Monday, November 10, 1997
After a year when most of the product news coming from European companies has been disappointing and stock values have reflected that, any inkling of positive news can create a flurry of investor activity. This seems to have been the case at Cortecs International (LSE:COR; NASDAQ:DLVRY), Scotia Holdings (LSE:SOH) and Innogenetics (EASDAQ:INNX). The market seemed to react favorably to the U.K.-based companies even on the back of brief data - not a p-value in sight - and the SOH news was old, most of it having been disclosed in February (see BioCentury, Feb. 2).
The London Stock Exchange had closed when COR unveiled preliminary Phase II findings indicating that its Macrulin oral insulin is effective in reducing blood glucose levels (see Clinical Results, B9), but that didn't stop attendees of the company's annual meeting from making trans-Atlantic calls to play the company's American Depositary Shares. DLVRY surged 47 percent on NASDAQ trading on Tuesday - rising $6.50 to $20.25 on 554,200 shares.