but longer term I think this can be a good move.

Will be tracking with interest and looking to buy - currenyly 17.75 p to buy and off intraday


ains




LONDON (AFX) - Protherics PLC chief executive Andrew Heath said the acquisition of OFEX-listed biopharmaceutical group Enact Pharma will offer real synergies in management, as well as cost saving opportunities in facilities, administration and personnel.
"We do see cost savings -- certainly, putting together two publicly-traded companies enables cost savings in administration, in facilities and in people," Heath said on a conference call following this morning's announcement that Protherics is acquiring Enact.

He declined to give specific details but said that Enact Pharma chief executive Tony Atkinson will be chief scientific officer at Protherics -- a function currently lacking at board level.

He said a more specific breakdown will be provided alongside the release of preliminary results, at the beginning of June.

At the same time, Protherics announced that it is embarking on a fully underwritten placing and open offer to raise 3 mln stg towards additional working capital.

Heath said that he doesn't foresee any further fundraising beyond this transaction, even though part of this transaction is that they will assume debt in Enac for around 1.1 mln stg.

Turning to the acquired products, Protherics said it will be able to expedite the approval and marketing of Enact's Voraxaze and a cancer therapy -- NQ02 -- which acts through selectively targeting chemotherapy to tumour sites.

He said that Voraxeze, for side effects in cancer treatment which causes kidney damage, is a market in excess of 20 mln stg -- with a market worth a further 60 mln stg for those patients at risk of kidney damage.

He expects an NDA submission to the US FDA in the third quarter this year, with a launch in the first half of 2005 -- which could be earlier should the company get accelerated approval, which is likely given the application for orphan drug status.

Heath said Protherics plans to use the product to establish a sales force of about 10-12 staff in the US:

"We already have operations in the US, we've good regulatory people there, we've a commercial operation there and we see this as a real opportunity to get a foothold into marketing our own products in the US."

Heath said that Protherics' strategy is to acquire products -- not necessarily companies -- to grow their revenue stream in tandem with building their own research pipeline.

Protherics said the offer -- which values the existing issued share capital of Enact at around 7.9 mln stg -- is being made on the basis of 17.05 stg of Protherics convertible loan notes and 5.93 NOIT (New Opportunities Investment Trust) shares for every 100 Enact shares.

etain.lavelle@afxnews.com

A big cross at the mid - over 5 million shares

LONDON (SHARECAST) - Rattlesnake anti-venom producer Protherics is moving deeper into the area of anti-toxins with the acquisition of Enact for 7.9m.

Ofex-quoted Enact funds university research in exchange for commercial rights over any discoveries. It has two drugs currently in the pipeline, Voraxaze, for toxicity in patients treated with cancer drug methotrexate, and an anti-cancer drug, NQ02.

For each 100 shares, Enact shareholders will get 17.05 of Protherics convertible loan notes and 5.93 shares in New Opportunities Investment Trust.

Protherics is also rising 3m cash for itself through an open offer and placing at 16p per share on a 1 for 20 basis.

Andrew Heath, Protherics' chief executive, said Voraxaze will be a useful add-on to Crofab, the anti-snake bite venom, and Digifab, its treatment for digoxin poisoning.

Enact warned that without extra funding it will have to scale back its activities.

Evening Keith .

ROTFLMAO!!!!!!!!!!!!!!!!!!!

nice picture of you both - in todays Telegraph together with a bullish article ....

Evening Keith .

Keith DeCee, the QUUEEEENN of hedonism

hahahahahahahahahahahahahahahahahahahahahah


ROTFLMAO @ainsoph/KDC/dollarhogger/Colowe/TT/RTSheds etc.


LOL!!!!!!!!!!!!!!!!

Dipped my little toe in ......

Market now rattling Protherics :-(