British Biotech: Difference between revisions
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{{EngvarB|date=September 2013}} |
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| company_name = British Biotech <small>''plc''<br>([[London Stock Exchange|LSE]]:BBG [[Nasdaq]]:BBIOY)</small> |
| company_name = British Biotech <small>''plc''<br>([[London Stock Exchange|LSE]]:BBG [[Nasdaq]]:BBIOY)</small> |
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| company_logo = |
| company_logo = |
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| fate = Merged |
| fate = Merged |
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| successor = company merged into Vernalis |
| successor = company merged into Vernalis |
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| foundation = 1986 |
| foundation = 1986 |
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| defunct = 2003 |
| defunct = 2003 |
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| location = [[Oxford]], |
| location = [[Oxford]], United Kingdom |
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| industry = [[Biotechnology]] |
| industry = [[Biotechnology]] |
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| key_people = '''CEO'''<br>Keith McCullagh, |
| key_people = '''CEO'''<br>Keith McCullagh, 1986–1998<br>Elliot Goldstein, 1998–2002<br>Tim Edwards, 2002–2003<br>'''Chair'''<br>Brian Richards, 1986–1998<br>Christopher Hampson, 1998–2002<br>Peter Fellner, 2002–2003 |
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| products = |
| products = |
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| num_employees = 500 |
| num_employees = 500 |
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| parent = |
| parent = |
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| subsid = |
| subsid = |
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}} |
}} |
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'''British Biotech''' was a British based [[biotech]]nology company founded as ''British Biotechnology Limited'' in 1986 by former [[G. D. Searle & Company|G D Searle]] managers Keith McCullagh and Brian Richards.<ref name="searle">{{cite web |
'''British Biotech''' was a British based [[biotech]]nology company founded as ''British Biotechnology Limited'' in 1986 by former [[G. D. Searle & Company|G D Searle]] managers Keith McCullagh and Brian Richards.<ref name="searle">{{cite web |
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| last = |
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| first = |
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| authorlink = |
| authorlink = |
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| coauthors = Michael S. Rosen |
| coauthors = Michael S. Rosen |
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| year = 2003 |
| year = 2003 |
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| url = http://www.midwestbusiness.com/printer/article.asp?newsletterID=4627 |
| url = http://www.midwestbusiness.com/printer/article.asp?newsletterID=4627 |
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| title = The Final Death Knell of |
| title = The Final Death Knell of Chicago's G.D. Searle |
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| work = |
| work = |
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| publisher = Midwest Business |
| publisher = Midwest Business |
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| accessdate = 12 May 2003 |
| accessdate = 12 May 2003 |
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}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> |
}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> |
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It was the first British biotech company to be publicly listed when it was floated on 1 |
It was the first British biotech company to be publicly listed when it was floated on 1 July 1992.<ref name="ipo">{{cite web |
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| authorlink = |
| authorlink = |
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| coauthors = |
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| year = 1992 |
| year = 1992 |
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| url = http://www.nea.com/PortfolioCompanies/SummaryReports/IPO/index.cfm?SR=88 |
| url = http://www.nea.com/PortfolioCompanies/SummaryReports/IPO/index.cfm?SR=88 |
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| title = BBIOY IPO |
| title = BBIOY IPO |
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| work = IPO Summary Report |
| work = IPO Summary Report |
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| publisher = NEA |
| publisher = NEA |
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==Controversy== |
==Controversy== |
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In 1996, despite having no compounds on or near the market, the company was temporarily valued at nearly $2.5 billion,<ref name="gaffe7">{{cite web |
In 1996, despite having no compounds on or near the market, the company was temporarily valued at nearly $2.5 billion,<ref name="gaffe7">{{cite web |
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| authorlink = |
| authorlink = |
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| coauthors = John Hodgson |
| coauthors = John Hodgson |
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| year = 2006 |
| year = 2006 |
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| url = http://www.nature.com/nbt/journal/v24/n3/full/nbt0306-270.html |
| url = http://www.nature.com/nbt/journal/v24/n3/full/nbt0306-270.html |
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| title = Ten years of biotech gaffes |
| title = Ten years of biotech gaffes |
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| work = Nature Biotechnology |
| work = Nature Biotechnology |
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| publisher = Nature Publishing Group |
| publisher = Nature Publishing Group |
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| accessdate = 8 March 2006 |
| accessdate = 8 March 2006 |
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}}</ref> largely on the basis of its two main development drugs: ''[[marimastat]]'' (a novel [[Matrix_metalloproteinase#Inhibitors|matrix metalloprotease inhibitor]] for cancer treatment |
}}</ref> largely on the basis of its two main development drugs: ''[[marimastat]]'' (a novel [[Matrix_metalloproteinase#Inhibitors|matrix metalloprotease inhibitor]] for cancer treatment<ref name="jco">{{cite web |
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| coauthors = Wojtowicz-Praga S, Torri J, Johnson M, Steen V, Marshall J, Ness E, Dickson R, Sale M, Rasmussen HS, Chiodo TA, Hawkins MJ. |
| coauthors = Wojtowicz-Praga S, Torri J, Johnson M, Steen V, Marshall J, Ness E, Dickson R, Sale M, Rasmussen HS, Chiodo TA, Hawkins MJ. |
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| year = 1998 |
| year = 1998 |
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| url = http://www.jco.org/cgi/content/abstract/16/6/2150 |
| url = http://www.jco.org/cgi/content/abstract/16/6/2150 |
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| title = Phase I trial of Marimastat |
| title = Phase I trial of Marimastat |
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| work = Journal of Clinical Oncology |
| work = Journal of Clinical Oncology |
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| publisher = American Society of Clinical Oncology |
| publisher = American Society of Clinical Oncology |
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| accessdate = 16 June |
| accessdate = 16 June 1998 |
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}}</ref>) and ''zacutex'' (for [[pancreatitis]]). |
}}</ref>) and ''zacutex'' (for [[pancreatitis]]). |
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In February 1998, Dr Andrew Millar was dismissed as Head of Clinical Research and went on to make allegations that "the Board were running a business plan consistent only with extreme and unfounded optimism".<ref name="report">{{cite web |
In February 1998, Dr Andrew Millar was dismissed as Head of Clinical Research and went on to make allegations that "the Board were running a business plan consistent only with extreme and unfounded optimism".<ref name="report">{{cite web |
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| year = 1998 |
| year = 1998 |
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| url = http://www.publications.parliament.uk/pa/cm199798/cmselect/cmsctech/888/88804.htm |
| url = http://www.publications.parliament.uk/pa/cm199798/cmselect/cmsctech/888/88804.htm |
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| title = Fifth Report |
| title = Fifth Report |
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| work = Select Committee on Science and Technology |
| work = Select Committee on Science and Technology |
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| publisher = House of Commons |
| publisher = House of Commons |
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| accessdate = 13 August 1998 |
| accessdate = 13 August 1998 |
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}}</ref> These events were the subject of an inquiry by the [[House of Commons of the United Kingdom|House of Commons]] Select Committee on Science and Technology in August 1998 which absolved Dr Millar of any responsibility for the |
}}</ref> These events were the subject of an inquiry by the [[House of Commons of the United Kingdom|House of Commons]] Select Committee on Science and Technology in August 1998 which absolved Dr Millar of any responsibility for the company's problems.<ref name="report" /> |
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Subsequent investigations by the [[Securities and Exchange Commission]], [[Food and Drug Administration]], [[London Stock Exchange]] and the European Medicines Evaluation Agency found that British Biotech had |
Subsequent investigations by the [[Securities and Exchange Commission]], [[Food and Drug Administration]], [[London Stock Exchange]] and the European Medicines Evaluation Agency found that British Biotech had wilfully misled the public about the progress of marimastat<ref name="sec">{{cite web |
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| year = 1999 |
| year = 1999 |
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| url = http://www.nature.com/nbt/journal/v17/n7/full/nbt0799_624b.html |
| url = http://www.nature.com/nbt/journal/v17/n7/full/nbt0799_624b.html |
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| title = Nature Biotechnology |
| title = Nature Biotechnology |
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| work = Nature Biotechnology |
| work = Nature Biotechnology |
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| publisher = Nature Publishing Group |
| publisher = Nature Publishing Group |
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| accessdate = 18 July 1999 |
| accessdate = 18 July 1999 |
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}}</ref> and that [[blind experiment|unblinding data]] before the end of clinical trials does not necessarily invalidate the results.<ref name="ipupdate">{{cite web |
}}</ref> and that [[blind experiment|unblinding data]] before the end of clinical trials does not necessarily invalidate the results.<ref name="ipupdate">{{cite web |
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| coauthors = Alex Khan |
| coauthors = Alex Khan |
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| year = 1999 |
| year = 1999 |
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| url = http://www.ipit-update.com/plant01.htm |
| url = http://www.ipit-update.com/plant01.htm |
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| title = Shedding |
| title = Shedding Biotech's Bad Name |
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| work = IP/IT Update |
| work = IP/IT Update |
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| publisher = NIPC |
| publisher = NIPC |
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| accessdate = 15 February 1999 |
| accessdate = 15 February 1999 |
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}}</ref> Marimastat underwent [[Clinical trial#Phase III|Phase III trials]] in collaboration with [[Schering-Plough|Schering-Plough Corporation]].<ref name="marupdate">{{cite web |
}}</ref> Marimastat underwent [[Clinical trial#Phase III|Phase III trials]] in collaboration with [[Schering-Plough|Schering-Plough Corporation]].<ref name="marupdate">{{cite web |
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| year = 2001 |
| year = 2001 |
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| url = http://www.mult-sclerosis.org/news/May2001/MMPIPhaseIIICancerTrialMMPIsMaybeUsefulinMS.html |
| url = http://www.mult-sclerosis.org/news/May2001/MMPIPhaseIIICancerTrialMMPIsMaybeUsefulinMS.html |
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| title = Marimastat Update |
| title = Marimastat Update |
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| work = |
| work = |
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| publisher = BusinessWire |
| publisher = BusinessWire |
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| accessdate = 2 May 2001 |
| accessdate = 2 May 2001 |
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}}</ref> |
}}</ref> |
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Further development of zacutex was abandoned due to poor clinical trial results.<ref name="zaputex">{{cite web |
Further development of zacutex was abandoned due to poor clinical trial results.<ref name="zaputex">{{cite web |
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| year = 1998 |
| year = 1998 |
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| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241 |
| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241 |
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| title = Zacutex UK Phase III clinical data presented at American Gastroenterological Association |
| title = Zacutex UK Phase III clinical data presented at American Gastroenterological Association |
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| work = Select Committee on Science and Technology |
| work = Select Committee on Science and Technology |
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| publisher = House of Commons |
| publisher = House of Commons |
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The corporate politics behind the downfall of British Biotech was later recorded for a [[BBC2]] Series "Blood on the Carpet".<ref name="bloodcarpet">{{cite web |
The corporate politics behind the downfall of British Biotech was later recorded for a [[BBC2]] Series "Blood on the Carpet".<ref name="bloodcarpet">{{cite web |
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| year = 2001 |
| year = 2001 |
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| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241 |
| url = http://www.bbcactive.com/BroadCastLearning/asp/catalogue/productdetail.asp?productcode=21241 |
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| title = BBC2's Blood on the Carpet |
| title = BBC2's Blood on the Carpet |
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| work = |
| work = |
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| publisher = BBC |
| publisher = BBC |
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| accessdate =2001 |
| accessdate =2001 |
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== Disappearance == |
== Disappearance == |
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In 2003, '''British Biotech''' merged with [[RiboTargets]] and then into [[Vernalis plc|Vernalis]]. The British Biotech company name disappeared after this merger and remaining staff integrated into the Vernalis organisation in [[Winnersh]], |
In 2003, '''British Biotech''' merged with [[RiboTargets]] and then into [[Vernalis plc|Vernalis]]. The British Biotech company name disappeared after this merger and remaining staff integrated into the Vernalis organisation in [[Winnersh]], Berkshire. |
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==External links== |
==External links== |
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Revision as of 17:30, 9 September 2013
| Industry | Biotechnology |
|---|---|
| Founded | 1986 |
| Defunct | 2003 |
| Fate | Merged |
| Successor | company merged into Vernalis |
| Headquarters | Oxford, United Kingdom |
Key people | CEO Keith McCullagh, 1986–1998 Elliot Goldstein, 1998–2002 Tim Edwards, 2002–2003 Chair Brian Richards, 1986–1998 Christopher Hampson, 1998–2002 Peter Fellner, 2002–2003 |
Number of employees | 500 |
British Biotech was a British based biotechnology company founded as British Biotechnology Limited in 1986 by former G D Searle managers Keith McCullagh and Brian Richards.[1] It was the first British biotech company to be publicly listed when it was floated on 1 July 1992.[2]
Controversy
In 1996, despite having no compounds on or near the market, the company was temporarily valued at nearly $2.5 billion,[3] largely on the basis of its two main development drugs: marimastat (a novel matrix metalloprotease inhibitor for cancer treatment[4]) and zacutex (for pancreatitis).
In February 1998, Dr Andrew Millar was dismissed as Head of Clinical Research and went on to make allegations that "the Board were running a business plan consistent only with extreme and unfounded optimism".[5] These events were the subject of an inquiry by the House of Commons Select Committee on Science and Technology in August 1998 which absolved Dr Millar of any responsibility for the company's problems.[5]
Subsequent investigations by the Securities and Exchange Commission, Food and Drug Administration, London Stock Exchange and the European Medicines Evaluation Agency found that British Biotech had wilfully misled the public about the progress of marimastat[6] and that unblinding data before the end of clinical trials does not necessarily invalidate the results.[7] Marimastat underwent Phase III trials in collaboration with Schering-Plough Corporation.[8] Further development of zacutex was abandoned due to poor clinical trial results.[9]
The corporate politics behind the downfall of British Biotech was later recorded for a BBC2 Series "Blood on the Carpet".[10]
Disappearance
In 2003, British Biotech merged with RiboTargets and then into Vernalis. The British Biotech company name disappeared after this merger and remaining staff integrated into the Vernalis organisation in Winnersh, Berkshire.
External links
References
- ^ "The Final Death Knell of Chicago's G.D. Searle". Midwest Business. 2003. Retrieved 12 May 2003.
{{cite web}}: Unknown parameter|coauthors=ignored (|author=suggested) (help) [dead link] - ^ "BBIOY IPO". IPO Summary Report. NEA. 1992. Retrieved 1 December 1992.
{{cite web}}: Check date values in:|accessdate=(help); Cite has empty unknown parameter:|coauthors=(help) - ^ "Ten years of biotech gaffes". Nature Biotechnology. Nature Publishing Group. 2006. Retrieved 8 March 2006.
{{cite web}}: Unknown parameter|coauthors=ignored (|author=suggested) (help) - ^ "Phase I trial of Marimastat". Journal of Clinical Oncology. American Society of Clinical Oncology. 1998. Retrieved 16 June 1998.
{{cite web}}: Check date values in:|accessdate=(help); Unknown parameter|coauthors=ignored (|author=suggested) (help) - ^ a b "Fifth Report". Select Committee on Science and Technology. House of Commons. 1998. Retrieved 13 August 1998.
{{cite web}}: Check date values in:|accessdate=(help); Cite has empty unknown parameter:|coauthors=(help) - ^ "Nature Biotechnology". Nature Biotechnology. Nature Publishing Group. 1999. Retrieved 18 July 1999.
{{cite web}}: Check date values in:|accessdate=(help); Cite has empty unknown parameter:|coauthors=(help) - ^ "Shedding Biotech's Bad Name". IP/IT Update. NIPC. 1999. Retrieved 15 February 1999.
{{cite web}}: Check date values in:|accessdate=(help); Unknown parameter|coauthors=ignored (|author=suggested) (help) - ^ "Marimastat Update". BusinessWire. 2001. Retrieved 2 May 2001.
{{cite web}}: Cite has empty unknown parameter:|coauthors=(help) - ^ "Zacutex UK Phase III clinical data presented at American Gastroenterological Association". Select Committee on Science and Technology. House of Commons. 1998. Retrieved 14 September 1998.
{{cite web}}: Check date values in:|accessdate=(help); Cite has empty unknown parameter:|coauthors=(help) - ^ "BBC2's Blood on the Carpet". BBC. 2001. Retrieved 2001.
{{cite web}}: Check date values in:|accessdate=(help); Cite has empty unknown parameter:|coauthors=(help)