Virtual Vanguard To Expand In Next Two Years

Virtual biopharmaceutical company Vanguard Medica of the UK has just completed a successful placing of ordinary shares raising L49.5 million ($75 million), which far exceeded the most optimistic forecasts, according to Peter Worrall, the firm's finance director, who was speaking at a presentation to journalists on May 20 in London.

The shares were priced on the day of the issue at L4.50, having originally been expected to go out at between L3.75 and L4.25. On the first day of trading the share price rose at least 40% to over L6.00.

Robert Mansfield, VM's chief executive, told the Marketletter of the difficulties of bringing a company like VM to the market in a sector, which he agreed, is currently riding high on the successes in the clinic of companies such as British Biotech and Chiroscience, but which can just as quickly do a volte face should one of these companies produce disappointing data from clinical trials.