Quadrant counts cost of dispute

HIGH COURT costs of GBP 769,000 and the decision to pull out of work on an Aids drug marred maiden interim figures from fledgling pharmaceuticals concern Quadrant Healthcare and news of a GBP 13 million acquisition, writes Richard Phillips.

Floated at 130p in February, the shares slumped 10p to 59p today.

Quadrant improves delivery of existing drugs, chiefly through microparticle technology. The company had disclosed at flotation it was embroiled in a patents dispute with Bruce Roser, its former chief scientific officer. Judgment on a High Court trial is expected within weeks. Quadrant will have to pay out GBP 3 million to Roser if it loses although chief executive Iain Ross said the company was convinced it had no case to answer. Quadrant is acquiring Andaris in a paper deal for GBP 13 million through the issue of 16.77 million new shares to Andaris's backers. Sales fell to GBP 671,000 from GBP 714,000 for the six months ended 30 June and the pretax loss was GBP 2.254 million from a GBP 1.386 million loss last time. The loss per share stays at 5.5p.

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