One unloved small-cap biotech to watch

Developing successful new drugs generates good headlines, but there's more to the pharmaceutical industry than that. Here, Tom Bulford looks at one small biotech company working at the unglamorous - but undervalued - end of the sector.

In the huge pharmaceutical industry most of the headlines are made by new drug formulations. But there's another hugely important strand of the business on which billions of dollars are spent. That is the creation of improved delivery mechanisms.

The first step of any drug delivery system is to get the drug into the body. But the challenge does not end there.

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Tom worked as a fund manager in the City of London and in Hong Kong for over 20 years. As a director with Schroder Investment Management International he was responsible for £2 billion of foreign clients' money, and launched what became Argentina's largest mutual fund. Now working from his home in Oxfordshire, Tom Bulford helps private investors with his premium tipping newsletter, Red Hot Biotech Alert.