Another blow for Scotia as CPMP looks set to reject Foscan

Scotia Holdings' photodynamic therapy Foscan (temoporfin) has beenstruck another blow, with the announcement by the company that the Committee for Proprietary Medicinal Products of the European Medicines Evaluation Agency "has indicated that, by a majority decision, it is moving to a negative opinion on the application for the use of Foscan in head and neck cancer."

As the Marketletter was going to press, Scotia had not received any details as to the thinking of the CPMP, and was probably unlikely to do so until January 29. Scotia has made it clear it will appeal the decision, but meantime requested that its shares and convertible bonds be suspended on the London Stock Exchange.

The shares were suspended prior to the market opening on January 24 at 18.5 pence (valuing the group at some L16.1 million; $23.6 million), compared with the stock's 52-week high of 236.5 pence.