In late 2004, Transgene S.A. (Euronext:TNG) brought in Philippe Archinard as CEO to refocus the immunotherapy company. Moving products through the clinic has taken far longer than he initially projected - he had hoped to have three products in Phase III trials by YE07 - but management's efforts appear to be finally paying off (see BioCentury, June 20, 2005).

Last week, Transgene completed a E152 million ($194.1 million) rights...