Appendix
SHARE PRICE
MOVEMENTS
The shares were initially offered to the public
in July 1992 at an adjusted launch price of 42.5p.
After reaching a high of around £3.70 in
May 1996 following the announcement of positive data from Phase
II trials of Marimistat, its anti-cancer drug, the shares fell
sharply. In May 1997, the price rallied to nearly £3.00 as
the Company referred to "statistically significant"
results from a trial of Zacutex, its drug to treat acute pancreatitis,
and that it had begun to build up management and marketing infrastructure
to begin selling the drug, particularly in Europe. Over the rest
of 1997 the shares fell steadily to around £1.00 by year
end.
After a rally to around [£1.50], they fell
sharply on 5 February 1998 to £0.90 following the announcement
that the European Medicines Evaluation Agency had deferred a decision
on the Company's Marketing Authorisation Application (MAA) for
Zacutex until results were available from a larger 1,500 patient
trial.
On the day that Dr Millar was suspended, the
shares fell from 85.5p to 70p, and on the day of his dismissal
(20th April), further to a low of 50p.
Subsequently, amidst speculation that the products,
currently in trials, will not be successful the shares have fallen
to 30p.
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