12:00 AM
Mar 20, 2000
 |  BioCentury  |  Finance

Waiting for the verdict

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).

Private rounds

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.

Fund watch

Amerindo Investment Advisors unveiled a new life sciences fund - the Amerindo Health & Biotechnology Fund - that will invest in both biotechnology and internet health care. The fund will be based on the firm's concentrated investment style of taking large initial positions in a limited number of core stocks. Amerindo President Alberto Vilar will serve as fund manager. . . . speaking of Amerindo, portfolio manager Bill Slattery left the firm to join Jackie Siegel at Deerfield Management, a $1 billion hedge fund, where he will focus on biotech, genomics and ehealth investments. Slattery had been at Amerindo since 1993.

Venture tracks

Mark Clement officially joined Merlin Bioscience...

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