Business Weekly - Cambridge, UK

The company’s shares currently trade at a significant discount to its asset value (around 101p).

A campaign, led by shareholder David Stonebank is pressing for a buy-back of shares and a halt to any investments that could not be realised by November 2007, at which point there will be a shareholder vote on whether the company should continue its operations.

The group is trying to rally support from 10 per cent of shareholders, the proportion required to convene an AGM.

Prelude has meanwhile made another successful exit with the sale of portfolio company DNA Research Innov-ations (DRI) to NASDAQ listed Invitrogen Corporation.

DRI’s technology enab-led research scientists to extract DNA without the need for dangerous chemicals.

The total consideration was $65 million (£36m) in cash, of which Prelude will receive around £3 million in cash over the next 60 days and up to a further £3m in conditional payments over the next 18 months.

Prelude invested a total of £2m in early stage investment in December 2001.

This is the fourth trade sale achieved by Prelude this year – the most recent being NASDAQ listed Broadcom’s acquisition of Cambridge based Alphamosaic – and the second from its life sciences investment portfolio.

Prelude director, Dr Robert James said: “There have been only a few successful exits for European life sciences venture capital funds in recent years and Prelude is proud to have played a role in DRI’s success.”