Shares digital

Duggan sell-off does Immuno no favours

by Rachel Robson

Managing director of diagnostic testing kits manufacturer Immunodiagnostic Systems, Roger Duggan, has sold 170,933 shares in the company at a price of 183.5p per share.

The timing of the sell-off will have done little to boost investor confidence, given the recent performance of the company’s share price. The shares have already fallen over 20% this year, although the past couple of weeks have provided a brief respite, with the shares ticking up to their current 187.5p.

Duggan has been quick to stress that the disposal of shares was carried out purely to finance the purchase of a new family home and that he has no plans to sell further shares for the foreseeable future. Following the transaction, Duggan has a beneficial interest in 2.2 million shares, representing 9.3% of the company's total.

Duggan has been with the company since 1981 when it was known as RIA (UK) and he became managing director in 1996, meaning he has witnessed firsthand the group’s rapid expansion over the years. Much of the group’s future growth potential lies with the 3X3 platform, an automated immunoanalyser, which it gained when it acquired Biocode-Hycel. The Immunodiagnostic Systems 3X3 is expected to launch later this year.

Earlier this month the company issued a trading statement which reassured investors that trading for the year to 31 March 2008 is expected to be around 90% ahead of last year’s numbers, on the back of the acquisitions of Biocode-Hycel and Nordic Bioscience Diagnostics last summer.

The company team was strengthened last year through the appointment of Ian Cookson as operations director and Alain Rousseau as engineering director. Cookson previously worked at Axis Shield Diagnostics, while Rousseau has vast experience in bringing automated instruments to the market.