Biotech group with a 焦点（を合わせる） on 癌 and migraine 麻薬s 申し込む／申し出s 本物の 可能性のある

January is probably the most important month of the year for the 小売 貿易（する）, the time when 蓄える／店 groups tell 投資家s how they fared over the 決定的な Christmas season and how they feel about the months ahead.

Next is one of the biggest chains in the market so news that total sales from August to Christmas Eve were lower than 推定する／予想するd 動揺させるd the entire 部門, 含むing 示すs & Spencer and Home 小売 Group, which owns Argos and Homebase.

どこかよそで however, the mood was more 肯定的な. The FTSE 100 索引 of Britain’s biggest 在庫／株s rose わずかに, まっただ中に hopes it will continue to 伸び（る） ground after a 猛烈に disappointing year in 2011.

非常に／多数の 株 lost ground last year but the biggest 苦痛 was felt by 在庫／株s considered to be high-危険, 特に loss-making 商売／仕事s.

Vernalis

Ticker: VER (目的（とする） market)

接触する: 0118 977 3133 or vernalis.com

Vernalis is a classic example.? An 目的（とする）-貿易（する）d biotech group with a 焦点（を合わせる） on 麻薬s for migraine and 癌, Vernalis was created in 2003, に引き続いて the 合併 of RiboTargets with one of the most 議論の的になる companies in the 部門, British Biotech.

That 商売／仕事 （機の）カム a cropper after it was 設立する to have misled stakeholders about the 進歩 of one of its 麻薬s, a 状況／情勢 伴う／関わるing regulators in Britain, 大陸の Europe and the US.

Vernalis is a very different 商売／仕事 now but, even in the past few years, its 株 have roller-coastered, hitting a hi gh of more than 1100p in 2007 before almost 崩壊（する）ing in 2008 on 恐れるs it would run out of cash.

In 早期に 2009, new 管理／経営 were 任命する／導入するd, led by 長，指導者 (n)役員／(a)執行力のある Ian Garland and 財政／金融 director David Mackney.

Both men have a history of making money for 投資家s in the biotech 産業 and, before joining Vernalis, were at the 舵輪／支配 of Acambis, a biotech 商売／仕事 acquired for £280 million by French 麻薬s 巨大（な） Sanofi-Aventis in 2008.

Now, they are keen to 生成する value at Vernalis. 初期の 進歩 was good. The 株 伸び（る）d ground through 2009 as Garland and Mackney put the 商売／仕事 支援する on its feet.

But the 財政上の 危機 has unnerved 投資家s and Vernalis 株 have more than halved in value since July, 落ちるing from 48p to just 21p. At this level, they 申し込む／申し出 本物の 可能性のある.

Conservatively run, Vernalis is unusual for a biotech 商売／仕事 in that it has more than £20 million cash in the bank and has 安全な・保証するd several 取引，協定s with large 製薬の groups to 生成する その上の 歳入. This week alone, it 発表するd a 共同 を取り引きする US 会社／堅い Genentech, part of Roche.

激烈な／緊急の migraine 麻薬 Frovatriptan was licensed some years ago to Italian 麻薬 会社／堅い Menarini and is now on the market, under the brand 指名する Migard, making around £6.5 million a year in 王族 支払い（額）s for Vernalis.

The company has also licensed three possible 癌 麻薬s to 外部の 製薬の 会社／堅いs, Chroma 治療力のあるs and Novartis. Such is the excitement around one of these 製品s that Novartis 述べるd it last month as a 可能性のある 封鎖する-buster 麻薬.

The 決定／判定勝ち（する） to partner with 主要な players in the 産業 was deliberately taken so Vernalis can continue to 財政／金融 res earch and develop new 治療s. But Garland is keen to do more.

He wants to make Vernalis profitable in its own 権利 by acquiring a 商売／仕事 at a later 行う／開催する／段階 of 開発 that has already brought one or more 麻薬s to market and is making money from selling them.

Such a 取引，協定 would be transformational, 許すing Vernalis to continue working on 約束ing new 治療s without 絶えず worrying about its cash position.

Such 商売／仕事s do not come cheap. But Vernalis has some advantages. Garland and Mackney are 極端に 井戸／弁護士席-connected and they can 申し込む／申し出 at least an element of cash to the 権利 的.

In return, they 申し込む／申し出 参加 in a growth 商売／仕事 that has already 証明するd it can work with some of the largest 麻薬s companies in the world.

Last year, Vernalis （機の）カム very の近くに to 完全にするing an 取得／買収 but withdrew after 疑問s about the 競争の激しい position of the new 商売／仕事. This year, Garland is 確信して of success.

Midas 判決: At 21p, Vernalis is valued on the 株式市場 at £20 million, いっそう少なく than the 量 of cash it has in the bank. This seems 完全に 不正な.

Some of the biggest institutional 投資家s in the biotech 産業 have taken 火刑／賭けるs in this 商売／仕事, putting their 約束 in the 戦略 and in Garland’s 跡をつける 記録，記録的な／記録する.

Midas Extra 投資家s should follow their lead. 投資するing in biotech is never without 危険 but this 在庫／株 is better positioned to 配達する than most. Buy.

Update

Lombard 危険 管理／経営

Ticker: LRM (目的（とする） market)

接触する: 020 7593 6700 or lombardrisk.com

Lombard 危険 管理／経営 designs ソフトウェア to help 財政上の 会・原則s manage 危険 so it is an attractive 商売／仕事 in the 現在の 環境.

The group helps companies to manage 危険s associated with regulatory 報告（する）／憶測ing and derivatives. It 作品 with 主要な banks and 保険会社s across the world, 含むing Santander, Metro Bank and 合法的な & General.

Derivatives are often associated with 過度の 危険-taking but Lombard’s ソフトウェア 許すs banks to calculate how risky their derivatives 貿易（する）s might be and how 安全な・保証する their 貿易（する）ing partners are.

The company had an active 2011. In June it 配達するd 配達するd a maiden pre-税金 利益（をあげる） of £565,000 and a （株主への）配当 of 0.03p and the に引き続いて month, it was on the receiving end of a 企て，努力，提案 approach, 恐らく at 20p a 株.

長，指導者 (n)役員／(a)執行力のある John Wisbey, who owns 49 per cent of Lombard, said the price undervalued the 商売／仕事 and a formal 申し込む／申し出 never materialised.

Then just before Christmas, Wisbey 発表するd the £2.6 million 取得／買収 of US regulatory 報告（する）／憶測ing 商売／仕事 SOFGEN Holdings, a move that will 上げる the company’s position in America and 高める 収入s.

In the 12 months to this March, 利益（をあげる）s of £3.2 million are 推定する／予想するd と一緒に a （株主への）配当 of 0.06p and results are 予測（する） to 改善する 大幅に in 2013 too.

Midas 判決: Midas Extra recommended Lombard 危険 管理／経営 last June when the 株 were just below 7p. Today they are 13p.

Wisbey’s belief in the company’s 可能性のある may have 脅すd off last summer’s 入札者 but his 楽観主義 should 供給する 信用／信任, given he is the largest 株主 in the company.

Having almost 二塁打d their money in six months, Midas 投資家s may choose to sell 50 per cent of their 在庫／株 and banks some New Year 利益（をあげる）s but keep the 残り／休憩（する） as the 商売／仕事 should continue to 繁栄する.