Bioprogress is a stock I have been in and out of quite a few times since it floated in May but not much mention here on the Investors' Room. Does anyone else follow this stock. I see it is up 1.5p today and a few good buyers seem to have appeared.

LOL!!

RNS - Not particularly exciting as far as I can work out.

BioProgress PLC
12 July 2004

Press Release 12 July 2004


BioProgress plc

('BioProgress' or 'the Company')

Pre-close statement

BioProgress plc, a provider of innovative delivery mechanisms for the
pharmaceutical oral dosage markets, issues the following pre-close statement in
advance of its Interim Results for the six months ended 30 June 2004, which are
scheduled for announcement in September 2004.

Since the beginning of 2004, significant licensing deals have been signed with
FMC BioPolymer for the NROBE(R) dosage form, and with Perrigo Company for the
TABWRAP(R) dosage form. BioProgress has also acquired edible film assets from
Aquafilm LLC which has since been renamed BioTec Films LLC. In this regard, the
Company has successfully completed production trials of films for NROBE(R) in
Tampa and will demonstrate film production to Wyeth later this month as part of
the due diligence process on the SWALLOW technology being conducted by Wyeth,
following the signing of the licensing option agreement.

BioProgress advises that all of the agreements referred to above are progressing
well. The acquisition of the Tampa facility from Aquafilm LLC has been
important in accelerating the Company's ability to meet the film production
requirements of its XGEL(R) technology licensees. The 'in-the-mouth' dissolving
film market continues to grow, with few suppliers and considerable demand for
products. BioProgress is expanding its current US product offering into Europe
and is in discussions to develop both over-the-counter medicines opportunities
for this technology and also veterinary medicines applications.

BioProgress has also announced its intention to seek a listing on the NASDAQ
National Market. Discussions continue with potential US advisors, and a further
announcement will be made when appropriate.

The patent entitlement proceedings against Stanelco Fibre Optics Limited are now
the subject of court hearings which started on July 8th, and BioProgress remains
confident that it has a very strong case.

Graham Hind, Chief Executive Officer of BioProgress plc, said: 'I am very
pleased with the progress that has been made so far in licensing out our
technologies. We are partnering with some major international names and,
excluding BioTec Film's expected contribution this year, we anticipate
significant revenues from royalties, machines and film sales to start flowing to
BioProgress from 2005 onwards. Our balance sheet is strong, with cash resources
of more than 12 million, and I continue to be extremely confident about the
prospects for our business going forward. I look forward to giving a detailed
update when we announce our Interim Results in September.'


Forward-Looking Information.
The Ordinary Shares of BioProgress plc are registered under the US Securities
and Exchange Act of 1934. This announcement contains certain 'forward-looking
statements' within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. Actual results may vary
materially from the expectations contained in the forward-looking statements.
The forward-looking statements in this release include statements addressing
future financial and operating results and the timing and benefits of the
reorganisation. Detailed information about factors pertinent to the business of
the company that could cause actual results to differ is set forth in the
Company's filings with the Securities and Exchange Commission. The Company is
under no obligation to (and expressly disclaim any such obligation to) update or
alter its forward-looking statements whether as a result of new information,
future events or otherwise.



- Ends -


For further information:
BioProgress plc

Graham Hind, Chief Executive Tel: +44 (0) 1354 655 674
grahamhind@bioprogress.com www.bioprogress.com


Media enquiries:
Bankside
Henry Harrison-Topham / Heather Salmond Tel: +44 (0) 20 7444 4140
henry.ht@bankside.com www.bankside.com

Notes to editors:
BioProgress listed on AIM in May 2003 and is engaged in the research,
development, and design of patented encapsulation systems that use water soluble
and biodegradable films for the dietary supplement, pharmaceutical and other
sectors. The Company's patent portfolio comprises over sixty patents within
sixteen patent families and has product development agreements and strategic
alliances with several global companies. BioProgress aims to provide a cost
effective and animal-free encapsulation process for pharmaceutical drugs in
liquids, tablets and powders, thereby addressing the needs of the entire market
for oral dosage forms while providing novel delivery mechanisms not possible
with traditional processes.

The Company has also developed patented and licensed the world's first flushable
ostomy pouch that offers a newly enhanced quality of life not previously
possible for the end user. Market research shows the global ostomy market to be
worth $1 billion annually.

The Company's business model provides it with several significant revenue
streams including sales of encapsulating machines and film, plus licence and
fees for research development services.


This information is provided by RNS
The company news service from the London Stock Exchange

Big Al, whats the latest gossip going on? Very quiet in here today!

Not much really - I've not taken much of an interest today to be honest.

Wolstenhulme reckons the BN will make little difference to the share price (correct IMO) and the rest are just taking up valuable oxygen as usual. DK has "bottomed out" numerous times and Robby George's sole contribution has been an unending stream of "LOL!"s

Katie was in court - oh no she wasn't came a multitude of replies and The Chartist has been filtered by more people than actually post by the look of it. ;-))

It's all a fairly sorry reminder of why I gave up many of the free BB's years ago. Rational discussion is not an option, which is a shame when there's cash at stake.

Nice RNS for the believers, but they popped it up and dropped it back very quickly this morning. Price is at the critical level I was mentioning last week IMO. Where to is the question. No MM moves since 09:35 seems to be making a few nervous.

Al

Thanks for the update Big Al, I too am a bit surprised that the price has not risen strongly today. I think shorters still believe they have a chance, WRONG! GH will be bringing out further rapid bang RNS news which will see the shorters off. Expecting another 2 RNS's this week at least.

Aerotus - I'm not so sure, but then we've agreed to disagree. ;-))

I considered a short opportunity first thing, but have just watched today. These MM's really mark it up on any RNS and it often tails off for the rest of the day. It's not over yet, so we'll see where it finishes.

I read the RNS on its release, but see nothing majorly bullish for a year or two really. It didn't strike me as something that would help the price action in the immediate future. Kind of got the feeling it was a "buy the rumour, sell the fact" thing.

I see there was a whole raft of shorters moving in at end of play hoping to topple the price. Seriously not worth it for a few % drop especially to leave your shorts open overnight. RNS in the morning and shorters will be seriously burnt.

Aerotus - I see CAT hit them again late on. It's a bit deja vu like last week - RNS, MM's mark it up and quickly back, hold it flat for the bulk of the day and then slide negative at the end.

Last Monday was a very similar pattern.

Early this morning was the perfect short price on my trading system, but am finding the spread very wide these days.

Let's see how the rest of the week goes. Have been glad to see a couple of long term investors put up decent posts today. Hadn't seen them post before, but good quality stuff - denrum1 very soild indeed.

Whopping 500,000 sell in the SEO camp after hours trading. Looks like someone attended the court case and didn't like what they saw!

Maybe me not posting may have helped the atmosphere too - even though they have all filtered me they still seem to know what I'm saying .... funny that innit :-)

Aero , why can't you access advfn , willing to help if you want , see previous post earlier this weekend.

This is the BIG recovery week, bottom finally reached - the tide will turn now at long last - time to join the party me thinks

I wouldn't be too hasty joe. There's plenty of time.

Waiting for 58p to top up... Come on shorters, do your stuff!

Big Al-Your post 630-Price coming to meet start of 200ma irrelevant!!!.56p
Why did it bounce from here-news isn't great-or will it fall further???

emailpat - should have explained it better. That 200ma starts there because that is 200 days after the shares were first listed. It is simply a coincidence. More than likely it simply reversed at a level that was a consolidation area last year.

Aerotus - there's plenty of time and you may get them cheaper yet.

Couldn't resist, bought some more at 60p!

10th July, 2004

The path to true love does not run smoothly, nor, would it seem, does the long and winding road to riches. These are frustrating times for BioProgress shareholders; no one said though that this would be like winning the lottery overnight, more like a few years.

I last made any sort of detailed comment on BioProgress on 7th April, discussing the acquisition of Aquafilm, now BioTech Films LLC, and juggling around with a few numbers. I understand that the market misunderstood the announcement regarding the forecasts for BioTech Films that I first wrote about.

BioProgress state that BioTech is forecasting revenues of around US$50 million in the period 2004 2006. Adding up the forecasts in my initial article for the period 2004 2006 gives revenues of US$54.2 million. What is $4.2 million amongst friends? Converting the US profit of $3 million into pound sterling gives a profit of 1.7 million for 2004, rising to 2.8 million in 2005, and 4.8 million in 2006.

With the financial performance of BioProgress now stabilising as the company moves from the stage of development to commercialisation, the figures in the market from Numis Securities look sensible. In their note dated 23rd June 04, Numis forecast pre-tax profits of 1 million for 2004, rising to 5 million for 2005, EPS for 2005 is therefore 4.4p, putting the company on a 2005 PE of 15.13. For what its worth Numis stance is Hold.

Investors though are still eagerly anticipating the detailed report from house broker Collins Stewart. There have been suggestions that the forthcoming broker note has suggested a fair value of between 130p 140p, valuing the company at between 150 million to 160 million. At this stage that would appear a sensible valuation, and is 100% higher than the current share price. Only time will tell whether the rumoured valuation of BioProgress proves to be right or wrong, but, either way, there can be no guarantees that the share price will react in the way that the broker note might imply it should.

BioProgress have a lot of expectant shareholders, who have been awaiting the broker note from Collins Stewart since early-2004. Whilst it is important to present all the facts, Graham Hind could have been more professional with regard to his timescales. In industry though everything seemingly takes longer than anyone could have first imagined it would, four months for a broker note is pushing things somewhat. Those jigsaw puzzles with the most pieces always do take the longest to complete though, dont they?

The innumerable jigsaw that is BioProgress has seen a few more pieces joined together over the last few months. One of the more important pieces has been the announcement about listing American Depository Receipts (ADRs) on the American NASDAQ.

ADRs were first introduced in 1927, and are simply an allocation of stock in a non-US business. The companys primary listing will remain on AIM, but a proportion of the shares will be brought by an American investment bank who will issue the ADRs on the NASDAQ.

The dual listing on AIM and the NASDAQ will create a more efficient trading platform, especially as there are a significant number of shareholders already based in America, from when the company was listed on the NASD OTC BB.

2004 has seen stronger links forged with America, with licensing agreements signed with FMC BioPolymer, Perrigo and Wyeth for three of the four core XGel technologies, namely NROBE, TABWRAP and SWALLOW. Furthermore the base of BioTech Films LLC (formerly known as Aquafilm) is in Tampa, Florida, USA. It is likely that BioProgress will continue to have further relationships forged in America, and that its reputation will grow further in the pharmaceutical industry. Therefore a dual listing on the NASDAQ will be of importance to the company. It is testament to the rapid progress that BioProgress has made that they have brought forward plans to list on the NASDAQ.

An announcement on 5th July confirmed that Perrigo is the US pharmaceutical company that has signed a global licensing agreement for TABWRAP. Valued at $1,25 billion, NASDAQ listed Perrigo is Americas largest manufacturer of over-the-counter (non-prescription) pharmaceutical and nutritional products sold in supermarkets, chemists, and large merchandise chains across the country.

BioProgress are to receive $900,000 when the first product hits the shelves, which is anticipated for late 2005, although, as always, timescales might slip. Initially TABWRAP is to be applied to a small selection of Perrigos products, expected to be worth between $1 - $1.5 million to BioProgress per year. The company also receive a single-figure percentage royalty, rumoured to be 3%, based on the sales price of all products using the TABWRAP dosage form.

It is worth considering that the OTC market in America has been valued at $10.8 billion (6 billion) per year, of which Perrigo is the market leader. The European market, which Perrigo will also target with TABWRAP, is substantial as well. If, as expected, TABWRAP proves to be the great success that many of us believe it will be, then BioProgress will enjoy a royalty stream in the region of millions of pounds per year rolling into its coffers.

The other significant announcement regarding an XGel family member has been the exclusive licensing option agreement with Wyeth for SWALLOW liquid fill capsule technology. The announcement might be considered disappointing by some, as it does not confirm Wyeths commitment to the technology. On the other hand it is testament to the untold advantages that the XGel technologies bring with them, that $50 billion Wyeth is bothering with a small 70 million British company.

Once again however it is impossible to say exactly when Wyeth might sign on the dotted line to confirm their commitment to SWALLOW. It has to be expected that Wyeth will commit to adopting the SWALLOW liquid fill capsule technology, and plans for Harro Hoefliger to provide the machines have already been made. Once again, the importance in acquiring BioTech Films LLC is evident, with the film being supplied from its base in Tampa, Florida.

14th June saw the strengthening of management in several areas. Alan Clements, the former managing director of Peter Black Healthcare, was appointed as Director of Sales and Marketing. Dr Jason Teckoe took up the position formerly held by Malcolm Brown, that of Technical Director of UK based BioProgress Technology Ltd and of BioTech Films LLC in America. Dr Teckoe is concentrating his efforts most especially on XGel film development. Meanwhile Ed Nowak has been appointed as Director of Research and Development, engaged in the research of new materials and applications.

And so, midway through July, we have a stronger, more advanced BioProgress than ever before, and yet we have a lacklustre shareprice of 65.5p, prices that have not been seen since for seven months. It was Tolstoy I believe who said, The two most powerful warriors are patience and time. Oh how these two most powerful warriors fight away at the beliefs of the private investor. Indeed, the path to true love never does run smoothly.

I hold shares in BioProgress

- Investors in BioProgress might like to visit http://www.mysite2.co.uk. Run by the indefatigable Vernon Gurtner, mysite2 is a collection of the few noteworthy posts appearing on the ADFVN bulletin board these days.
http://www.lemminginvestor.com/BPRGconradwindhamJuly112004.html

Pretty low volume day for BPRG, but negative nonetheless.

Let's see what tomorrow brings. An up day might well make things look very interesting indeed.

Big Al - do you mean as a new short?

aol - NO, not unless it makes new lows IMO. It's dropped too far down the channel and would make a short now far too high risk.

What I was thinking was if it rose tomorrow and created a higher low. Might look interesting and encourage the bulls. If they could then get it into the mid 70's or above, we'd at least have some form of support level - at the moment there isn't any!!

However, it blew through the 60-70p area last week with unheard of ease, when I'd expected a fair bit of consolidation along the way, on high volume. The recent bounce is now proven to be nothing more than a dcb for now

The thing with BPRG is it always overshoots. Look back to May, when it broke 100p. BIG volumes got it to the mid 70's very, very quickly. It bounced, held 80-90p for about amonth and the rest is history.

75p is a very big number now, particularly as it was the break of that which led to the irrational exhuberance of the winter months.

I'm very chuffed my call of the DCB on Monday was entirely correct, though. ;-)))))