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CeNeS - Nomura says 28p price is possible

May 2004

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The last year represented a period of substantial change for Cenes with the sale of its pharmaceutical products business in May for £9m and the subsequent all share acquisition of TheraSci in November for £3.7m. This left Cenes focused on  the development of drugs for the treatment of the central nervous system, particularly pain, and operating as a 'virtual' pharma, with just 13 employees and all development activities outsourced. Results were therefore of academic interest only, with a loss of £6.3m for the year to 31 December. On current expected levels of cash burn, period end cash of £7.9m is sufficient for 18 months.  Cenes has two products in clinical development for pain,  an opioid a ...

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