BTG plc: 2002 AGM Statement.
Business Editors & Health/Medical Writers
LONDON--(BW HealthWire)--July 30, 2002
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BTG Biomass Technology Group BV
BTG Begbies Traynor Group plc (LSE LSE - Language Sensitive Editor : BGC BGC General Cable Corporation (stock symbol)
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BGC Bubblegum Crisis ), the global technology commercialization company, will hold its 2002 Annual General Meeting today at 10:30 am at the company's London offices.
The following is a summary of comments to be made by Ian Harvey
Ian Joseph Harvey (b. 10 July 1972, Wonthaggi, Victoria, Australia) is an Australian cricketer. , Chief Executive Officer, and Dr. Jack Leonard, Chairman.
"BTG's financial results for the year ended March 31, 2002 were in line with the Board's expectations. There was an encouraging growth in revenues both from new licenses and from royalties on marketed products. Our reported loss, which increased as anticipated, reflected the planned expansion of our business following the Rights Issue in October 2000. We finished the year with a strong cash position, which will enable us to continue to invest in the acquisition, development and commercialization of exciting early stage life and physical sciences technologies.
BTG continues to have access to an excellent pipeline of high quality new technologies, in particular from the US university sector. Our financial resources are enabling us to invest in developing selected technologies, where this will increase their value to a potential licensee. We plan to increase our commitment to such development projects in the year ahead.
As we have previously said, we expect the environment for commercializing technologies to remain challenging, particularly in the high tech sectors. However, we remain confident that the quality of developing technologies in our portfolio will continue to attract licensees and investment partners for the benefit of BTG shareholders.
During the past two weeks there have been two positive developments for the company. The European Patent Office has decided to uphold one of our patents relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the advanced SIM cards that have been used in mobile telephones for the past eighteen months or so. We are now in a strong position to begin negotiations to grant licenses to manufacturers of these cards. In addition, the US Food & Drug Administration has granted approval for our subsidiary Provensis to commence a clinical study with Varisolve(R), the rapid, non-invasive procedure being developed to treat varicose veins Varicose Veins Definition
Varicose veins are dilated, tortuous, elongated superficial veins that are usually seen in the legs.
Description . We expect this to begin in September.
We have recently refined our organizational structure This article has no lead section.
To comply with Wikipedia's lead section guidelines, one should be written. to improve customer focus and operational effectiveness, and to take advantage of the increasing number of opportunities where the physical and life sciences overlap, for example in nanotechnology, biochips and bioinformatics. Our operations will be managed through one operating division rather than two divisions as previously, and we have created a new Operations Leadership Team to manage day-to-day business. Anthony Lando, who has been appointed Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of BTG, will relocate to the UK and will chair this team. Geoff Dobson has been appointed General Manager of BTG in the US.
We have also created a new investment entity, to be chaired by Rusi Kathoke, Chief Financial Officer. This unit, which will have its own Board comprising members of the BTG plc Board and external advisers, will in future approve and monitor all of BTG's venture activities and equity investments.
Douglas Fairservice retires today from the Board of BTG after nine years' service, and we thank him for his valuable contribution both before and since BTG became a public company. During the year, we appointed Fred Weiss, whose experience in the pharmaceutical industry is already having an impact, especially in our life sciences business. We are delighted to appoint Consuelo Brooke to the Board today. Aged 55, Mrs. Brooke was previously a Managing Director of Merrill Lynch Investment Managers, a Director of Mercury Asset Management Holdings and a Director of Warburg Investment Management. She is currently a Non-executive Director of Xansa plc and a member of the Board of University of Sussex Intellectual Property Ltd. Her tremendous experience in the investment industry will be an asset to BTG going forward(a).
We believe we have in place the right people, the financial resources and right strategy to build a valuable technology commercialization business, and we look forward to demonstrating further progress towards this goal in the year ahead."
Dr Jack Leonard Ian Harvey Chairman Chief Executive Officer
(a) There are no details which require to be disclosed under paragraph 6.F.2 (b)-(g) of the UKLA UKLA United Kingdom Listing Authority
UKLA United Kingdom Literacy Association
UKLA United Kingdom Lubricants Association
UKLA United Kingdom Laser Association
UKLA University of Kentucky Landscape Architecture
UKLA University Klagenfurth Listing Rules for Consuelo Brooke.
BTG finds, develops and commercializes emerging technologies in the life and physical sciences. These innovations are protected by a strong portfolio of intellectual property that BTG develops and enhances. BTG then captures the value in these technologies through licensing and venturing activities. From the origins of its business in 1949, BTG has commercialized major innovations such as Magnetic Resonance Imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. (MRI 1. (application) MRI - Magnetic Resonance Imaging.
2. MRI - Measurement Requirements and Interface. ), recombinant factor IX blood-clotting protein, Campath(R) (alemtuzumab) and Multi Level Cell (MLC (MultiLevel Cell) A flash memory technology that stores more than one bit per cell. Traditional flash memory defines a 0 or 1 bit based on a single voltage threshold. ) memory. BTG is quoted on the London Stock Exchange London Stock Exchange
London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. under the symbol "BGC" and operates from offices in London and Philadelphia, with representation in Tokyo. BTG operates through wholly owned subsidiaries Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. , BTG International Ltd. and BTG International Inc. in the UK and USA respectively. Further information on BTG can be found at www.btgplc.com.