Drug testing company saved from axe

Drug research firm Huntingdon Life Sciences has been saved from closure after holding talks late into the night in a bid to secure its financial future.

The firm, which has been targeted by animal rights activists, refused to comment on the outcome of the talks but the BBC reported that a deal had been struck.

It is understood that the Royal Bank of Scotland was to end its links with the Cambridgeshire firm and would be replaced by a US financial group.

The Royal Bank of Scotland had been deciding whether to extend a crucial £22.6 million loan facility.

In a statement issued to the Stock Exchange, HLS said it was continuing discussions with "interested parties with a view to refinancing its bank facility".

It added an announcement would be made "as soon as a resolution is reached".

The official statement is now not expected until Monday morning, when the Stock Exchange reopens.

HLS's financial problems stemmed from being targeted by animal activists, who have put pressure on shareholders to sell their investments in the group in an attempt to put it out of business.

Protesters have vowed to continue their protests against animal tests at the company's labs even if the firm has been given a financial lifeline.

Greg Avery, spokesman for the Stop Huntingdon Animal Cruelty Group, said: "There are lots of tactics we haven't even started using yet. We started to target the company a year ago. We estimated then that it would take three years to shut them down. We are only a third of a way into that. We will win."