Monday, October 20, 1997
Innogenetics has provided EASDAQ's detractors with evidence that traders can show up on the pan-European exchange. After stagnating for almost a year, INNX (Ghent, Belgium) burst into activity in the past two weeks, its share price rising from $11.125 on Oct. 1 to $15.50 last Wednesday before drifting back to close the week at $14.875. Daily share volume for INNX last week was just under 250,000, accounting for nearly 38 percent of EASDAQ's total trading.
Company Chairman Rudi Marien was unable to identify one particular news event that may have prompted the surge, although he noted that INNX had received substantial publicity in Belgium following the recent launch of its AutoDerm and TransDerm products for the treatment of severe burns, which are being distributed via the Skin Bank in Brussels. Earlier this year, Belgian authorities announced that they will refund the entire cost of a course of treatment - which is Bfr800,000 (US$22,000) and Bfr1.6 million (US$44,150), respectively. INNX is preparing to make both products available in France, Germany, the Netherlands and the U.K.