Biocompatibles' Shares Up On Lens Approval

The US Food and Drug Administration has approved Biocompatibles'"high-tech" contact lenses for marketing. According to the Financial Times, shares in the company rose to L13.75 ($22.28), up 82.5 pence, on the news. The UK biotechnology company, which made a loss of L18.5 million in 1996, compared with L8.9 million in 1995, now has a market value of L1 billion.

The monthly-change lenses, called Proclear Compatibles, which were due to be launched last week, are coated with Biocompatibles' proprietary phosphorylcholine polymer. With each molecule of the coating attracting 24 water molecules, they are expected to be worn by lens users suffering from dry eyes. The worldwide market for frequent replacement lenses is worth an estimated $500 million.