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.

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."