London & the Continent

Uptick restores some institutional interest

OXFORD - European biotech companies probably are not going to have to rely on retail investors in the same way as some of their transatlantic cousins. In the past few months institutions have shown a greater willingness to support biotech financings.

Indeed, only last week, four British companies - Alizyme plc, Biocompatibles International plc, Bioglan Pharma PLC and Xenova Group plc - announced that they would be seeking additional equity capital. It is important, however, not to read too much into these events. Although the $94 million in new financings were underwritten, they were associated with specific corporate activities.