Bat spit contributes to valuation

1-Mar-2005

Paion, a German firm whose main product, desmoteplase, is derived from the saliva of the vampire bat, is looking to raise more than e70m (£49m) on the stock market, by selling 5 million shares - a third of the company - for e11-14 each.

Desmoteplase, based on a protein in the bat's saliva, stops blood from clotting, and while the vampire bat uses it to help it drink from its victims, it may also be able to be used to help people who suffer from strokes.

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The money raised from the sales will be spent largely on developing the company's other drugs, as desmoteplase has already been licensed to Forest Laboratories. If the final price is at the top of the range, the company could be valued at up to e200m.

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