Cash Call By Cantab For L25 Million

Cambridge, UK-based biotechnology company Cantab Pharmaceuticals is looking to raise L25 million ($37.9 million) in a secondary public offering to international investors outside the USA, which should be effective next month. The firm also hopes to get shareholder approval to waive pre-emption rights as it wishes to broaden its shareholder base.

The sum raised will be used to fund the acceleration and expansion of Cantab's clinical, preclinical and research programs, including: the in-house development of DISC virus technology for use in cancer immunotherapy and gene therapy (see also page 20); development of selected product programs into Phase III clinical trials, retaining certain marketing rights; expansion and development of R&D expertise by accessing or acquiring complementary technologies; and financing the development of its infrastructure, particularly the research, development and administrative facilities, as well as the potential expansion of its on-site manufacturing plant.

Anticipates Significant Rise In R&D Spending For the first quarter of 1996, Cantab achieved revenues of L17,000, compared with L135,000 a year earlier. The net loss was L1.8 million, up from a loss of L1.6 million in the 1995 first quarter. The loss per share was 17 pence, compared to 16 pence a year earlier.