Monday, February 9, 1998
Raised in 1998
The week's biggest casualty in London was Biocompatibles (LSE:BII) which saw its value halve during the week, from 430p to 215p at Friday's close, wiping nearly £160 million off its valuation. BII shares hit an all time high of 1418p on April 30, 1997 - two years after an IPO at 170p - on the expectation that a huge deal would be clinched with Cordis, a Johnson & Johnson company. With the deal unsecured, shareholders deserted the stock on Friday when the board announced that President and CEO Alastair Taylor was leaving the company, knocking 160p (43 percent) off BII's price.
It has not been all doom and gloom in London. The biggest gainer last week was KS Biomedix (LSE:KSB) which surged 61 percent on the Alternative Investment Market. KSB rose 42 percent Tuesday to 225.5p after the company unveiled what it said were good results from clinical trials of its CBF-BS2 rheumatoid arthritis treatment (see B9). The stock closed Friday at 241.5p.