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Biotech / Medical : UK AND EUROPEAN BIOTECHS.
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To: bucko who wrote (43)3/6/1997 2:43:00 PM
From: James Reynolds   of 64
 
John,

Here is a brief outline of Vanguard Medica:

Vanguard was set up in 1991 by a group of leading scientists from the pharmaceutical industry, notably:

Prof Erik E. Anggard - formerly Director R&D at Bristol Myers UK
Dr Roger W Brimblecombe - formerly Chairman Smithkline & French Research in the UK
Dr William A M Duncan - formerly V.P. Research Smithkline & French
Europe and Deputy Chairman ICI Pharmaceuticals
Sir David Jack - formerly R&D Director Glaxo Holdings
Dr Charles G Smith - formerly V.P. R&D Revlon, President of Squibb Institute for Medical Research and Manager of Biochemistry with Upjohn
Prof Sir John Vane - formerly Group R&D Director of the Wellcome Foundation.

These scientists boast an impressive pedigree. Prof Vane led the development of Wellcome's big selling drug, Zorivax. Sir David Jack was head of the Glaxo research team which developed Zantac (the world's biggest selling drug). William Duncan led the team at Smithkline-French that produced anti-ulcer drug Tagamet.

Vanguard's strategy is not to discover its own drugs but to take advantage of the fact that big pharmaceutical companies have more drug compounds than they can handle, and that academics developing novel compounds often don't have the resources to take them into largescale clinical trials, to build a portfolio of new drug candidates through in-licensing and collaborations deals. The founders use their extensive experience and network of contacts to identify suitably attractive preclinical compounds for further development.

Vanguards lead drug is a migraine treatment called VML 251. This drug recently entered Phase III trials 5 months ahead of schedule after impressive Phase II results. Smithkline Beecham has the worldwide rights to market VML 251 which could compete with Glaxo's Imigran
whose annual sales are likely to exceed œ500 million.

The company has a numeber of other compounds in various stages of development for a number of conditions. Market cap of Vanguard is around $250mm with about 25 million shares in issue.

Vanguards prospects look pretty good and the shares have performed well recently after the advancement of Phase III clinical trials on VML 251 and Smithklines decision to take up their option to market the drug worldwide. Apart from VML 295, the rest of the portfolio is at an early stage in development however, so there is still plenty of risk.

Hope this helps.

A UK biotech which looks to have very exciting possibilities is Chiroscience, even more so after the recent acquisition of US gene therapy company Darwin Molecular.

Regards,

James
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