BTG shares take a dive
13 April 2012
ALMOST £50m was wiped from the value of BTG as it announced fresh delays to the launch of its flagship product Varisolve, a treatment for varicose veins.
The technology incubator's stock has more than halved in value since last November when the US Food & Drug Administration raised safety fears about Varisolve, an injectable foam.
The shares tumbled 34p, or a quarter, to 98p yesterday.
BTG is submitting new safety data to the American regulator, but not until mid-2005.
Varisolve accounts for a big part of BTG's valuation and was pencilled in to make peak sales of around £600m, so this latest news comes as a huge blow.
