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 - 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!

The shorters are loving this 1

Well highinterest was right in a way about 70p

RNS Number:3180V
BTG PLC
12 February 2004


12 February 2004

For immediate release

This announcement is not for release, distribution or publication, directly or
indirectly, in whole or in part, in or into the United States, Australia,Canada
or Japan. This announcement is not an offer of securities for sale or a
solicitation of an offer to purchase securities in the United States. The shares in BTG plc (the Shares) and the rights to subscribe for the Shares (the Rights)may not be offered or sold, directly or indirectly, in or into the United States unless registered under the U.S. Securities Act of 1933, as amended (the Securities Act), or pursuant to an exemption from registration. Neither the Rights nor the Shares have been, nor will be, registered under the Securities Act. Accordingly, subject to certain exceptions, none of the Shares or the Rights may be offered, sold, resold, delivered, taken up, transferred or
renounced, directly or indirectly, in or into the United States or, in or into
any other jurisdiction outside the United Kingdom. Any offer of the Rights or
the Shares will be made solely by means of the prospectus published in
connection with the offering. There will be no public offering of securities
into the United States.

12 February 2004


BTG plc ("BTG")

PROPOSED 2 FOR 5 RIGHTS ISSUE OF UP TO 42,165,208 RIGHTS ISSUE SHARES AT 70
PENCE PER SHARE

PROPOSED PROGRAMME FOR CONTINUED DEVELOPMENT OF VARISOLVE(R)

BTG plc, the international technology commercialisation company, provides an
update on its plans for its wholly-owned subsidiary, Provensis, in developing
its Varisolve(R) product, and announces that it intends to raise approximately
#26.7 million, net of expenses, by way of a 2 for 5 rights issue of up to
42,165,208 new ordinary shares at a price of 70 pence per share.

The funds will be applied in supporting Provensis to further in develop
Varisolve(R), an innovative product for the treatment of varicose veins. The
funds are intended to support Provensis until March 2005 to achieve the
following:

* progress clinical and regulatory development (#5.2 million)

* progress manufacturing and product development (#13.8 million)

* maintain Provensis' operations (#7.7million)

The Directors have set a financial objective for BTG to become profitable
(excluding Provensis) in the financial year ending March 2006; the Directors
believe that BTG's current resources should be sufficient to fund BTG's business (excluding Provensis) until that time.

Blimey, Seen them today? +20% and still going.. So I was wrong!

Temporary rise IMHO

Take profits.

I recon it will go back to 1.60s again and stablise

Torotrak PLC
27 February 2004

Torotrak plc

Notification of interest in shares




On 26 February the company was informed that the holding of BTG plc in Torotrak
plc has fallen below 3%. Consequently BTG plc no longer has a disclosable
interest in the ordinary share capital of the company.

Has the price dropped because of the rights issue? Anyone

More than 10% down today, why?

Look out, it may drop AGAIN tomorrow!

BAD NEWS, BTG is going to court against Microsoft for Patent Infringement.

20/07/04 18:13 Re: Litigation (2) RNS

UP 24.48%

WHY???????????????

Possible due to results soon!

WE know why the share have risen, it was no more than expectation of News.
That news is done and there is nothing of substance to Report or Infer. If the young lady had been Matron at a cutting-edge varicose-vein (treatment) Hospital it would make sense to have some additional weight supporting any interaction between the approved Varisolve product and patients. She isn't! 'cause it's not ready - and won't be for more than a year.
Rather she was (see RNS)recently involved in one dull British Company taking over another British Company (parts of) and those two companies were: BAE and Marconi. We know what happened to Marconi (and She should be grateful she was working for the Other one = was that luck? - Let's call it skill.)

I don't see this as an important appointment as far as investors are concerned and Varisolve. However, if they move her to oversee what's going on in the factory + trials, then at last someone with primary-dedication is being involved from Board level. Board-level attention should have been present before the Trials went pear-shaped due to the FDA bungle - what else can I call it? (FDA approved the trials and then FDA stopped them, in a messy "NIH" -or one of its near-relatives, looks to me).
I hold BTG and am still waiting for their return to former Glory arround the 6 mark = some time methinks. The recent fundraising hardly affected my average, but should keep BTG funded whilst they paint the inside of the Director's suite at the factory (Management Block) - the Varisolve Factory is in North Wales, as you know, and the MB (sch--!) is just off Park Lane, Somewhere.Ho!

The FDA situation is NOT resolved and it looks like we shall have to wait another six months ( somewhere in 2005 ). The organisation round BTG's foremose source of wealth is below par IMHO. We witnessed the first problem about a year ago when FDA pulled the plug - yet no-one at BTG was sufficiently close to the FDA to realise anything was wrong. Maybe we could forgive them as much of the fault lay with the FDA.
However, now history is repeating itself - no news for months then BANG - and it's bad. I think BTG owes investors an explanation ( having securred a Fund-raising to cover the Provensis costs to market ) - are we about to witness a further passing of the Begging-Bowl?
x
It's about time management realised that having someone senior (and already paid-for!) is "Good Management" - endless rounds of visiting City haunts may be good for their ego, but I expect well-paid Directors to know what's happening before I do. Since they made no announcement before this RNS, it is clear they knew nothing.
x
Now one wonders what BTG are doing to cover themselves should the FDA rule against Varisolve? It is high time the several thousand patients that have been treated were investigated - to see if they are any worse (and their options of the treatment, etc which they paid for ) - than an equal number of varicose-vein (conventional) treated patients.
x
If you have varicose veins and want a cure, if the product works, you really don't care about the FDA - & don't really know how they managed to get themselves into the original situation and frankly this worry over bubbles is pretty unlikely to be a real problem. Otherwise earlier patients would still be floating on the ceiling and complaining they were light-headed. The other explanation of course is that the FDA was nobbled (nay a hundred times!) for without any explanations, how can a trial go from forward to stop? I have read no explanation...so either FDA is hiding something OR BTG was (and maybe is, still) - but on blance, whilst BTG may be inattentive I would suspect they are not incompetant whereas FDA has so many aspects to consider and influences to balance it's just possible one got out of control. We may never know.
x
I note that BTG shares are being bought, still. Let's hope the trust is not misplaced. As a [BGC] holder it would be nice to hear regular updates and a parallel plan for Europe and the UK - waiting for the FDA should not delay other markets.
Regards

Maybe we have a situation where some good news will happen well before anything Bad. Punters would do well to note that at its peak this share was 18 - and even if you remove the peak that leaves some support at nearly 10 - and this was assuming Varisolve would happen.
Well, now it may well! Whenever the Co. reports, a review by the FDA (in US) is bound to cause some excitement here. If it really does get approval, expect a severe case of lunacy! People will be elbowing their way to the phone to get to their broker, let alone worry about the sp. - Now, provided the shares are still below (let's say 5), then you are still better-off than in those distant days when 10 was nearer the norm.
Only time will tell, if Varisolve takes off and profits will flow - but they are not going to be massive - but if the World takes to Varisolve rather than a rival (oops did I say...?) then profits for Varisolve should represent good value at 4-5 if earlier valuations were nearly correct.
Anything near 10 is probably "too high" (until figures are known, etc) so I'd sell at 10 - but will I have the nerve to stay the course to those levels?
Time will tell, but Volume is Up - so someone knows something. (or not?)
Regards as a holder.

Really good News today - FDA go-Ahead.

SP hits 2.25 and falls back on profit taking just a tad.

Looks like those who held-back waiting for news had better bite the bullet.
Yippee and their agm is quite soon.............good news all round.

Friday July 15, 03:40 PM

Varisolve trials given FDA go-ahead

The FDA has given the green light to Provensis, a subsidiary of UK company BTG (LSE: BGC.L - news) , to resume phase II US clinical trials of Varisolve, a non-invasive treatment for varicose veins.

The FDA has given the green light to Provensis, a subsidiary of UK company BTG, to resume phase II US clinical trials of Varisolve, a non-invasive treatment for varicose veins.

The FDA intervened in 2003 to stop trials of Varisolve amid fears that the treatment could increase the risk of embolism in patients.


In March 2005, Provensis submitted data from a one-year program of preclinical studies aimed at enabling resumption of Varisolve's US development, together with the protocol for a proposed phase II clinical study. The FDA requested amendments to the protocol, which were submitted in May 2005. Following review of the amended submission, the FDA has lifted the hold on conducting clinical trials with Varisolve in the US and approved the phase II study protocol.

Louise Makin, CEO of BTG, commented: "We are very pleased that the US clinical development of Varisolve can resume. Now that the pathway for further regulatory development in the US is clear, we look forward to progressing discussions to secure a global development and commercialization partner for Varisolve."

A small development which might have contributed to today's strength and volumes:

Genzyme/Schering Campath Phase II trial update

There's a bit about Campath in the following BTG pdf (page 4):

BTG May 2005 update - see Campath piece