Vernalis to raise £68.5m 10/02/2012
Drug discoverer Vernalis (VER) is to raise £68.5 million as part of a joint venture with US concern Tris Pharma.
All change at Corac
Professor Gerry Musgrave is resigning as executive chairman of compressor technology concern Corac after annual pre-tax losses of £3.7 million.
The Uxbridge-based company, which specialises in direct drive turbo machinery, doubled turnover to £1.3 million last year, but sales costs more than doubled to £946,000, combined research and development and administrative expenses reached £4.1 million and finance income plunged by three quarters to £47,000. Phil Cartmell, former head of aerospace and defence business Vega Group, joined as chief executive in September and Mark Crawford replaced Philip Newell as commercial and finance director in November, while the entrepreneurial Rohan Courtney has recently replaced Sian Westerman as a non-executive director.
Musgrave, who has steered AIM-quoted Corac through different stages of development, is leaving the board next month and argues ‘by combining the expertise of the new team and bringing a more dynamic commercial approach, we have the potential to deliver our technology more rapidly into the market’. Floated at 105p nine years ago, Corac shares now trade at 19.5p, valuing the company at £21 million.
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