Merger route to U.S. capital

The marriage last week between Scotgen Ltd. of Aberdeen, Scotland, and Vasocor Inc. of Menlo Park, Calif., was another reminder of the difficulty British companies continue to have in raising funds at home.

"The European approach is that the people starting a company put up a little bit of money and start up in a garage," said Robert Fildes, chairman and CEO of the merged company, Scotgen Biopharmaceuticals Inc. (SBP). "Companies have a hell of a time finding capital." ...