Monday 18th February 2008
ClinPhone rebuffs US approach
Clinical drug trials technology supplier ClinPhone says it has rejected an approach from leading US contract drug researcher Paraxel International.
Fully listed Clinphone, steered by chairman Edwin Moses and chief executive Steve Kent, says directors have rejected the ‘indicated value’ of Paraxel’s preliminary approach, arguing the suggested terms ‘materially undervalue’ the company and its prospects. After losing £1.7 million in the half-year to last August on turnover up 11.5 per cent to £23 million, the company recently said third-quarter revenues were up 18 per cent, with order books seven per cent ahead at £51.3 million. It proclaimed 2007/08 figures were set to exceed the company’s earlier expectations.
ClinPhone’s shares have plunged from a 2006 high of 224p to 48p two months ago before rallying to 95p, up 10.25p this morning on the Paraxel move. They could recover some more if ClinPhone can obtain better terms.
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