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CAT Catco Reinsurance Opportunities Fund Limited

24.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Catco Reinsurance Opportunities Fund Limited LSE:CAT London Ordinary Share BMG1961Q3242 ORD USD0.00013716 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 24.00 13.00 35.00 24.00 24.00 24.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 31.88M 27.12M 18.1652 1.32 35.84M
Catco Reinsurance Opportunities Fund Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker CAT. The last closing price for Catco Reinsurance Opport... was US$24. Over the last year, Catco Reinsurance Opport... shares have traded in a share price range of US$ 17.50 to US$ 24.00.

Catco Reinsurance Opport... currently has 1,493,131 shares in issue. The market capitalisation of Catco Reinsurance Opport... is US$35.84 million. Catco Reinsurance Opport... has a price to earnings ratio (PE ratio) of 1.32.

Catco Reinsurance Opport... Share Discussion Threads

Showing 876 to 895 of 1325 messages
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DateSubjectAuthorDiscuss
07/2/2005
09:28
from FT

Losses widen at CAT despite Humira ruling By Tom Griggs

Cambridge Antibody Technology reported widening losses in the first quarter despite a major alliance with AstraZeneca that has seen the pharmaceutical giant take a 20 per cent stake in the biotechnology company.

CAT said on Monday that losses after tax increased by 22 per cent to £11.7m ($22m) in the three months to December 31 from £9.1m ($17m) last year. Revenue fell 29 per cent to £2.7m ($5.1m) from £3.8m ($7.1m) for the same period in 2003.

CAT won a legal dispute with Abbott Laboratories over royalties from Humira, the arthritis treatment, during the first quarter. Abbott was ordered to pay the Cambridge-based biotechnology company £23.73m in royalties plus $1.29m in interest. However, the back royalties were not reflected in quarterly results as the ruling is still subject to appeal.

Normal royalty payments relating to Humira are made in September and March and so do not appear in first quarter results. The fall in revenue was as a result of this scheduling, said the company.

The alliance with AstraZeneca that was completed during the quarter was conditional on the purchase of shares worth £75m. The alliance will focus on antibody research into inflammatory disorders. An agreed minimum investment of $175m will be funded equally by both companies.

The alliance will become the principal focus of CAT's research activity over the next five years, said the company.

In January, CAT announced that Dr David Glover, chief medical officer, would take early retirement in early February. His responsibilities will be assumed by Dr Patrick Round who will now take charge of all development activity at the company.

In early trade, shares were down 1.36 per cent at 762p.

matthu
02/2/2005
07:37
An article in Bioworld quotes Abbott as forecasting that annual sales of Humira could even top $2.3 billion as additional indications are added.

However, the royalty rates quoted in the article are inaccurate, I believe.

Under the original agreement, CAT licensed a patent called Neuberger from MRC and sublicensed this to Abbott. MRC was obliged to collect 2% from CAT and pass this on the MRC, effectively reducing the royalty CAT booked from Abbott.

However, Neuberger was amended in 1997 so that CAT no longer needed to license it, and CAT has accordingly become entitled to the full 5%-6% royalty from Abbott ever since.



Last week Abbott reported that sales of Humira reached $852 million in 2004, and upped the forecast for 2005 to $1.3 billion. It also is developing the anti-TNF alpha monoclonal antibody in six further indications including Crohn's disease, psoriatic arthritis and ankylosing spondylitis, which the Abbott Park, Ill.-based company said could add a further $1 billion annually.

matthu
31/1/2005
20:15
This could be an interesting add-on, especially as there would be no funding requirement from CAT ... but note also the important safety information.


Research Supports Further Assessment of Benefit of HUMIRA in Tough-to-Treat Crohn's Population

ABBOTT PARK, Ill., January 31, 2005 /PRNewswire-FirstCall/ -- Patients with active Crohn's disease who have ceased responding to Remicade (infliximab) may respond to HUMIRA(R) (adalimumab), according to a new study in the January 2005 issue of the American Journal of Gastroenterology. The study found that 11 of 13 (85 percent) of Crohn's patients who had experienced a reduced or loss of response to infliximab -- currently the only FDA-approved biologic treatment for Crohn's disease -- experienced a reduction in disease activity with HUMIRA.

Crohn's disease is a serious chronic and inflammatory disease of the gastrointestinal tract that affects approximately 500,000 Americans and is typically diagnosed before age 30. Common symptoms of the disease include diarrhea, cramping, abdominal pain, weight loss, fever and in some cases rectal bleeding. There is no cure for Crohn's disease.

"Crohn's is a serious and complex disease with limited treatment options," said Konstantinos A. Papadakis, M.D., the lead study investigator from Cedars- Sinai Medical Center, Los Angeles. "We are very encouraged by the findings of this study and look forward to larger prospective studies to further assess HUMIRA in patients where infliximab is no longer an option."

About the Study

Papadakis and colleagues retrospectively evaluated the safety and efficacy of six months of therapy with HUMIRA in 15 patients with active Crohn's disease (CD) who experienced a reduced or loss of response to infliximab. All patients who received treatment had a diagnosis of moderate to severe active CD, were steroid-dependent and had failed standard immunomodulators and/or had experienced draining fistula despite concomitant medical therapy. Patients selected for the study had received a median of five infliximab infusions prior to treatment with HUMIRA and experienced a reduced or loss of response to infliximab as determined by their physicians.

Disease activity was scored according to the Harvey-Bradshaw clinical activity index (HBI), a clinical assessment of disease activity, which scores level of general well-being, severity of abdominal pain, number of liquid stools per day, and presence of abdominal mass and disease complications. Complete response was defined as an HBI of less than or equal to 4 and withdrawal of corticosteroid treatment; partial response was defined as a decrease of at least 50 percent in HBI and reduction in corticosteroid dose. All other patients were considered non-responders.

Trial participants initiated treatment with an 80 mg subcutaneous (under the skin) injection of HUMIRA followed by a 40 mg dose every two weeks. To maintain clinical response, the dose and/or dosing frequency was increased during the study; three patients received an increased dose of 80 mg every two weeks, two patients were given 80 mg weekly and one patient was given 120 mg every two weeks. Concomitant treatment with immunomodulators was continued.

Of the 13 patients who completed the study, seven (54 percent) had a complete response to treatment with HUMIRA, four (31 percent) had a partial response, and two (15 percent) were non-responders. Patients with extra- intestinal manifestations of CD (joint pain) (n=7) improved or resolved their symptoms with HUMIRA treatment, as did one patient who suffered from oral ulcers. Five of the 11 patients taking concomitant corticosteroid therapy were able to discontinue their use (by week 14 of treatment with HUMIRA) and three were able to decrease the dose (at last follow-up).

No severe adverse events were observed in this study. There was no evidence of immediate or delayed-type hypersensitivity reactions. The most frequent adverse event was injection site reaction characterized by erythema and discomfort lasting less than 24 hours.

Additional Data on HUMIRA in Infliximab-Intolerant Patients Recently Published

The Papadakis study follows research published recently in the Journal of American Gastroenterology on HUMIRA in Crohn's patients with loss of response or intolerance to infliximab. In that 12-week, open-label study led by William J. Sandborn, M.D., Mayo Clinic, and Stephen Hanauer, M.D., University of Chicago, 24 patients received 40 mg of HUMIRA every other week following an initial 80 mg dose, all given via subcutaneous injection.

The study assessed the safety of HUMIRA as well as the Crohn's Disease Activity Index (CDAI) score. CDAI is a weighted composite score of eight clinical factors, including a daily number of liquid or very soft stools, severity of abdominal pain, level of general well-being, presence of extra- intestinal manifestations or abdominal mass, use of anti-diarrheal agents, hematocrit and decrease in standard body weight. Clinical response was defined as a decrease in the CDAI by at least 100 points, in patients whose baseline CDAI score was at least 220. The primary efficacy variable was the induction of clinical remission, defined as a CDAI score of less than 150 at week four in the subset of patients who had a baseline CDAI score of at least 220 points.

Seventeen of the 24 patients (71 percent) had baseline CDAI scores of at least 220. At four- and 12-week follow up, clinical remission occurred in two (12 percent) and five (29 percent) patients, respectively, while clinical response occurred in seven (41 percent) and 10 (59 percent) patients, respectively. Of the nine patients who had draining fistulas, five (56 percent) experienced a decrease in the number of draining fistulas and three (33 percent) had complete fistula closure at week 12.

Study participants who did not achieve clinical remission and complete fistula closure or complete steroid withdrawal could escalate the dosing schedule to 40 mg weekly after the fourth week of therapy. Nineteen patients (79 percent) escalated their dose between weeks four and six.

All 24 patients were able to tolerate HUMIRA. The most common adverse events included upper respiratory tract infection and headache.

"Given the outcome of both studies, we are excited to continue evaluating the potential of HUMIRA in Crohn's," said Becky Hoffman, M.D., global project head, immunology, Abbott.

Important Safety Information

Cases of tuberculosis (TB) have been observed in patients receiving HUMIRA. Serious infections and sepsis, including fatalities, have been reported with the use of TNF-blocking agents, including HUMIRA. Many of these infections occurred in patients also taking other immunosuppressive agents that in addition to their underlying disease could predispose them to infections. The combination of HUMIRA and anakinra is not recommended.

TNF-blocking agents, including HUMIRA, have been associated in rare cases with demyelinating disease and severe allergic reactions. Infrequent reports of serious blood disorders and rare reports of lymphoma have been reported with TNF-blocking agents. Patients with rheumatoid arthritis, particularly those with highly active disease are at a higher risk for the development of lymphoma. The potential role of TNF-blocking therapy in the development of malignancies is not known.

The most frequent adverse events seen in the placebo-controlled clinical trials in rheumatoid arthritis (HUMIRA vs. placebo) were injection site reactions (20 percent vs. 14 percent), upper respiratory infection (17 percent vs. 13 percent), injection site pain (12 percent vs. 12 percent), headache (12 percent vs. 8 percent), rash (12 percent vs. 6 percent) and sinusitis (11 percent vs. 9 percent). Discontinuations due to adverse events were 7 percent for HUMIRA and 4 percent for placebo. As with any treatment program, the benefits and risks of HUMIRA should be carefully considered before initiating therapy.

About HUMIRA

HUMIRA is the only fully human monoclonal antibody approved by the FDA for reducing the signs and symptoms, inhibiting the progression of structural damage, and improving physical function in adults with moderately to severely active rheumatoid arthritis (RA) who have had an inadequate response to one or more disease-modifying antirheumatic drugs (DMARDs). HUMIRA can be used alone or in combination with methotrexate or other DMARDs. HUMIRA offers convenient every-other-week dosing by subcutaneous injection (shot beneath the skin) via a specially designed pre-filled syringe. The recommended dose of HUMIRA for adult patients with RA is 40 mg every other week.

HUMIRA is the first fully human monoclonal antibody approved in Europe for RA, and the first tumor necrosis factor alpha (TNF-a) antagonist approved with an indication for use with methotrexate or as monotherapy. To date, HUMIRA has been approved in 54 countries and prescribed to more than 83,000 patients suffering from rheumatoid arthritis worldwide.

Clinical trials are currently underway evaluating the potential of HUMIRA in other autoimmune diseases.

HUMIRA was discovered through a broad scientific collaboration between Abbott and Cambridge Antibody Technology (CAT). As part of the collaboration, Abbott had the right to select several target antigens for which a joint Abbott/CAT research team would discover human antibody therapeutics. HUMIRA was isolated and optimized by Abbott and CAT as part of this collaboration. Abbott owns exclusive worldwide rights to HUMIRA, including responsibility for clinical development, manufacturing, sales and marketing. Abbott will book all revenues for HUMIRA, and CAT will receive a royalty fee based on HUMIRA sales.

matthu
31/1/2005
09:29
So we have to wait until the end of next week until we finally know whether Abbott intends to apply ot the Appellate Court for permissioin to appeal. Until then, the share price will presumably still factor in a possibility of an appeal.

I was a little bit surprised to see that "the U.S. drug company said it will ask the Appellate Court within 14 days for permission to appeal" (see post 390).

matthu
31/1/2005
09:07
Great news for all us CAT's!
Congratulations again to the management team and employees at CAT.
Not a final end to the saga but another big step in the right direction for the minnows who support major pharmas successes.

bungles
29/1/2005
08:06
from
CAT wins £13m in royalties battle
By Rosie Murray-West, City Correspondent (Filed: 29/01/2005)

Cambridge Antibody Technologies, the biotechnology company behind Britain's only blockbuster biotech drug, said yesterday it has received $24m (£13m) from Abbott Laboratories following a court decision last month.

Abbott, which helped develop CAT's rheumatoid arthritis drug Humira, was denied permission to appeal against a judgment on royalty payments due to CAT from Abbott.

The US company can still apply to the court of appeal but Peter Chambre, chief executive of CAT, said the company had "won on all counts" yesterday and was delighted with the result.

CAT took Abbott to court after Abbott offset the amount of royalties due to CAT against other royalties due to third parties. On December 20 Mr Justice Laddie ruled Abbott was in error in how it had calculated its payments.

Abbott was ordered to pay CAT's costs and make an interim payment of £2.85m. In addition to the $24m, Abbott will pay $1.29m as interest and compensation for currency loss on the amount.

matthu
28/1/2005
22:28
LONDON -(Dow Jones)- UK biotechnology company Cambridge Antibody Technology Group PLC (CATG) Friday was awarded costs in its legal case against Abbott Laboratories Inc (ABT) over the level of royalties for rheumatoid arthritis drug Humira.

The amount of the costs will be determined in a separate proceeding.

Justice Laddie, referring to Humira, said that this is the first significant exploitation of a breakthrough technology for which Cambridge Antibody is responsible. As a result, he ruled that it's appropriate the company receives adequate compensation for the expenses it incurred in the case.

Abbott Laboratories and Cambridge Antibody could not be immediately reached for comment.


LONDON (Dow Jones)--U.K. biotechnology company Cambridge Antibody Technologies PLC (CATG) Friday said it had been awarded costs in its case against Abbott Laboratories (ABT) over the level of royalties CAT is owed for the rheumatoid arthritis drug Humira.

In announcing his judgment, High Court judge Justice Laddie also denied Abbott's request for permission to appeal his December judgment in favor of Cambridge Antibody.

Abbott will now have to pay CAT's legal costs, which will be assessed at a later stage.

Although it has agreed to pay CAT GBP2.85 million, representing an interim payment of the costs due, the U.S. drug company said it will ask the Appellate Court within 14 days for permission to appeal.

"We're disappointed in the judge's ruling about cost, but will comply with the decision," Abbott said in a statement, adding that the final amount will be decided at a separate proceeding.

"This amount has no material impact on Abbott and was contemplated in our recent guidance range," the company added.

Abbott has already paid CAT $23.7 million, representing royalty arrears arising from the judgment in December, as well as an additional sum of $1.29 million, representing interest and compensation for currency loss on this amount.

Nomura analyst Sam Fazeli, who has a neutral recommendation on CAT, said the outcome of the ruling will be positive for the stock, pointing out that Abbott's appeal is going to be factored in the potential risk for CAT.

"Now we need to see the company spend money on products we can feel and measure," he added.

CAT Chief Executive Peter Chambre told Dow Jones Newswires that the company will now turn its focus on compounds it's currently developing.

"The important thing is that those products are developed successfully," he said.

"The judgment, subject to appeal, allows us to develop those products fully now that the cash is now with CAT."

CAT shares closed up 1.43% at 745 pence.

The two companies have been in dispute since 2003 over the amount royalties Abbott owed over Humira, a treatment for rheumatoid arthritis derived from monoclonal antibodies developed by CAT.

Abbott had interpreted a royalties agreement to mean it should pay 2% of net sales, while Cambridge Antibody had claimed the deal meant it should receive 5% of net sales.

Abbott obtained the rights to Humira when it acquired BASF AG's (BF) pharmaceutical unit, Knoll, five years ago. The royalties agreement was put in place while Knoll still co-owned the rights to Humira.

matthu
28/1/2005
20:24
Got to rise Monday
rowitt
28/1/2005
18:02
It is hard to imagine that Abbott have much chance of success in an appeal unless Mr Justice Laddie had got it all wrong! The fact that they have already paid the royalty arrears is a positive sign. I think you are right about Monday. The late rise today is maybe an indication of word having got out from the court room. Most of the trading was done late in the day but not huge volumes.
graemereid
28/1/2005
17:30
sp should be marked sharply higher on Monday!
I wonder if Abbott will now withdraw gracefully?

matthu
28/1/2005
17:17
Now for the good news!

CAMBRIDGE ANTIBODY TECHNOLOGY LEGAL ACTION WITH ABBOTT:

RULING ON PROCEDURAL MATTERS, 28 JANUARY 2005

Cambridge, UK... Cambridge Antibody Technology (LSE: CAT; NASDAQ: CATG) reports
that in its action in the High Court in London against Abbott, the trial judge,
Mr Justice Laddie, has announced his decision on various procedural matters
arising from his judgment given in CAT's favour on 20 December 2004.

The judge ruled in CAT's favour on all counts, and in particular as follows:

*He denied Abbott's request for permission to appeal his judgement of 20
December 2004, though Abbott can now apply to the Court of Appeal directly
for permission to appeal;
*He ordered that Abbott pay CAT's costs of the case (to be assessed in due
course). Part of these costs will be assessed, as sought by CAT, on a higher
basis than the norm to reflect the Judges' view on the merits on that part
of the case.

Abbott has agreed to pay to CAT an amount of #2.85 million representing an
interim payment of costs due.

Abbott paid yesterday to CAT an amount of US$23.7 million, representing royalty
arrears due to CAT arising from the original judgment, and has agreed to pay to
CAT an additional sum of US$1.29 million, representing interest and compensation
for currency loss on this amount.

-ENDS-

graemereid
28/1/2005
15:26
fingers crossed, matthu
graemereid
28/1/2005
14:46
Seems to be taking a long time ... must be considering exemplary damages :-)
matthu
28/1/2005
11:14
Cambridge Antibody Technology Ltd v Abbott Biotechnology Ltd
Further argument expected today but not starting before 11:30

matthu
25/1/2005
18:04
CAMBRIDGE ANTIBODY TECHNOLOGY LEGAL ACTION WITH ABBOTT:

PROCEDURAL HEARING ON 28 JANUARY 2005

Cambridge, UK... On 20 December 2004, judgment was given in Cambridge Antibody
Technology's (LSE: CAT; NASDAQ: CATG) favour in its action in the High Court in
London against Abbott in relation to the level of HUMIRA royalties (see CAT news
release 04//CAT/18). At that time various procedural matters arising from the
judgment were held over to be decided at a subsequent hearing. CAT now reports
that Mr Justice Laddie will hear argument (and is likely to decide at the
hearing) on these various procedural matters, including whether either party
shall be responsible for the other party's costs of the trial and whether either
party may have the right to appeal the decision, in a hearing in open court
commencing at 10.30 GMT on Friday 28 January 2005.

CAT will issue a news release reporting the Judge's rulings as soon as practical
after the hearing is finished.

graemereid
21/1/2005
06:48
In late 2003 Abbott began paying royalties to CAT under the 1995 Agreement. It
did so at the 2% level - CAT will be due reparation to bring the royalty up to just over 5%.

CAT will also be due costs.

Abbott made an application for permission to appeal, which will not be heard before late January.

matthu
21/1/2005
01:09
Just putting your figures through the calculator makes £23.9785m ie nearly £24m.
I don't remember CAT's cash burn, but doesn't that make CAT cash generative?
How long did CAT receive royalties too low? Was it 2% we got? How much are we owed - deficit*time must make a significant amount?

Despite the appeal, surely the money should be paid to CAT immediately and only if the appeal is won by Abbott would CAT have to pay it back. For example if you are found guilty you normally spend time in prison until the appeal shows your innocence - the law is not that murders stay out because they might win an appeal.

Sorry to ask questions that are just leg-work. I'm asking 'cos you might have quick off the cuff answers. Without a real stake in the company I can't afford the time to do too much work on this!

crystalclear
19/1/2005
14:11
From what I can tell, CAT's rate is
6.0% on sales up to £100m
5.5% on sales in excess of £100m up to £150m
5.0% on sales in excess of £150m
So on sales of £455m CAT should expect a royalty of 5.27%.

Under the original agreement, CAT licensed a patent called Neuberger from MRC and sublicensed this to Abbott. MRC was obliged to collect 2% from CAT and this effectively reduced the royalty CAT booked from Abbott.

However, Neuberger was amended in 1997 so that CAT no longer needed to license it, and CAT has accordingly become entitled to the full 5%-6% royalty from Abbott ever since.

You are right that the full value of the court case has yet to be recognised in the share price. Part of the gain has been offset by a 10% drop in share price in November when CAT reported that its Trabio treatment had failed to meet the
primary goal of a study. But the remainder of the gain seems to be pending the outcome of Abbot's application for right to appeal.

My own guess is that there is another £2 upside in the share price pending the outcome of this appeal, but things may become clearer when the results are released next month and when analysts have had another chance to run their sliderules over the figures.

PS I am not an expert by any stretch of the imagination!

matthu
19/1/2005
13:31
CAT gets a percentage of profit or sales?
Isn't it about 5% of the £455m ie CAT can now operate from Humira alone unless the appeal is successful?

That's guessed, so feel free to shoot me down with facts.
Since CAT running costs are high, the importance of going to 5% royalties after the court case is much higher than a doubling of the CAT price from £4 to £8 would seem to indicate. So there is surely hidden value in the shares - well hidden for those that don't see it, and in-your-face to those who do?

Comments please matthu! You're the expert on this one.

crystalclear
19/1/2005
13:11
I had expected to hear more by the end of Jan - certainly when CAT releases their results on Feb 7 there would be an opportunity to hear more.
matthu
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