Investors shy away from Biotech call

BRITISH Biotech, one of the wonder stocks of the year, has suffered a major snub by investors, it emerged yesterday. The Oxford based group launched a rights issue to raise £143 million sterling, but the cash call involving 7.2 million shares at £20.50 received only 49 per cent backing from investors.

The company will still receive its money because the rights issue was underwritten by City institutions.