UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 41505 / June 10, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9915
In the Matter of
BRITISH BIOTECH PLC,
KEITH MCCULLAGH,
PETER LEWIS, and
JAMES NOBLE,
Respondents.
ORDER INSTITUTING CEASE-AND-
DESIST PROCEEDINGS PURSUANT
TO SECTION 21C OF THE
SECURITIES EXCHANGE ACT
OF 1934, MAKING FINDINGS AND
ORDER OF THE COMMISSION
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate that public cease-and-desist proceedings be instituted
pursuant to Section 21C of the Securities Exchange Act of 1934
("Exchange Act") against British Biotech PLC ("British Biotech"or
the"Company"),Keith McCullagh ("McCullagh"), Peter Lewis ("Lewis") and
James Noble ("Noble")(collectively, "Respondents").
In anticipation of the institution of these administrative
proceedings, the Respondents have submitted Offers of Settlement
("Offers") to the Commission,which the Commission has determined to
accept. Solely for the purpose of these proceedings and any other
proceedings brought by or on behalf of the Commission or in which the
Commission is a party, and without admitting or denying the findings
contained herein, except for those set forth below in Section II.,
paragraphs A.1.-A.4., which are admitted, and prior to a hearing
pursuant to the Commission's Rules of Practice, 17 C.F.R. §201.1 et
seq., Respondents consent to the entry of the findings and he
imposition of the order set forth below.
Accordingly, IT IS ORDERED that proceedings pursuant to Section 21C
be, and hereby are, instituted.
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
BRITISH BIOTECH PLC, KEITH MCCULLAGH,
ORDER INSTITUTING CEASE-AND-DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE SECURITIES
The Securities and Exchange Commission deems it appropriate that public cease-and-desist
In anticipation of the institution of these administrative proceedings, the Respondents have
As a foreign private issuer, British Biotech is required to file annual and current reports
4.James Noble, age 39, was the Finance Director (a position essentially equivalent to the
During the period from November 30, 1995 through October 1996, British Biotech, through the
The misleading statements concerned the progress that marimastat, a British Biotech
In these statements, British Biotech claimed that marimastat was showing positive results in
The company failed to disclose, however, that from the beginning of the clinical trials, the
FDA regulations generallyrequire a company to conduct three phases of clinical testing to
Prior to the marimastat trials, however, no company had attempted to use antigen levels as
British Biotech claimed that marimastat was showing effectiveness in the clinical trials,
rketing approval of marimastat.
Several months after the press release, the FDA issued the company a Notice of Violation
|
