Investors in Antisoma, the biotechnology company, have endured a roller-coaster rider over the past few months.

In April shares in Antisoma surged after it struck a $780 million deal to sell rights for its late-stage cancer drug to Novartis, the European drugs giant.

Yesterday, however, Antisoma said that the experimental drug, ASA404, had failed in a mid-stage trial for ovarian cancer. Antisoma’s shares fell 6½p to 37p. They had risen from a low of under 12p to a high of 57¾p over the past year. Antisoma and Novartis are continuing late-stage trials of the drug for lung cancer and other trials for prostate cancer.

A fresh run for Ascent Resources, which closed up 2¾p at 19¼p, a 17 per cent rise, prompted the AIM-listed oil and gas explorer to give an update on its progress in Italy. Two weeks ago Ascent said that it had restarted drilling in the Anagni-1 oil discovery well in the Latina Valley, announcing “core data indicated that the well has drilled into an oil reservoir”. Yesterday the company said it would reveal results of its findings “in the coming days”.

Property speculators have tapped AIM for Indian ventures over the past year and the Bombay stock exchange has been one of the hottest emerging markets for a while.

However, for every Indian corporate winner there are bound to be many more failures. That is the logic of Alok Dhir, an Indian corporate insolvency lawyer, who yesterday floated Dhir India Investments on AIM, raising £25 million to buy out troubled firms. Dhir shares were placed at 150p each and moved up to 157½p by the close of their first day’s trading.

FDM Group, the IT staffing agency, told brokers to upgrade their full-year profits forecasts because of a slew of new client wins in the second quarter FDM shares rose 8½p to 155p.

Acta, which makes platinum-free catalysts for fuel cells, has raised £5.75 million after Sumitomo, the Japanese industrial conglomerate, bought a 10 per cent stake and new money was raised via a placing to institutions. Acta closed down by ¾p at 113p.

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