SHARES in Angel Biotechnology surged in value by 44% after the company announced that it has signed a contract with Materia Medica, a Russian based group.
The deal involves the manufacture of polyclonal antibodies and is worth £450,000. Angel also reported that discussions concerning a second contract are at an advanced stage. The shares closed 0.1p higher at 0.325p.
Shares in Immunodiagnostic Systems were again in demand following Wednesday’s announcement that the company is to buy Nordic Bioscience Diagnostics for £17m.
The acquisition of the Danish group is conditional on IDS finalising a loan with its bankers. The deal is to be partly funded through shares which are being issued at 251.5p per share. Nordic is involved in the manufacture of diagnostic testing kits and the company’s products are expected to complement the existing IDS range.
The Nordic group’s products are used primarily in bone and cartilage biomarking which is measured in osteoporosis and arthritis. Nordic Bioscience last year reported sales of £46.3m and shares in IDS ended the session 16.5p higher at 280p. Shares in Eaga, where we act as broker, ended the week on a positive note, 8.25p higher at 227p, after reporting that trading during the year to 31 May has been in line with expectations.
Elsewhere, shares in Biofuels ended the session 0.02p higher at 4.05p to end yet another volatile week for the Newcastle based manufacturer of alternative fuel.
Wellstream finished the week on a positive note after a leading investment house raised its price target for the group. The shares closed 2p higher at 502p.
Campbell Maclachlan is an Assistant Director of the Wise Speke division of Brewin Dolphin Securities Ltd.