Cyprotex shares rocket on bid approach

SHARES in AIM-listed North West biotech company Cyprotex soared 35% today after it revealed a takeover approach.

The Macclesfield company said the approach from an un-named suitor was “highly preliminary and unsolicited”.

The shares rose 1.25p to 4.75p. The company, which has a market value of
£8.48m, said in a brief statement there was “no certainty” that an offer would be made.

It added: “This announcement has been made without the consent of the party who made the approach.”

The company, which tests drugs during the development phase for other firms, said in a trading update on January 29 its said results for 2009 would meet City expectations.

Earlier that month directors put out a statement after a 30% share price fall to 2.5p, saying they knew of no reason for this.

Cyprotex will report its results for the year to the end of December on March 17.