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Biotech / Medical : PROTEOMICS

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To: Jongmans who started this subject	7/5/2000 6:31:28 AM
From: nigel bates	of 539

LONDON, July 5 (Reuters) - British biotechnology company Proteome Sciences Plc (LSE: PRM.L - news) said on Wednesday it was considering a U.S. flotation for its American subsidiary Intronn. Proteome said it would spin out separately results from some of its research into genetics, and had signed heads of agreement for a collaborative programme in this area. "This process will enable Proteome Sciences to maximise the value of its interest in Intronn and prepare for a possible IPO (initial public offering) in the U.S.," the company said in a statement. Proteome added that it was looking to appoint a chief executive officer for Intronn, which is in the process of raising between $3.0 million and $4.0 million of funds. The company said Proteome Sciences was now "well placed to exploit the outstanding opportunities created through the sequence data from the human genome through its two platform technologies in proteomics and modification of gene expression." Shares in Proteome were up by four pence, or 6.7 percent, to 63-1/2p in London morning trading. The stock has outperformed its sector by 273.5 percent so far this year.

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