Biocompatibles falls on earnings guidance

Biocompatibles (LSE:BII) was off 99p (38%) to 160p in London trading on Friday after announcing that it will not achieve breakeven results in 2001. BII said it will not meet these expectations as a result of a deal with marketing partner Abbott (ABT) to share in the payment of royalties to the Cordis unit of Johnson & Johnson (JNJ) for BII's BiodivYsio phosphorylcholine coated stent. ABT agreed to pay royalties to Cordis on U.S. sales of BiodivYsio under patents held by Cordis covering cardiovascular stent and stent delivery systems. ABT also announced the launch of the stent. ...