A British Highflier Falters
Bad news continues to plague erstwhile highflier British Biotech PLC, which has a promising broad-spectrum cancer drug, Marimastat. On Apr. 20, it fired Andrew Millar, director of clinical research, for allegedly disclosing confidential data to shareholders. Its shares have fallen to 89 cents from a high of around $5 in May, 1996. The company also said the U.S. Securities & Exchange Commission is investigating press releases it issued in 1995 and 1996.
Millar could not be reached for comment. The company claims he told outsiders the company was holding internal debates over whether to seek partners. Analysts said they believe Millar passed the info to Henley-based fund manager Perpetual PLC, owner of about 9% of British Biotech stock.