Taken from the weekly AIM report at www.thewrongprice.com
Drug delivery systems developer BioProgress splashed out £8.5 million to
acquire Dexo, a producer of branded drugs for the French market. This
should provide some stability for BioProgress, which lost £6.2 million in
the first half. This poor trading resulted in the departure of chief
executive Graham Hind.
The new management has chopped costs severely. Dexo is profitable and
produces annual revenues of £4.4 million. Finance director Dan Farrow plans
to try BioProgress' novel technologies on Dexo?s established products -
France is open to new treatment methods.
If all goes to plan he believes the entire group should break even next
year. Investors welcomed the deal, accompanied by a £6 million fundraising
at 47p. The shares rose five per cent to 57p.
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