Cyprotex in the red but wins deals

BIOTECH group Cyprotex, whose float on AIM was mired by a £5 million spread bet by Paul 'The Plumber' Davidson, made a loss of £1.7 million in the eight months to June.

Davidson, founder of pipefitting group Oystertech, still owns a third of the group's shares. Floated at 31p in February to raise £5.8 million, they added 1/4p to 18 1/2p as chief executive Mark Egerton announced new contracts with Astex Technology and pharmaceuticals giant Roche.

Cyprotex develops computer technology that could cut the cost of drug research and reduce the use of animals for safety testing. Staff numbers have more than doubled from 17 to 38, most of them scientists or managers.

Revenue in the period grew to £381,000 from £98,000. The group has set aside funds for a court battle with the University of Sheffield over copyright to software.