Share Name Share Symbol Market Type Share ISIN Share Description
Biocompatibles International LSE:BII London Ordinary Share GB00B0L2JD04 ORD 21 53/94P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 429.00p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 26.6 -7.2 -15.2 - 176.20

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Date Time Title Posts
27/3/201114:22BII - Please tell me why I shouldn't do it?33.00
26/1/201115:08Biocompatibles: Heading for a Rise?385.00
27/9/200512:40Where to now for Biocompatibles?216.00
06/1/200309:47Biocompatibles - Moves up on hopes of regulatory approval-

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tratante: Think its just tracking btg share price
fenners66: Any rumours of a counter bid? Share price rising again ?
baronet 1: STOCKS NEWS EUROPE Biocompatibles up on bid approach 21 September 2010 09:44:52 Shares in UK smallcap medical technology company Biocompatibles BII.L rise around 12 percent after it confirms a bid approach, having noted recent moves in its share price. The firm is "attractive as a takeover candidate, having established market traction and momentum with its drug eluting bead franchise and some interesting projects in the pipeline," analysts at Nomura say in a note. Biocompatibles is expected to post a maiden profit this year, they say, and a potential acquirer would need to offer a significant premium to Nomura's end-2010 fair value for the stock of 333 pence a share. Possible suitors include Terumo Corp 4543.T , Angiodynamics ANGO.O , SciClone Pharmaceuticals SCLN.O or BTG BGC.L , they add. JB
spyder: Wow - I didn't see that coming!! It is a curious statement as it rather implies that the 'recent movement in the share price' is related to the offer, whereas, as naive as this might sound, I don't think there is any insider connection at all. This might be a rash statement, but as has been observed above, the recent rise was triggered by a buy recommendation from DT's Questor (connected to the bid? Unlikely ...) and has been on the back of extremely thin volumes of just a few thousand shares a day. Furthermore, this is an extremely well run company with a very high regard for corporate governance, social responsibility and fair treatment of all stakeholders. I think the only likely connection between the rise and the bid is that it has flushed out a lurking predator who was waiting for an opportune moment to pounce and saw the price moving against them. For what it is worth, I think any offer must start with a 5 ...
adamapost: An Offer: ... The Board of Biocompatibles International plc (the "Company") notes the recent movement in the Company's share price and can confirm that it has received a preliminary approach, which may or may not lead to an offer being made for the Company ... Lets hope it is a good offer and if it is not then it is rejected. Institutions hold a lot of the shares. Lets see ....
tratante: Good summary Plutonian, just to add that cash accounts for just about £1 of the share price, so getting the rest of a profitable, dividend-paying company, for 85p. Still way under valued.
tratante: There is a lot of good news to come from BII this year. Remember the business is still only 70p, £1 of the share price is cash. Still undervalued in my book. Unlike some biotechs, BII are developing a technology not a drug. The drugs used in conjunction with the beads are already approved. Because the beads are classed as a device they can be used and sold before trials are completed. Nevertheless the data coming out of the trials is excellent on all fronts, efficacy, tollerance and safety. Much less risk than drug based companies, and likely to be of great benefit to patients.
hectorp: Hi BII's sorry been out of the way of looking in for last 2 weeks. I've no idea what the short term share price here may do. As one of a batch of stock in a folio, its not really a problem , but I'd place a 15% stop loss on all my selection of Bio stocks. PS I have not yet bought them as some have drifted recently. HAppy new year all H.
spyder: Nice to see the share price back above 200p on some fairly heavy and sustained buying. Having attended the AGM yesterday, I remain confident that BII has an exciting future. Frankly there has not been very much by way of tangible progress with this company in the last 2 years or so, but things are starting to change. Abbott is finally pushing ahead with the Zomaxx stent and the time to market (and BII royalties) is now not looking too far away. It would appear that PC may not necessarily be the most modern, nor the best polymer in the world, but it has an unmatched safety profile and it seems that this provides it with a significant competitive advantage at a time when the regulators, the FDA in particular, are increasingly cautious about new products. I sense that there is an increased confidence within the company, as demonstrated by yesterday's announcement. I was interested and delighted to see the company quoting that "with respect to Abbott's ZoMaxx Drug Eluting Stent programme, we were encouraged by an independent report recording Abbott's goal of achieving a peak share of the drug eluting stent market of 10-30%. We estimate that a 10% share would represent a royalty stream to Biocompatibles with a net present value of £28m." It is unusual to see a any company, but especially the ultra conservative BII, talk about the net present value of a potential royalty stream. I believe there are approximately 39.3m shares in issue. The net present value of 10% market share for Zomaxx = 71p per share. The year end cash has been revised upwards by the company at £37m = 94p per share, AFTER a capital repayment of *28p or *29p per share. Total NPV of cash / royalties = 194p!! What if Zomaxx achieves 20%? The NPV = 265p Just for a bit of fun, what if Zomaxx hits the top end of the independent sales forecast? The NPV then = 336p! All this is before any value is attributed to the drug-eluting bead, Bead Block, CellMed, or other uses for PC. Nomura have suggested a NPV for the drug-eluting bead of ~300p. * There seems to be some inconsistency about whether the capital return will be 28p (as mentioned in the rns) or 29p as mentioned previously, also in the Report & Accounts and at the AGM. Not material though. The company also stated yesterday that "Recruitment in the PRECISION I and PRECISION II trials is complete. We continue to expect presentation of final data in the fourth quarter of 2005. We remain in constructive discussions with the FDA about the US regulatory approval pathway. The IDE for the PRECISION IV trial design and a review of alternative strategies are both nearly complete. The Company expects to provide further updates at the time of the Interim Results." The Company has very astutely been working hard trying to get the FDA to agree the primary and secondary end points for the trial – in effect modeling the SPA approach now favored by pharmaceutical companies. They also mention 'alternative strategies' – it was mentioned at the AGM that these strategies involve getting the product to market more quickly. All good stuff, but in the present share price for nothing. Finally John Sylvester (ex Baxter) joins the Board on 1st July to take responsibility for Marketing, Sales and Business Development, another sign that the company has confidence in its products and in moving increasingly towards achieving real critical mass. I'm in for a few more this morning, I only wish I had been quicker off the mark yesterday – sometimes attending AGM's has its disadvantages!! spyder
drmerv: Biocompatibles International PLC 04 March 2005 4 March 2005 Biocompatibles International plc ('Biocompatibles' or 'the Company') Biocompatibles, the medical device company focused on the treatment of cancer and cardiovascular disease, is pleased to announce that it has conditionally agreed to acquire CellMed AG, and to provide an update on 2004 trading. • Acquisition of novel biodegradable bead technology brings three new product programmes - drug eluting bead, tissue transplant bead, cosmetic implant bead. • Expands Biocompatibles' cancer product pipeline, adding complementary biodegradable bead technology to the Company's existing permanent bead products. • The initial consideration for all the CellMed AG shares, payable on closing, is €5.2 million (£3.5 million). Initial consideration of €3.0 million (£2.0 million) in cash and 573,276 Biocompatibles shares payable on closing. Share consideration equivalent to €2.2 million (£1.5 million) valued at the closing share price on 3rd March 2005. • Deferred consideration totalling €5.0 million (£3.4 million) payable in 2006. Profit-sharing payments payable on CellMed's cell-based programmes in each year up to and including 2010 subject to an aggregate maximum of €12.0 million (£8.4 million). The maximum aggregate consideration of €22.2 million (£15.3 million) is payable as to approximately 70% in Biocompatibles' shares and 30% in cash.* • Group 2004 turnover: £2.6 million (up 23%). • Net funds at 2004-year end: £45.2 million. Expected 2005 closing net funds of £35 million after Escrow release and Return of Capital. • Recruitment complete for Biocompatibles PRECISION I (Hong Kong) clinical trial for the treatment of primary liver cancer with the doxorubicin drug-eluting bead. Commenting on today's announcement, Crispin Simon, Biocompatibles' Chief Executive, said: 'We are delighted with this acquisition. CellMed brings excellent technology and a number of very promising new products for our pipeline. Our robust financial position gives us the resources to maximise its value.' Dr Peter Geigle, Chief Executive of CellMed, commented 'We are pleased to be joining Biocompatibles. The Company has complementary technology and relevant skills to ours - and an excellent track record of generating shareholder value from its product portfolio.' Enquiries: Biocompatibles +44 (0)1252 732732 Crispin Simon, Chief Executive Ian Ardill, Finance Director Maitland +44 (0)20 7379 5151 Neil Bennett Emma Burdett * For the purposes of the above summary only, the initial consideration payable in Biocompatibles' shares has been calculated by reference to the closing price of Biocompatibles' shares as at the close of business on 3rd March, 2005, 269.5p. The sterling equivalents set out above are calculated on the basis of € 1.45:£1. Further details on the terms of the transaction and the consideration payable are given in the attached Appendix. This news release contains forward-looking statements that reflect Biocompatibles' current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of Biocompatibles' research strategy, the applicability of the discoveries made therein, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process. CellMed AG Acquisition ---------------------- Biocompatibles, the medical device company focused on the treatment of cancer and cardiovascular disease is pleased to announce the conditional agreement to acquire CellMed AG, based in Alzenau, near Frankfurt in Germany: Summary CellMed is a medical technology company developing medical device and drug delivery products. CellMed's core biodegradable bead technology complements Biocompatibles' existing permanent bead products, which are focused on cancer and benign tumours. The acquisition strengthens Biocompatibles' product pipeline and extends the patent portfolio. • CellMed has 15 employees led by founder Dr Peter Geigle, a medical doctor, with more than 15 years of general management experience in the Life Sciences industry. • CellMed has a capability in polymer chemistry that complements Biocompatibles' core technical competence, as well as capabilities in molecular biology and cell biology. • Biocompatibles will prioritise three programmes: - The development of CellMed's biodegradable drug-eluting embolisation bead technology to add to Biocompatibles' drug-eluting bead programme. - The development of CellMed's tissue transplant bead that is in a Phase 2a trial for the treatment of hypoparathyroidism. - The commercialisation of CellMed's cosmetic implant bead. Reasons for the Acquisition Biocompatibles' strategy is to develop a line of significant drug delivery products based on proprietary biomedical polymer and drug delivery systems - facilitated by the acquisition of sensibly priced, high quality programmes. The Company was founded to commercialise the proprietary PC TechnologyTM polymer system, which was supplemented in 2002 by the in-licensing of the N-FilTM Bead technology from the Novartis affiliate, Biocure Inc. This programme has progressed well. The acquisition of CellMed strengthens Biocompatibles' product portfolio in three important respects. First, the patented biodegradable bead technology has unique properties that are relevant to specific new drug-eluting bead market opportunities. Biocompatibles will provide further updates as this programme progresses. Second, CellMed's tissue transplant bead is in a Phase IIa clinical trial for the treatment of hypoparathyroidism at two German hospitals, led by Professor Peter Neuhaus of the Charite University Clinic in Berlin. Hypoparathyroidism is the insufficient production of the parathyroid hormone that regulates calcium in the blood. It most commonly arises following surgery for the treatment of thyroid cancer. Most patients are treated with vitamin D and calcium but this is not effective in all patients. Patients for whom this regimen is ineffective suffer from chronic muscle weakness, and in the most severe cases, immobility, kidney calcification and renal failure. The tissue transplant bead concept involves removing parathyroid tissue from patients who are producing too much parathormone and implanting it into patients who are producing too little. The tissue is encapsulated in the bead, protecting it from the patient's immune system but permitting the release of the parathormone produced by the encapsulated tissue. The Phase IIa trial protocol requires the recruitment of ten patients of whom four have now been treated and followed up - with encouraging results in three cases. Following the acquisition, Biocompatibles intends to secure Orphan Drug status for the treatment of severe cases of hypoparathyroidism and to initiate a further clinical trial to secure regulatory approval. Biocompatibles estimates the global market opportunity for the tissue transplant bead in this indication to be in the region of £25 million. Third, the biodegradable bead without a therapeutic is being developed for cosmetic use. Filing of a CE Mark application is planned for later this year. CellMed has also developed a human adult stem cell line that can express therapeutic proteins when encapsulated in the biodegradable beads. CellMed has developed research collaborations for this product, which are largely funded by public sector grants, with the University of Heidelberg and the International Neurological Institute, Hanover. Proof of concept work is also under way for the treatment of pancreatic cancer, glioblastoma (brain cancer), anaemia and Type II diabetes. Biocompatibles expects to advance programmes where there is a strong proof of principle and would intend to partner them before the start of any significant clinical programme. In addition, CellMed has developed a diagnostic test for the measurement of haemoglobin. This product is partnered with Fresenius AG, the world's leading provider of renal dialysis services. Modest revenues are expected in 2005. CellMed has pending and granted US and European patents and patent applications in the fields of bead manufacturing and cell and tissue encapsulation. CellMed also has accreditation to the ISO9001 quality standard and a drug manufacturing licence in respect of the tissue transplant bead. It is expected that the cosmetic implant and the drug-eluting embolisation bead will each be treated by the regulatory authorities as a medical device. The tissue transplant bead is expected to be regulated as a human tissue engineered product. Management and Organisation CellMed will form one of Biocompatibles' two product development centres. The other, based at Farnham in the UK, will continue to be managed by Dr Peter Stratford. Dr Geigle will continue to manage CellMed and will report directly to Biocompatibles' Chief Executive, Crispin Simon. Transaction Terms • Biocompatibles has conditionally agreed to acquire 97 per cent of the shares in CellMed AG. Completion of the acquisition is subject to the submission of an application for listing of the shares to be allotted as initial consideration to the official list of the UKLA and admission to trading on the London Stock Exchange. Closing is expected to take place within one week. Following closing, Biocompatibles intends to compulsorily acquire the outstanding minority interest in Cellmed. • The initial consideration for all the Cellmed AG shares, payable on closing, is €5.0 million (£3.4 million). This is to be satisfied by the issue to the owners of CellMed of 573,276 Biocompatibles' shares and the payment of €3.0 million (£2.0 million) in cash. • Deferred consideration totalling €5.0 million (£3.4 million) is payable in two instalments of €1.2 million (£0.8 million) and €3.8 million (£2.6 million) on 30th June and 31st December 2006 respectively. Such deferred consideration is to be satisfied by the issue of 358,295 and 1,074,890 Biocompatibles' shares on the respective dates. • Additional profit-sharing payments are to be made by Biocompatibles equal to 10 per cent of the net cash income received by the Group from the CellMed cell-based programmes in each year up to and including 2010. Payments are to be made annually and are capped at €12.0 million (£8.4 million) in aggregate. 70 per cent of the amount due (if any) will be satisfied by the issue of up to 2,418,823 Biocompatibles' shares and 30 per cent will be paid in cash. • The maximum consideration payable is €22.0 million (£15.2 million) of which approximately 30 per cent will be satisfied in cash and 70 per cent will be satisfied by the issue of Biocompatibles' shares. • Biocompatibles has the option to sell CellMed back to the vendors for a nominal value on 30 June 2006 or on 31 December 2006 in which case the obligations to make future payments of deferred consideration or profit- sharing payments would cease. Biocompatibles does not intend to exercise this option unless the CellMed programmes fail to make the progress expected. On the exercise of this option Biocompatibles would make an investment into CellMed which would be sufficient to provide a cash balance of €1.3 million (£0.9 million) to fund its short term trading. In return, Biocompatibles would retain 10% of the CellMed shares and receive a fully paid up licence for the use of the biodegradable bead technology in embolisation and drug eluting embolisation. • Cash payments are to be made in euros. The sterling equivalents set out above are calculated on the basis of €1.45:£1. If the initial consideration shares were valued on the basis of the share price at the close of business on 3rd March 2005, there would be an increase in the value of the initial consideration shares of 12 per cent. This uplift has been included in the initial and total consideration calculations on the front page summary. As at 31 December 2004, CellMed had net liabilities of €0.2 million (£0.1 million) and in the twelve months ending on the same date, recorded a net loss before taxation of €1.1 million (£0.8 million). The financial impact of the transaction is described in the 2005 Guidance section below. Goals and News Flow The management of Biocompatibles and its new CellMed operation have set themselves the following goals for CellMed in 2005: • Initiating a pre-clinical evaluation for the biodegradable drug-eluting embolisation bead. • Completing recruitment for the hypoparathyroidism Phase 2a trial. • Securing CE Mark approval for the cosmetic implant bead. • Securing FDA approval for the haemoglobin test device and initiating a US launch of the product. Trading The Company is also pleased to provide an unaudited update on trading for the year to 31 December 2004 and the Company's closing financial position; as well as preliminary guidance for 2005. The key points are: Biocompatibles' 2004 Results Turnover increased by 23% to £2.6 million. Sales growth in 2005 is expected to continue as a result of the increase in the size of the US sales force of Terumo, Biocompatibles' distribution partner for Bead Block, which occurred in the second half of 2004. Total cash outflow in 2004 was £10 million resulting in year-end net funds of £45.2 million, against the previous guidance position of £39 million, the difference being largely attributable to the timing of spend within Abbott's development programme and Biocompatibles' clinical trial programmes together with receipts from exercises of employee share options and interest received. Following a review of the provisions for warranties and indemnities, created on the disposal of three businesses in 2002, the Directors have decided that a further provision release of £4.9 million is appropriate. The remaining provision balance is £4.1 million. In the 2003 Preliminary Announcement, the Company identified a number of plans for 2004 and good progress has been made, especially in respect to the drug-eluting bead programme. PRECISION Trials update Biocompatibles is pleased to announce today that patient recruitment is complete for the PRECISION I clinical trial in Hong Kong, evaluating the treatment of primary liver cancer with the Doxorubicin Eluting Bead. 2005 Guidance The Company expects total 2005 cash outflow, including the effects of the CellMed acquisition but excluding the planned return of capital and related costs, to be approximately £18 million: • Biocompatibles' operating cash expenditure1 is expected to be approximately £8 million and the combination of non-operating and contracted Abbott R&D cash expenditure is expected to be around £5 million. • £2 million is expected to be invested into the CellMed development programmes. • The cash element of the initial consideration for CellMed plus additional acquisition costs are expected to be approximately £3 million. Subject to release of the escrow account, cash is expected to increase by around £20 million. The return of capital following the release of the escrow together with related costs, will total around £12 million. The 2005 cash flow guidance is summarised in the following table: £ million BII CellMed Acquisition Total costs Operating cash expenditure* 8 2 0 10 Non operating cash flow 2 0 3 5 Abbott R&D expenditure 3 0 0 3 -------- -------- --------- ------- 13 2 3 18 Escrow release -20 0 0 -20 Return of capital 12 0 0 12 -------- -------- --------- ------- 5 2 3 10 -------- -------- --------- ------- The closing net funds position is expected to be around £27m prior to the anticipated escrow release and subsequent return of capital, or £35m following them. Consolidated turnover is expected to be in the range of £3m to £4m. A full review and a summary of the Company's goals for 2005 will be provided with the Preliminary Results statement on 17 March. * Operating cash expenditure is defined as net cash outflow from operating activities plus returns on investments and servicing of finance adjusted for non-cash movement on current asset investments. Notes to Editors ISOSTENT 1. Isostent's original suit, filed in March 2002, cited Biocompatibles and Biocompatibles Cardiovascular Ireland Limited ('BCIL') its cardiovascular stent subsidiary, as co-defendants. When Biocompatibles sold BCIL to Abbott Laboratories ('Abbott'), it agreed to provide indemnities in relation to a number of matters including the claim by Isostent against BCIL. £17.6m was placed in an escrow account as security for these claims. A further £17.6m was placed in restricted bank account. 2. Biocompatibles announced in March 2003 that it had reached a settlement with Isostent and that Isostent had withdrawn its claim against both Biocompatibles and BCIL. Isostent was, however continuing its claim against the remaining defendants (LPL Systems and Divysio Solutions ULC Inc). The Directors reported that they had been advised that the settlement agreement eliminated a significant part of the risk associated with the indemnity relative to the Isostent claim. 3. In September 2003, Abbott agreed to release Biocompatibles from its obligation to maintain £17.6m in the restricted bank account, subsequent to which the Company returned £11.3m to shareholders. 4. Final determination of the Isostent litigation will allow the Company to seek the release of the £17.6m placed in escrow as security for the Isostent indemnity subject to there being no outstanding claims by Abbott relative to the Isostent case. The Directors believe the conclusion of the Isostent case should allow the majority of the £17.6m held in the escrow account to be released to the Company. If the Isostent litigation has not concluded by 8 May 2005, the escrow account will be released under the terms of the original sale agreement between the Company and Abbott, subject to the retention of an amount to cover any bona fide claims by Abbott under the indemnity. 5. The release of the monies held in the escrow account is a condition for the third of three capital repayments to be made to Biocompatibles' shareholders. The first payment of £100m was made in June 2002. The second payment of £11.3m was made in October 2003. The size of the third repayment is expected to be in the region of £11m or approximately 29p/share, but will depend on the amount released from escrow and the number of shares in issue at the relevant time. PRECISION Trials 1. Biocompatibles' PRECISION clinical trials are designed to evaluate the safety and efficacy of this drug-eluting bead in the treatment of the liver cancer, hepatocellular carcinoma (HCC). 2. The primary endpoint of the trial is safety, measured by complication rates and dose-limiting toxicity, with a secondary endpoint of tumour response measured by MRI (magnetic resonance imaging) at six months. 3. The trials are taking place at the Barcelona Clinic for Liver Cancer and the Queen Mary Hospital in Hong Kong. Both centres are world leaders in this area of research and have established that chemo-embolisation improves survival of selected liver cancer patients who are unsuitable for surgery and other curative treatments. 4. Preliminary results from the PRECISION II trial in Hong Kong were presented at the CIRSE Congress on September 26th 2004. Further trial data are expected during the course of 2005. This information is provided by RNS The company news service from the London Stock Exchange back to top Company Announcements takes no responsibility for the accuracy of the information within this site. The announcements are supplied by the Primary Information Provider (PIP), denoted by the announcement source. Queries of this nature should be directed to the source or PIP. Company Announcements reserves the right to publish a filtered set of announcements. NAV announcements, Rule 8 announcements, EMM Disclosure and FRN Variable Rate Fix announcements are filtered from this site.
Biocompatibles share price data is direct from the London Stock Exchange
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