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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Drug developer SkyePharma has lost a quarter of its value as investors grow impatient at the firm’s failure to make progress with plans to renegotiate or refinance its convertible bonds.

The company had said in May that a proposal to key bondholders and definitive plans for the bonds were expected to be announced shortly after results of two pivotal phase III efficacy trials of asthma treatment Flutiform.

Positive top line results of both of trials have now been reported, but despite significant support for its plans, talks about the specific proposals for the bonds have been postponed due to “current capital market conditions”.

Electronic Data Processing rallied after it confirmed late yesterday that it in early stage discussions regarding a possible offer for the IT solution provider from its management which may or may not lead to an offer being made for the company.

A further announcement will be made in due course as appropriate, the group added.

FTSE TechMARK - Fallers
Skyepharma (SKP) 3.80p -30.66%
Morse (MOR) 42.00p -17.65%
Kewill Systems (KWL) 80.50p -9.55%
Gresham Computing (GHT) 53.00p -8.62%
BATM Advanced (BVC) 47.00p -7.39%
Anite Group (AIE) 34.00p -6.85%
Trafficmaster (TFC) 31.00p -6.77%
BTG (BGC) 158.50p -6.76%
Psion (PON) 107.00p -6.14%
Axon Group (AXO) 403.00p -5.40%

FTSE TechMARK - Risers
Electronic Data Processing (EDP) 60.50p +13.08%
Parity Group (PTY) 24.00p +2.13%
Vtech (VTH) 262.50p +1.94%
Innovation Group (TIG) 18.00p +1.41%
Alizyme (AZM) 18.50p +1.37%
Corin Group (CRG) 112.75p +1.35%
Kofax (KFX) 183.25p +0.96%
SDL International (SDL) 292.75p +0.95%
Phoenix IT Group (PNX) 275.00p +0.92%

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