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VECTURA (VEC.LN) shares rose Thursday after Citi initiated
coverage with a "buy" rating, saying it has "transformational"
asthma and other respiratory medicine assets in its pipeline and
will benefit from positive market trends in the respiratory
medicine market.
Citi analysts said Vectura's VR315, believed to be a generic
version of GlaxoSmithKline's (GSK.LN) blockbuster Advair, is "the
jewel in the crown."
Citi analysts expect VR315 launch in Europe and U.S. by 2013 and
forecast combined peak sales from both territories of almost $2
billion.
At 1427 GMT, shares +7.2 pence, or 9.4%, at 83.5 pence.
MOUCHEL GROUP PLC (MCHL.LN), a U.K. consulting and business
services group, Thursday said it is confident of continuing revenue
from public sector-funded projects, despite wider concern in the
market that the U.K.'s huge government deficit will ultimately lead
to slashed budgets.
The vital services and essential infrastructure work Mouchel
carries out are unlikely to be affected, Chief Executive Richard
Cuthbert told Dow Jones Newswires.
At 1428 GMT, shares +13.7 pence, or 7.9%, at 187.5 pence.
VERNALIS PLC (VER.LN), a U.K. biotech firm, has inked a deal
with pharmaceutical giant GlaxoSmithKline PLC (GSK.LN) to develop
new cancer drugs, in an agreement potentially worth up to $200
million to Vernalis.
GlaxoSmithKline has taken an option to license any experimental
new drugs developed by Vernalis designed to affect an undisclosed
cancer target, the companies said.
At 1428 GMT, shares +8.25 pence, or 9.9%, at 92 pence.
MINORPLANET SYSTEMS PLC (MPS.LN), a vehicle management software
company, Thursday said it has reached deals over its borrowings and
is seeking to raise GBP3.25 million from shareholders, as it
attempts to shore up its financial position amid tough trading
conditions.
At 1429 GMT, shares -0.62 pence, or 22% at 2.25 pence.
GULF KEYSTONE PETROLEUM LTD. (GKP.LN) said it made a significant
oil discovery in Iraq.
The company said it found oil at the Shaikan-1 exploration well
in Iraq's Kurdistan region.
Preliminary tests indicate the well could produce 5,000 to 8,000
barrels of oil a day, Gulf Keystone said.
At 1429 GMT, shares +13.5 pence, more than doubling, at 26.5
pence.
MECOM GROUP PLC (MEC.LN), a European newspaper publisher, said
the move to get its journalists writing more content across
different platforms wasn't solely prompted by a need for increased
efficiency during the global downturn, but instead follows the
direction of the publishing industry as a whole.
Earlier Thursday, the firm said it planned to continue cutting
costs, which are expected to save it EUR100 million in 2009, in an
attempt to offset plunging advertising sales.
At 1430 GMT, shares -8 pence, or 7%, at 107 pence.
FIBERWEB PLC (FWEB.LN) said it has stepped up production of a
component used in face masks, as the swine flu pandemic has led to
a surge in demand.
The specialist fabrics maker earlier swung to a first-half loss
after a string of charges and write-downs, but said that although
sales fell in the period, it has seen signs of market volumes
stabilizing.
At 1430 GMT, shares -4.5 pence, or 6.9%, at 61 pence.
GW PHARMACEUTICALS PLC (GWP.LN), a U.K. drug maker, Thursday
said it raised $11.2 million from investors including U.S.
healthcare fund group Great Point Partners, which requested a
significant equity stake.
GW Pharma, which is developing drugs derived from cannabis, said
Great Point Partners bought 7.6 million shares in the company at 78
pence a share, a 2% premium to the closing price Wednesday.
The purchase gives Great Point a 5.8% stake in GW.
David Kroin, a founder and co-portfolio manager at Great Point,
said the U.S. investor has been following GW "for some time."
At 1430 GMT, shares +5 pence, or 6.6%, at 81 pence.
COSALT PLC (CSLT.LN) said it is seeking to raise GBP18.9 million
in a steeply discounted share issue in a bid to cut its debt.
The marine safety equipment maker said it intends to issue 180
million shares through a placing and open offer and another 198
million in a firm placing, both at 5 pence a share, an 84% discount
to Wednesday's closing price.
At 1431 GMT, shares -17.25 pence, or 56%, at 13.75 pence.
INDIGOVISION GROUP PLC (IND.LN) said it expects its fiscal 2009
operating profit to be "materially ahead" of market expectations
and will post sales up around 43% on year, due to strong sales to
casinos, banks and the U.S.-Canada border crossings.
The video security systems supplier said its operating profit
performance has been helped by an improvement in its operating
margin.
At 1431 GMT, shares +77.5 pence, or 19%, at 482.5 pence.
FTSE SMALL CAP +1.5%
FTSE AIM +0.9%
FTSE 250 +1%
-By Hannah Benjamin, Jason Douglas and Rachael Gormley, Dow
Jones Newswires; 44-20-7842-9272; uksmallcaps@dowjones.com
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