View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
May 12, 1997updated 05 Sep 2016 12:26pm


By CBR Staff Writer

Oxford Molecular Group Plc, throwing itself full pelt at its goal of becoming the best drug discovery services company (CI No 2,974) has launched a rights issue for 30.4m pounds to fund two further US acquisitions, Genetics Computer Group Inc, Wisconsin, and MLR Automation Inc of San Francisco. Oxford Molecular has made 5 acquisitions since it went public 3 years ago, and has since failed to make a profit or pay a dividend. Genetics Computer, which develops the Wisconsin Package DNA analysis software, has an estimated 30,000 users. Last year it made $132,000 of pre-tax profit on $3.1m worth of revenue and is being bought for $20m in cash. Three year old MLR Automation brings its CSAP software package to the piece. CSAP deciphers the results of high throughput drug trials, a technique for designing multiple variant drugs that is the equivalent of a blanket bombing approach to drug design, but as a technique it has the advantage of being easy to automate. Oxford is paying $4m for the company, which had sales of $316,000 with pre-tax profits of $77,000. The 1 for 7 rights issue is being offered at 360p per share, representing a discount of 42.5 pence at current prices. Oxford Molecular raised 16m pounds in January 1996 with a similar deal in order to buy PSI International Inc’s chemical informatics division, Health Designs Inc, and the MacVector business of Eastman Kodak Co.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.