SYDNEY - Directors of Brisbane-based Agen Ltd. have released a report which values the company at a share price ranging from A$0.28 to A$0.39, compared with the current takeover offer of A$0.25 a share by Biotech International Ltd.

The directors, who commissioned the valuation as part of Agen's legally required response to an acquisition attempt by Biotech International, of Perth, in western Australia, said in a prepared statement the valuation confirms the board's view that Biotech International's bid is inadequate.

The wide range in share price value that independent consulting firm Burton & Associations, of Brisbane, placed on the company is due to the difficulty the firm had in finding a means of forecasting revenue from Agen's range of products. Burton & Associations valued Agen at A$20 million to A$27.8 million.

Agen's current share price is around A$0.255. As previously reported, Agen is hoping to develop an injectable version of an antibody long used to diagnose blood clots for a vehicle to deliver markers or treatments targeting blood clots. - Mark Lawson