Baltimore Technologies, the internet security software company, yesterday unveiled the names of six banks it had already signed up to use its technology in an effort to counter recent warnings and shore up its share price.
Shares in the company, which traded as high as £13.75 at the peak of the internet boom in spring last year, closed up 2.75p, or 7.4 per cent, at 40p last night. The company, which had already announced the contract wins and is thought to have already booked sales from them in the first quarter of the year, had been unable to reveal the identity of its new customers.It said yesterday that the six are Germany’s HypoVereinsbank, Staalbankiers in the Netherlands, Zagrebacka Banka in Croatia, Allied Irish Bank and Anglo Irish Bank in Ireland, and Dexia Bank in Belgium.Stock in Baltimore had plunged to 37.25p earlier in the week on concerns that it would run out of cash before it became profitable. The company had originally hoped to be profitable at the end of this year. However, after two profit warnings, analysts now reckon it might not get to break-even point until the second half of next year. The more bearish believe it could run out of money altogether if orders do not pick up.At the end of the first quarter, Baltimore had about £84m of cash left, but it was burning through £17m a quarter, meaning it had some 15 months’ grace, taking it to June next year.However, the company is hoping the cost-cutting exercise it launched last month, which saw it axe 250 jobs, would save it £30m-35m a year. Analysts have scaled back their sales estimates for Baltimore this year to £90-£100m from original forecasts of £150-£160m.. Geoffrey Guy, the chief executive of GW Pharmaceuticals, will see his paper fortune valued at £47m when the company that develops prescription drugs containing cannabis floats on the junior AIM stock market next Thursday.

Geoffrey Guy, the chief executive of GW Pharmaceuticals, will see his paper fortune valued at £47m when the company that develops prescription drugs containing cannabis floats on the junior AIM stock market next Thursday.
The company has raised £25m through placing a 14.3 per cent stake at 182p a share that was six times oversubscribed. It will float with a market capitalisation of £175m.GW, founded by Dr Guy three years ago, increased the number of new shares it offered to institutions following strong demand. It had orginally hoped to raise £16m of fresh funds.It will plough the cash into clinical trials of its treatments for multiple sclerosis (MS) and cancer pain. If the trials are a success, GW hopes to apply for regulatory approval from Britain’s Medicines Control Agency in 2003 and begin selling the drugs in early 2004.Dr Guy, who also co-founded the quoted plant medicines company Phytopharm in 1989, owns 27 per cent of GW and is the company’s biggest single shareholder.The company’s directors together control 45.8 per cent of GW and have agreed not to sell any shares for at least 12 months after the float and no more than half their holdings for a further six months.

Two other shareholders with 10.9 per cent of GW have agreed a 12 month lock-in.. BMI British Midland, the country’s second-biggest scheduled airline, raised the stakes last night in its attempt to start operating transatlantic services from Heathrow by calling on the UK and US governments to sign a full “open skies” agreement. BMI British Midland, the country’s second-biggest scheduled airline, raised the stakes last night in its attempt to start operating transatlantic services from Heathrow by calling on the UK and US governments to sign a full “open skies” agreement.
The airline also announced that it intended to seek anti-trust immunity to operate the services alongside its Star Alliance partner United Airlines, which already flies from Heathrow.The call for a full open skies deal came as UK and US negotiators prepare to meet in London next week for the first set of talks since the Bush administration took office. The talks, due to take place on Tuesday and Wednesday, are expected to be followed by a second round of negotiations in Washington in July.Previously, BMI British Midland had been pressing for a “mini” open skies deal that would allow it and one other US carrier access to the transatlantic on a very limited basis.However, Sir Michael Bishop, the chairman of BMI British Midland, said it now wanted full liberalisation and disclosed that it would launch services to five US destinations – Washington, Chicago, Miami, Seattle and Denver – as soon as an agreement was signed. On two of the routes – Seattle and Denver – British Airways is the only UK carrier.In recent weeks, BA itself has renewed attempts to obtain anti-trust immunity for its own alliance with American Airlines, lobbying politicians and officials in both Washington and Brussels.