The biotech business has delayed plans to float its Innovata Biomed respirator subsidiary on Nasdaq, and has also appointed NM Rothschild to carry out a 'strategic review' of its entire operations. This was deemed necessary because the directors felt that the share price does not 'reflect the value of the exciting portfolio of products and technologies'. Indeed, the directors seem to have a point - ML has taken all five of its products from research idea all the way through to marketplace, yet analysts and the market seem to have ignored the shares. In the year to 30 September, turnover rose from £9.5m to £11.9m while the pre-tax loss swelled from £6.9m to £11.8m. There is a solid portfolio of eight products in development, including leading edge gene therapy products and technologies.