Monday, March 20, 2000
All eyes will be on Celltech as the London Stock Exchange
opens for business on Monday, the first day it will trade as a FTSE 100 company.
The LSE was closed when an FDA advisory committee on Friday recommended a limited
label for CCH's Mylotarg gemtuzumab zogamicin in acute myeloid leukemia (AML),
which was presented to the panel by partner Wyeth-Ayerst. Rumors that the product
had been rejected prompted a halt in trading of the company's ADRs on the New
York Stock Exchange at $36.375, down $4.125 on the day. CCH closed Friday at
1307.5p, up 72.5p on the day, but down 470p on the week at a market cap of £10.4
billion ($16.4 billion). (see Regulation, A6).
AdProTech raised £5 million ($7.9 million) in a second funding
round. The autoimmune and inflammation company will use the funds to move APT070,
a membrane-targeted complement inhibitor, into preclinical studies. APT070 has
potential applications in rheumatoid arthritis, pretreatment of organs to prevent
ischemia, and other complement-mediated pathology. Investors were 3i, Prelude
Trust, Alta Berkeley Associates and Alice Ventures.