BRITISH Biotech yesterday announced plans to raise more than £143 million to fund extensive trials of Marimastat, the anti cancer drug whose prospects have fuelled the company's recent share price rise.

The company said the funds, raised through a rights issue of new shares, together with existing resources, would also be used to complete phase three trials of its pancreatitis treatment, Lexipafant. The rights issue of one new share for every eight already held is priced at £20.50 a share.