This page is dedicated to listing potential news flow from the many different Biotechs on the market. The FT have recently made it clear that after a bumper 2004, 2005 may also be an interesting year for the Biotech scene and should put them in the spotlight.

Click here for a complete list of Biotechs and their history. Individual Histories thanks to www.biotechanalytics.com (Currently down)

I currently have interests in ASM, AZM, CENS, OXB (via PDT) and VER (Last Updated 15/03/2005)

www.ukbiotechs.com

Please also see the IPO thread by clicking on the IPO's button.

Listed Companies

IPO'S

Industry News

THE CONTENDERS
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 ACAM2000 - Plan to submit BLA in 2005 ARILVAXTM yellow fever vaccine in the US BLA to be submitted in H1 2005 ChimeriVax-JE Japanese encephalitis vaccine - Phase III trial scheduled for 2005 ChimeriVax-West Nile - Results in H1 2005 Company History	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion Within the next 3 months: Regulatory agreement for COLAL-PREDTM registration Phase III UC trial in EU Quarter 1 2005 FDA approval for renzapride Phase III registration c-IBS trial in USA Quarter 1 2005 Partner renzapride and COLAL-PREDTM Quarter 1 2005 2005 Results from Phase IIa ATL-104 cancer patient trial 2005 Partner ATL-962 (pre Phase IIb results) 2005 Results from Phase IIb ATL-962 obese diabetic trial 2005 Completion of ATL-962 clinical trial in the U.S. Q4 2005 Company History	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 Before March 2005 New drug application for Phase III trials of Polinex Quattro Vaccine for grasses allegies. Company History	Click here for Product Pipeline:
ANTISOMA LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 2005 Results from at least one phase II combination study of AS1404 2005 Start of further phase II combination studies of AS1404 2005 Start of phase II study on AS1405 2005 Data from AS1405 phase I study 2005 Data from R1550 phase I study UPDATE 10-01-05 Since the acquisition of Aptamera the combined company has added: (Still subject to shareholer approval) 2005 - Data from Aptamera's phase I study on AGRO100 2005 - Start of a new study on AGRO100 Company History	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 (All Expected within H2 2004 & H1 2005 - As of August 2004) CereproTM - Second safety and efficacy study published, possible filing for approval under exceptional circumstances in EU Commencement of corroborative study VitorTM-Phase III completes Trinam - EU Orphan Drug Status, Phase II study completes Kerraboot - Obtain US patent, US marketing commences EG005 -Phase II trial results EG010 -complete CE marking Company History	Click here for Product Pipeline:
CeNeS LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 CNS 5161 for the treatment of neuropathic pain Phase II results due in H1 2005 The completion of Further Phase III testing of M6G suffering moderate and severe postoperative pain following surgical procedures (e.g. hysterectomy and gastrointestinal) 2005 Company History	Click here for Product Pipeline:
Evolutec LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 rEV131 - Phase II (Allergic Rhinitis) commences Q1 2005 Phase II result end 2005 rEV131 - Phase II Post-Cataract Surgery commences Q2 2005 rEV598 - Complete preclinical studies end 2005 rEV576 - Complete preclinical studies end 2005	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 Adept phase III US trials due to be submitted for US regulatory approval.Q1 2005 Alpharen (renal disease treatment - 50-50 venture with Ineos): currently in phase II and expected to enter phase III in H2 05. City Capital suggests massive potential with a licensing deal possibly in H2 05 of 9M to MLB on signing and 18M milestones on approval; with royalties of 10% to MLB. H2 2005 EU regulatory approval for clickhaler Clearance. Similar milestones to Formetoral are expected if clearance and launch is achieved; H1 2005 Meptin IB submitted Meptin for Japanese approval which is expected in H2 05 which will trigger a milestone plus royalties on sales; H2 2005 Company History	Click here for Product Pipeline:
NeuTec Pharma plc LATEST NEWS	ClickHere for Company Website ClickHere for ADVFN Discussion 2005 Mycograb - EU filing expected Q1 2005
Oncolytics LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 (From report dated 19th August 2004, and the following events were expected in the next 12-18 months.) Clinical results from on-going UK systemic administration study. Initiation of US systemic administration clinical study Commencement of US NCI-sponsored clinical trials. Initation of combination therapy clinical studies. Results from ongoing Canadian phase 1/11 malignant glioma clinical study. Initiation of US glioblastoma clinical study.	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 (Scheduled for 2004-2005. All targets completed have been removed as of November 2004) TroVax Initial results from Phase II trial in renal cancer Updated plans for registration trials in colorectal and/or renal cancer Commercial collaboration MetXia Safety data from pancreatic cancer trial Initial efficacy data from pancreatic cancer trial Updated plans for registration trials in pancreatic cancer TroVax-Vet Intervet collaboration Milestone payment from Intervet ProSavin Parkinsons disease GTAC and MHRA submissions for Phase I/II trial in late-stage Parkinsons disease Initial data from Phase I/II trial in late-stage Parkinsons disease RetinoStat vision loss Preclinical proof of principle data in two models of age-related macular degeneration and diabetic retinopathy IND submission and initiation of US Phase I/II trials in retinopathy SMN-1G spinal muscular atrophy Further preclinical proof of principle data in models of spinal muscular atrophy Company History	Click here for Oncology Product Pipeline: Click here for Neurotherapy Product Pipeline:
LATEST NEWS	ClickHere for Company Website ClickHere for ADVFN Discussion Development strategy: to achieve early-stage licensing and development partners for their therapeutic candidates. Discussions are underway for their four leading compounds.2005 R1 for irritable bowel syndrome: entered Phase I in January 2005 R4 for migraine: to enter Phase I R65 for women's health, glaucoma and immunology: to enter pre-clinical trials R99 for inflammatory/immune disorders: pre-clinical candidate to be selected Pharmagene also has a drug discovery services division that is generating revenues. The share price is currently (end of January 2005) trading around cash level. Company History	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 PYM50028 - A report on Phase II proof of concept clinical study in Alzheimers disease Q1 2005 phase II clinical study of PYM50028, now known as Cogane, with results still anticipated in the fourth quarter of 2005. Q4 2005 Company History	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 "Active discussions are ongoing with the major global diagnostic companies that dominate the high throughput stroke field and further collaboration and licence agreements are anticipated in the next six months." H1 2005 Company History	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website ClickHere for ADVFN Discussion 2005 Crofab - Rattlesnake antivenom - FDA Approval of filling and freezing Q1 2005 Crofab - Rattlesnake antivenom - Update on manufacturing Q2 2005 Digifab - Digoxin - UK Approval H2 2005 Voraxaze - BLA and European Filing H1 2005 Cytofab - Sepsis - Partnering Update 2005 NQO2 - Cancer - Phase I results H2 2005 Angiotensin Vaccine - High Blood Pressure - Selection of Lead formulation Q1 2005 Company History	Click here for Product Pipeline:
Vernalis LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005- From Prelims 24//02/05 V10153: Initiate Phase II in stroke patients H1 05 V140: Initiate Phase II in post-operative pain H1 05 Frovatriptan: Interim analysis of MRM safety data H1 05 V2006: Initiate Phase II (Biogen Idec) H2 05 Hsp90: Milestone on election of clinical candidate H2 05 Frovatriptan: MRM safety data H2 05 Frovatriptan: MRM efficacy data H2 05 Company History	Click here for Product Pipeline:
LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 Preliminary results of a second Phase I trial on its TA-NIC 2005 Results of the Phase I trials involving XR5944 and XR11576 are anticipated to be available during H1 2005. Company History	Click here for Product Pipeline:
XTLbio LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 - Within next 12 months from 10/04 HepeX-B Phase IIb results (Liver) HepeX-C Phase IIa results (Liver) HepeX-C Phase I results (small molecule) Nasdaq listing Company History	Click here for Product Pipeline:
York Pharma LATEST NEWS	Click Here for Company Website Click Here for ADVFN Discussion 2005 Abaso - Regulatory filing in Europe could take place as early as mid 2005.	Click here for Product Pipeline:

Listed Companies

IPO'S

Industry News

General Industry News

Biotech cash flows to London By David Firn Published: January 6 2005 02:00| Last updated: January 6 2005 02:00

At least half a dozen biotechnology companies are limbering up to float in London this year after 2004 proved to be the best year for the sector since the bursting of the technology bubble in 2001. London saw 18 biotech and medtech flotations in 2004. Most listed on Aim but Inion became the first Finnish company to join the main list of the London Stock Exchange. Its 33m fund-raising highlighted the emergence of London as the dominant biotechnology market in Europe as companies from Canada and Australia joined Aim. Companies thought to be considering a flotation in 2005 include Ardana, the reproductive health company; ProStrakan, the bone and skin disorder specialist; Arrow, the anti-infectives company; Arakis, which develops treatments for cancer and inflammatory diseases; and CyGenics, an Australian stem cell company. Cyclacel and Microscience, which failed to float last year, after potential investors baulked at valuations, are understood to be planning to return to the market if conditions improve. Intercell, the Austrian vaccine company, and Arpida of Germany are considering flotations, although neither has decided where to list. Globally the biotechnology industry raised $21bn (11.2bn) in 2004, including $2.6bn through initial public offerings, according to Critical I, the consultants. Biotech and medtech IPOs in the UK raised 207m, the second-largest amount after the US, and far outstripping the rest of Europe. The German, Swiss, French and Austrian markets saw just one biotech flotation each. Ark Therapeutics, which raised 55m in the UK's biggest biotech flotation in March, has since seen its shares fall 36 per cent. Nevertheless, the TechMark mediscience index, which rose 32 per cent last year, outperforming the FTSE All-Share index by 22 per cent and beating pharmaceutical stocks by 52 per cent.Karl Keegan, analyst at Canaccord, the Canadian bank, says investors are increasingly interested in the potential rewards of biotechnology at a time when big pharma companies are struggling to maintain historic levels of double-digit earnings growth. The UK biotech sector is beginning to throw off its reputation for consuming cash and failing to deliver products. Last month, Cambridge Antibody Technology won a High Court victory that will more than double the royalties it earns on Humira, the blockbuster arthritis drug it developed with Abbott Laboratories of the US. At the same time, Elan, the London-listed Irish group, has recovered from near insolvency to become Europe's second-largest biotech company following approval of Tysabri. The multiple sclerosis treatment is said to be twice as good as existing treatments and forecast to have sales of more than 1.6bn a year. In another sign of London's leadership in European biotechnology, the City now has about 25 analysts focusing on the sector, spread between the biggest banks and specialists such as Code Securities. Meanwhile, Nomura, the Japanese bank behind several of last year's biotech IPOs and share placings, is expanding its healthcare team. David Rasouly, director of healthcare banking at Nomura, says Aim has thrown off its image as the home of micro-cap companies to become the listing-of-choice for most biotech companies in 2004. "I would say in the last 18 months Aim has really matured in terms of liquidity, size of companies and the attention of investors," he says. But in spite of the sense of optimism that 2005 will provide a flow of biotech deals for the corporate financiers, some analysts believe there could be job cuts on the broking side this year.T he volume and value of biotech trading has fallen significantly since the three biggest companies - Amersham, Celltech and PowderJect - were acquired by foreign groups. According to one leading broker, the commission on trading the average sub-100m biotechnology company is "not enough to sustain an analyst" at approximately 200 a day.

CeNeS reports successful painkiller trials - January 2005 Citywire, Algernon Craig Hall

CeNeS Pharmaceuticals announces encouraging results from European phase III trials of its M6G painkiller for post-operative pain. Chief executive Neil Clark said: 'M6G is very close to being a product now and the upside is very big.' It is estimated that peak sales could be in the region of 200 million, which compares with CeNeS's current market capitalisation of 36.9 million.

HSBC hires four health-care bankers:

Can't be anything but good news for the sector:

http://www.ukbiotechs.com/phpbb/viewtopic.php?t=186

ALIZYME REACHES AGREEMENT WITH FDA

Loads of VER press today:

http://www.ukbiotechs.com/phpbb/viewtopic.php?p=277#277

Great perfermances for the sector today, causing many to think that something is up, but I just think it is some corrections taking place as often does after events like yesterdays.

ACM = +1.3%
AGY = 8.2%
ARA = 0.4%
ARK = 0.8%
ASM = 1.4%
AZM = 4.3%
CEN = 3.2%
EVC = NC
MLB = 1.2%
OXB = -0.7%
PGN = -2.2%
PRM = 1.1%
PTI = 0.9%
PYM = 2.9%
VEC = 0.6%
VER = NC
XEN = NC
XTL = 7.4%
YRK = 5.3%

More at: http://www.ukbiotechs.com/phpbb/index.php

14th annual report: Top 100 US biotechnology companies

.

Roche bolsters biotech offering with GlycArt buy

CONSOLIDATION WAVE

Arakis has finally called it a day on trying to get public funding.

http://www.ukbiotechs.com/phpbb/viewtopic.php?t=42

Shame this was one of the IPOS I was looking forward to investing in.

OXB has won funding from a charity today

Rob,

It wasn't long ago they received a grant of 1m from a cancer charity. If only all of my Bios had that problem!

Any of the above going to be a target?


August 01, 2005

Japanese drug group gets set for 8bn acquisition spree
From Leo Lewis in Tokyo

From Times Online: http://business.timesonline.co.uk/section/0,,9068,00.html

JAPANS biggest pharmaceutical group has amassed a 1.5 trillion yen (8 billion) war chest and is planning an acquisition spree as it vies for global competitiveness with rivals such as GlaxoSmithKline and Pfizer.
Although a drugs titan in Japan, Takeda ranks only 14th in the world a position that the groups president is eager to improve. In an exclusive interview with The Times, Yasuchika Hasegawa described a desire to put his group on the global map by using its cash to create a pipeline of blockbuster drugs.



Instead of US-style mega-deals, the Osaka-based company is looking for interesting products. If the only way to buy a product is to buy the company, then we will do that, said Mr Hasegawa.

Takeda is already some way along that path. Last year, more than Y90 billion of its annual profits came from a joint venture with the US-based Abbott Laboratories, which is performing trials on what could be the worlds first new gout drug for 40 years. At the end of June this year, Takeda secured a deal with the British company Paradigm Therapeutics, giving the Japanese group exclusive access to proprietory drugs targets.

Mr Hasegawa has significantly raised investment in research and development and next month will begin marketing Takedas first home-grown product, the insomnia drug Rozerem, in the US.

Rozerem sped through approvals by the US Food and Drug Administration. Im not surprised it passed so smoothly its just proof of our development ability, said Mr Hasegawa, whose company focuses on so-called lifestyle drugs.

Takedas incipient acquisitions come as the rest of the Japanese pharmaceutical industry is huddling together in defensive mergers. If I were the CEO of a drugs company with only $3 billion (1.7 billion) of sales, I wouldnt be able to sleep, Mr Hasegawa said. Theres no future for a company that size.

The Takeda president blames the regulatory regime of the 1980s for spoiling Japans pharmaceutical industry.

Sector split today:

XTL, ARK and ACM all in the top FTSE techmark Top 10 Risers

Although

PYM, and VER in the Top 10 fallers.

Date: Thursday 04 Aug 2005

LONDON (ShareCast) - Acambis shares moved upped strongly as the vaccine specialist confirmed it is developing a treatment against all types of flu.

Acambis said the universal flu vaccine could also offer protection against a pandemic, which has been predicted could happen with Avian flu, and would do away with the annual jab required for current flu vaccines. Analysts said that would be a huge cost saving for health authorities.

The treatment will be developed in conjunction with the Flanders Interuniversity Institute for Biotechnology with human trials starting in a few months.

Two new ones on aim:

Beximco and ReNeuron

Beximco is Bangladeshi drugmaker "that intends to exploit loopholes in global intellectual property rules to manufacture rivals' patent-protected drugs and sell them at knock-down prices to developing countries." Could be an interesting one.

ReNeuron was taken private in 2003, but now is back with results due in 2007.

Read the both articles at http://www.ukbiotechs.com/phpbb/index.php?f=23

Diabetes Drugs To Watch
Matthew Herper and Robert Langreth, 08.08.05, 10:45 AM ET

NEW YORK - Some 17 million people suffer from diabetes in the U.S. alone, and bad diets and lack of exercise are expected to vastly increase the incidence of the disease over the coming decade. To make matters worse, diabetes and the insulin resistance that lead up to it are closely related to heart disease. Drug companies, seeing a giant market, are racing to develop treatments.

Here is a watch list of the most promising experimental drugs. Click on the drug names in the table below for more information, including sales forecasts and novelty ratings. Bookmark this page as it will be updated often.

Full Article:

http://www.forbes.com/sciencesandmedicine/2004/01/26/cx_mh_rl_diabetestearsheet.html?partner=yahootix

More stories on UKbiotechs.com

Write up on ACM and PYM in the IC this week.

Have summarised them on their threads here:

http://www.ukbiotechs.com

You may find this interesting.

"If you are looking to add some spice and excitement to your portfolio we believe that we may have found an investment opportunity well worth considering. For the last few years the Healthcare and Biotech sector has been lacklustre, but we believe things could be about to change.

The most attractive investment opportunities often arise in sectors which have done little to set investors' pulses racing over recent years. Investors' attitudes to them can become dismissive, so they spend little time examining them closely. Spotting when things are about to turn around is the key.

One investment area which we feel could be on the verge of such a turnaround is the Healthcare and Biotech sector. This is a higher risk and volatile sector so a long term view is essential. Over the last 5 years the performance has been uninspiring, generally because investors tend to shun higher risk sectors when their confidence in the market is low. However, the market as a whole now seems to have found its feet, and we believe the Healthcare and Biotech sector seems poised for a recovery.

In our view Biotech could be the more exciting. According to Framlington this area appears to be priced about 35% below its historical average, hopefully giving plenty of scope for prices to increase. In addition, as the industry has begun to mature there is a large pipeline of new products coming through. More than 1,000 biotech products are now in development, which is up from 250 in 1994. With this set to increase from here, we feel there is a huge amount of opportunity in the coming years.

We feel that Healthcare also looks excellent value at the moment, but there are some hurdles to overcome. Firstly a number of patents, which restrict competitors making the same drug, have been expiring so fewer companies have the luxury of not having to compete. Increased competition has reduced prices, and therefore driven profit margins down. Furthermore America's Food and Drug Administration (the FDA) have been taking a far more cautious view on approving new products for the future. However stocks look attractively priced and we feel there is a significant amount of potential for prices to rise. Please remember that investments can go down in value as well as up.

The Framlington Health Fund currently holds around 30% of the portfolio in Biotech stocks with the balance invested in Healthcare. As a more broadly based fund it is well poised to take advantage of any investment opportunities. On the other hand the Framlington Biotech Fund invests solely in Biotech making it the higher risk of the two funds. But we feel this is where the most attractive opportunities may lie. As these are specialist funds, and therefore higher risk, we would not suggest more than 5% exposure as part of a portfolio, and we believe it could be well worth investing at this stage.

Please note this email is published solely to help you make you own investment decision. It does not constitute personal advice. Should you have any doubt as to the suitability of an investment for your circumstances you should contact our Financial Practitioners for individual advice. These funds invest in a specific sector so are higher risk than more diversified funds. They may also invest in emerging markets which are considered higher risk because they are less developed and stable than more mature markets. Please also bear in mind these funds can invest in smaller company shares which are often more volatile and therefore higher risk.

Driver,

Couldn't agree more, that's why I hold shed loads of the buggers! 30% rise at least is due across the sector IMO.

If you look at the long term performance biotechs are fashionable every couple of years when they enjoy a rally. The last one was over a year ago now, so we are due another soon IMO.

Thanks Again.

Antisoma gets U.S. boost for renal cancer drug

UKBiotechs.com

And still we wait for deal confirmation from Proteome Sciences (PRM) - the diagnostics/proteomics specialist. But meanwhile look at the very promising chart - nice uptrend in last 6 months with 4 'higher lows' and due for a bounce. Sentiment currently very poor, so deal news could lift these significantly. Prm chart:

Biotech industry seeks cure for insider dealing threat

Conal Walsh
Sunday August 21, 2005
The Observer


Peter Laing knows a thing or two about wild market speculation.
Laing is chief investor relations officer at SkyePharma, and his phone was ringing off the hook last summer as the drugs firm awaited vital US government approval for a pain-relief treatment. 'There was gossip circulating - totally unfounded, as it turned out - that the treatment would never be approved, and even that it killed people,' he says.

'I was getting lots of calls from hedge funds asking very detailed questions. We were aware that a lot of investors were short-selling our stock.'

The rumours turned out to be 'misinformed scuttlebutt,' as Laing puts it. The new product, called DepoDur, passed its clinical safety tests and was cleared by regulators; hedge funds that had tried to exploit SkyePharma's predicted misfortune got burnt. It was an 'annoying' episode, says Laing, but at least it confirmed that nobody at the British firm was leaking top-secret company information about clinical trials to the City.

Some of SkyePharma's rivals may not even have that consolation. In America, the Securities & Exchange Commission is investigating what could prove to be a new and pernicious form of insider dealing that targets the pharmaceutical and biotech companies.

Unscrupulous fund managers and analysts have allegedly been contacting company doctors and clinical researchers and trying to extract market-sensitive details about drugs in development.

It is another potential headache for the beleaguered pharma industry, which is facing tougher regulations after several high-profile health scares. It also poses an urgent question for regulators in the UK and Europe: is the same thing happening here? Do scientific researchers in Britain ever leak sensitive information about companies to investors?

'I'm sure they do,' says Laing. He says that he knows of no specific instances, but adds: 'The markets are very sensitive to clinical results and there is strong competition between investment houses to get news early.'

Hedge funds aiming to make money on sudden share price swings are particularly voracious consumers of information. The biotech sector is a natural hunting-ground for them, because it contains many relatively small companies whose market value can hinge on the success or failure of a single drug.

Many opportunities exist for financiers, dishonest or not, to meet and question people actively working on clinical trials. Fund managers are often to be seen attending scientific conferences. City firms arrange conference calls and sponsor dinners where senior physicians set out their thoughts about the state of their industry. Some specialist funds invite scientists to sit on their advisory panels.

Medical professionals recently told the US media about being asked awkward questions by financiers. 'They're looking for results of trials that aren't out yet. I can't answer that,' said one doctor, who charges $300 to $500 an hour to advise finance firms on industry matters. One in 10 US doctors has made himself available for this lucrative advisory work.

For their part, the finance houses, which include many of Wall Street's leading investment banks, insist that they only hire medics and scientists for legitimate purposes, such as to lecture their staff on industry trends; they would never ask scientists to betray commercial secrets.

There is no reason to doubt this, since the SEC has not yet uncovered any definite evidence of wrongdoing. In the UK, meanwhile, many industry figures contacted by The Observer doubt that scientific information is being leaked, even inadvertently.

'We have strict guidelines about which employees are allowed to talk to the City. Basically it's just myself, the CEO and CFO,' said Lyndsay Wright, vice-president of investor relations for Cambridge-based Acambis, which produces smallpox vaccine. 'On the very rare occasions when we bring our scientists along to an analyst meeting, we're on hand to make sure nothing is said that is market-sensitive.' The Association of the British Pharmaceutical Industry added that individual researchers usually have knowledge only of one small part of a clinical trial.

Product-related news has caused plenty of share price instability over the past year. News that BTG was resuming trials for its varicose vein treatment caused the British company's shares to leap 17 per cent two months ago. Cambridge Antibody Technology lost 13 per cent last December when a potential drug to aid eye surgery failed clinical tests. Even the pharmaceutical giants are not immune. AstraZeneca's share price has been hit by bad news from the scientists about Crestor, a cholesterol-lowering drug, and its cancer treatment Iressa.

The Financial Services Authority, with its computerised market-monitoring system, is best placed to spot any suspicious derivatives trading ahead of a market-moving announcement. But the City regulator is not thought to have noticed anything untoward or received any complaints. An FSA spokesman said that scientists were strictly prohibited by the law as well as their employment contracts from leaking market-moving news.

The biotech industry in Britain is much smaller and less developed than in the US, where publicly traded companies abound and many leading fund managers and analysts are former scientists, mingling freely within the research community.

Close contact between scientists and financiers has also spawned a new breed of 'primary research' or 'matchmaking' agencies, which arrange meetings. Pre-eminent among these is New York-based Gerson Lehrman, which claims to have 170,000 industry specialists on its books, including 60,000 healthcare professionals.

Gerson Lehrman, which has an office in London, declines to comment on the present furore in the United States. But it says it takes care to remind customers and its consultants not to break insider-dealing laws or betray commercial secrets.

Attendance records are also kept. 'Those meetings would be the very worst place to conduct insider trading, because everything is recorded and transparent,' a source close to Gerson said.