CAT of the UK lists on the Nasdaq

Cambridge Antibody Technology of the UK has started trading on the USNasdaq market in a bid to improve its profile with investors and commercial partners. The firm's finance director, John Aston, told Reuters that although the group is geographically based in the UK, "we are very focused on the USA."

He added that CAT's main competition is substantially in the USA, eg the likes of Abgenix and Medarex, and almost all its commercial partners are there. Furthermore, 40% of the firm's shares are held in the USA, and Mr Aston claimed that "for all those reasons, we think that being effectively on the same page as the other US companies is going to improve things for us both financially and commercially."

The listing will also give CAT an acquisition currency, although Mr Aston said that any activity in that area was not the primary reason for the Nasdaq float. "Acquisitions for us represent an opportunity rather than a necessity," he added.