CAT is a biotech group developing drugs, usually in partnership with large pharmaceutical companies. Its most important source of revenue is Humira, an arthritis treatment on which CAT receives royalties. The company has an alliance with AstraZeneca and has many products under development, several in clinical trials. If only a handful of prospects come good, CAT's value could rocket.
POLYFUEL
Market value:£25.8m Share price:52p
THIS small American company quoted in the UK develops high-tech plastic membranes that are used, or will be used, in fuel cells.
This technology is expected to become a key alternative to batteries for portable electronic devices such as laptops and mobile phones. Instead of replacing a dead battery, consumers will push a methanol cartridge, something like a disposable lighter without the flint, into the fuel cell. At the heart
of the cell is a piece of plastic that allows energy from the methanol to be converted into electricity. PolyFuel appears to have a global lead in the technology.
NEC, Sanyo and Toshiba say they plan to launch devices powered by fuel cells within three years. A risky investment, but potential earnings are huge.
SMALL oil and gas exploration companies will always be risky. Shares can swing wildly according to the success or failure of a single well. But Northern has the firm prospect of an income stream from 2007 as it develops a cluster of onshore Dutch gasfields that will fuel power stations.
They should start producing serious cash in 2008. Most of its exploration acreage is in Europe, particularly in the UK, Italy and Spain. A company whose assets are under-rated. A speculative buy.
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