People: Lomax goes prospecting

Percy Lomax, the perennially cheerful former Glaxo luminary and ex-stockbroker who spent years trying to develop AIM biotech flop ReGen Therapeutics into a big business, has a fresh gleam in his eye. Having earlier this year orchestrated the demerger of ReGen into ReGen Therapeutics Ltd, now traded on the JP Jenkins private share market, and a new resource-oriented investment company, Alexander David Investments, set up with finance minnow Alexander David Securities, he says he is finding life ‘very interesting’.

Holders of the old ReGen, whose shares had fallen to a tiny fraction of their 28p float price in 2000, received shares in both ReGen Therapeutics Ltd and ADI. ReGen is pursuing the eventual development of Colostrinin, the old company’s product which showed some efficacy in treating Alzheimer’s and other neurodegenerative illnesses.

This treatment has not made a commercial breakthrough, though a frustrated Lomax insists it works. Meanwhile, ADI, whose shares have fallen from 3.88p to 0.31p over the past year, is taking modest stakes in oil and other natural resource ventures.

It has, however, diversified somewhat by investing £150,000 in 10 per cent stock, convertible into shares at 0.5p, in… ReGen Therapeutics Ltd.