* NeuroSearch A/S, of Glostrup, Denmark, said its global offering of 435,000 new shares, which closed at the end of March, was oversubscribed more than three times at the offer price of DKr550 per share. The company, which specializes in central nervous system disorders, raised DKr239.3 million in gross proceeds.
* Oxford Molecular Group plc, of Oxford, U.K., last year recorded its first pre-tax profit. “I am delighted to report that in 1997 we achieved our key objective of profitability, with both an overall pre-tax profit of £256,000 and a profit before tax of £933,000 [on sales of £9.5 million] for the second half year,“ said CEO Tony Marchington, commenting on results for the year ending December 1997. This compared with a loss of £1.85 million in 1996. Turnover for 1997 was up 60 percent from £9.8 million to £15.6 million, with 56 percent of sales originating in the U.S. Oxford Molecular also agreed to buy a rival software company, Chemical Design Holdings, through an all-share bid. Oxford Molecular will offer 557 of its shares for every 1,000 Chemical Design shares, valuing Chemical Design at £6.2 million.
* Controlled-release drug delivery company Core Group plc, of Kilmarnock, Scotland, reported results for the year ended December 1997 showing losses more than doubled, to £6.1 million from £2.9 million in 1996. R&D expenditure also increased by more than 100 percent, from £1.7 million to £3.6 million. There was £22.9 million in cash at the year end.