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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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 6.33M | 5.44M | 3.6440 | 6.59 | 35.84M |
RNS No 2780v CAMBRIDGE ANTIBODY TECHNOLOGY GROUP 23rd June 1998 CAMBRIDGE ANTIBODY TECHNOLOGY ACQUIRES POWERFUL EXTENSION TO ITS PLATFORM TECHNOLOGY CAPABILITY Deal gives CAT controlling patent in polysome display Melbourn, UK. Cambridge Antibody Technology Group plc (CAT) today announced a powerful extension to its existing antibody display platform technology by entering into an agreement to purchase a US company, Aptein Inc. Aptein's major asset is granted US patents that dominate the field of polysome display (including but not limited to antibody display). Aptein has filed patent applications in Europe (grant of which is expected soon) and Japan and also has a granted patent in Australia. The combination of polysome display (also known as ribosome display) with phage display offers: - improved efficiency larger library size faster selection cycle time - enhanced capabilities antibody mediated rapid gene cloning - consolidation of CAT's dominant position in display technology. CAT intends to develop the Aptein technology in-house using its existing resources and does not intend to maintain Aptein's office or laboratory presence in the US. Under the terms of the agreement CAT will purchase the issued share capital and outstanding share options and warrants of Aptein (and take on the obligation to settle certain obligations of Aptein) for a total consideration of up to $11 million. The consideration will be satisfied by the issue of up to 2.366 million CAT shares. $6 million of the consideration will be satisfied by the issue of 1.290 million CAT shares on the closing of the transaction. The balance of the consideration of up to $5 million will be satisfied by the issue of up to 1.076 million CAT shares after Aptein has received grants of European patents (currently applied for) for its key technology which have been sustained through opposition or appeal. The number of CAT shares to be issued will be determined by the nature of the patent grant which is obtained (with the added proviso in certain cases that specified revenue targets are met). Closing of the acquisition is conditional, amongst other things, on the approval of the transaction by Aptein shareholders and the listing on the Official List of the London Stock Exchange of the shares to be issued on closing. CAT has received irrevocable undertakings from a majority of Aptein shareholders to vote in favour of the transaction. It is expected that closing will take place on 15 July 1998. 1.237 million CAT shares will be subject to a restriction on sale for a period of six months following the closing of the transaction. Aptein is based in Seattle, USA. It was founded in 1989 by Dr Glenn Kawasaki who is currently the company's President and sole employee. Following closing Dr Kawasaki will resign as an employee of Aptein but CAT is retaining his services as a consultant to the company. As at 31 December 1997 Aptein had net assets (unaudited) of $234,000 and made a loss (unaudited) in the year ended 31 December 1997 of $94,000. "Aptein's polysome display technology is one that CAT has been closely monitoring for some time. With the grant of patents in the US controlling polysome display and their expected grant in Europe we believe that it has now developed to a level that makes it a valuable acquisition for CAT." said Dr David Chiswell, Chief Executive of CAT. He added, "CAT has the expertise to develop, add value and exploit the technology further and by combining phage and polysome display we can considerably enhance the power of CAT's technology platform." For Further Information Contact: Cambridge Antibody Technology Tel: +44 (0) 1763 263233 David Chiswell, Chief Executive Officer John Aston, Finance Director City/Financial Enquiries Tel: +44 (0) 171 957 4600 Nicola How, HCC.De Facto Financial Scientific/Trade Enquiries Tel: +44 (0) 1223 518093 Andrew Worsfold, HCC.De Facto Cambridge Notes to Editors Aptein's technology can be viewed as analogous to CAT's phage display technology. The key difference is that rather than displaying large libraries of antibodies on a simple virus (the phage) the libraries of antibodies are displayed on a component of the cell known as a ribosome. The complex of ribosome, mRNA and newly made protein (including antibodies) is referred to as a polysome. The polysome is responsible for protein synthesis in the cell. As with phage display, selection techniques allow the isolation, from these libraries, of single molecules, which bind drug targets of interest, or, by using antibodies, the isolation of the targets themselves. CAT is a UK biotechnology company focused on engineering advanced human monoclonal antibodies for drug discovery and drug development. Based in Melbourn, 10 miles south of Cambridge, England, CAT currently employs over 130 people. In March 1997, CAT completed its initial public offering and listing on the London Stock Exchange, raising approximately #41 million. CAT has a world-leading platform technology for rapidly isolating fully human monoclonal antibodies and its phage-display library currently incorporates more that 67 billion distinct antibodies. This library forms the basis for the company's strategy to develop a portfolio of clinical development programmes with the objective of initiating three to four clinical programmes per year from the year 2000. The first two antibody products developed by CAT started clinical trials in 1997, in inflammation and fibrosis. CAT has a number of license and collaborative agreements in place with pharmaceutical and biotechnology companies. These include: ICOS, Genentech, Pfizer, Eli Lilly, BASF Pharma, Genetics Institute/BASF Pharma, Mitsubishi Chemical and ObeSys (with BTG). END ACQNFEKDADEPEEN
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