Transgene planning cash injection

An operation to increase the capital of the French biotechnologycompany Transgene is to be launched in the next few months, according to the firm's finance director, Paul Bikard. Shareholders have agreed an issue of 6 million new shares to re-finance the company, which posted net losses of 22.5 million euros ($20.9 million) in 2000. Mr Bikard said the aim was to achieve the capital increase before the summer.

Transgene is 52.8%-owned by bioMerieux-Pierre Fabre and the share issue was postponed following the merger between the latter two companies (Marketletter December 18, 2000). The new group has said it intends to maintain financial control over Transgene.