Proteus Fights Back With Solid Pipeline

Having been rescued from liquidation by ML Laboratories in early 1996,UK biotechnology firm Proteus International now appears to be firmly back on track and is concentrating on delivering a solid product pipeline, according to analysts at Panmure Gordon who were appointed as brokers to the company in June this year.

Shares in Proteus fell to an all-time low of 32 pence ($0.51) earlier this year. The company had suffered a number of problems, stemming from many changes in its business strategy and culminating in deep mistrust from the City. Proteus is now showing signs of recovery after undergoing radical change.

The company now employs around 46 people, down from 90 and, having completely overhauled its management board, is now regaining credibility. Two non-executive directors, Nick Boyes and Peter Fothergill, are also on the board of ML Labs, whose parent company, Milner Laboratories has an option to purchase 22% of Proteus' share capital at 45 pence per share until April 30th.