Oxford, England-based R&D firm raises $ 65 mil. in recently- completed private placement. The funds came from an international share placing in the U.K., Japan, and the U.S. managed by Kleinwort Benson and Goldman Sachs. The company will issue 11.1 mil. new preferred shares at a price of 360 pence per share, which values the company at (BRITISH POUND)103 mil., or about $ 168 mil. Proceeds are earmarked for R&D. BBT's lead compound is p24-VLP, an HIV immunotherapeutic now in Phase I. The private equity placement was the fourth for British Bio-Tech since it was established in 1986; the third was in June 1989. The company says it expects to go public in 1992 or 1993.
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