Unusually, the VC investors in UK-based Microscience have announced they will pump a further £10 million into the vaccine developer as it tries to enter the lukewarm public markets with a summer IPO on London's AIM. With underwhelming debuts from Ark Therapeutics and Basilea Pharmaceutica in Europe and dramatically reduced offering prices in both Europe and the US, Microscience's investors' show of solidarity may make a necessary difference. But in the end, it's still all about the valuation.

Ambryx (now Senomyx Inc.) will develop products for the food and fragrance markets, based on the receptor biology of chemosensation. Specifically, the new company will develop molecules that manufacturers can put into products to affect a consumer's perception of taste and smell.