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14:41, Tue 18 Dec 2001
Medisys raises £11 million
Medisys has announced an £11 million placing to help fund further products, and at least one broker is upbeat about prospects for the safety syringe company, writes Ed Bowsher.
The placing price was 65p, which was only 2p lower than last night’s closing price of 67p. The shares are up 4.5p today to 71.5p.
Today’s placing isn’t a complete surprise as Medisys said in last week’s results statement that it was looking at various options to raise cash. The money will be used to fund work on the company’s second generation syringe, Futura Plus, as well as a ‘timely launch’ for the 1ml syringe.
Futura Plus could be especially significant as broker Granville Baird said yesterday that the product could enable Medisys to ‘compete on functionality’ with Beckton Dickinson (BD). BD is a leading US medical device company with an $8.4 billion (£5.76 billion) market cap.
Medisys (MDY) hopes to launch Futura Plus towards the end of next year.
But Medisys is more than just a syringe company and also has a diabetes diagnosis division, Hypoguard. Granville Baird analyst Seb Jantet said in yesterday’s note that the division’s prospects were ‘increasingly positive.’ The core business is trading profitably and new products, such as Quiver and Marathon, are in the pipeline.
Jantet valued Hypoguard at 40p a share, which along with 70p for Futura suggests that Medisys is cheap. Jantet also forecast adjusted earnings of 1.1p per share in 2002 rising to 3.54p in 2003.
Nevertheless, Medisys has its critics. Stuart Rollason, who manages the healthcare portfolio of the AIM Trust, wrote in a Citywire column last month that the company was overvalued compared to fellow syringe player, NMT (NMT).
The AIM Trust (ATR) sold its stake in Medisys earlier this year, preferring NMT, which has a market cap of just £12.3 million. (See related stories for more details).
©2002 citywire.co.uk
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15:56, Mon 10 Dec 2001
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