Biorex (Budapest), which develops heat shock proteins for use in diabetes, endothelial dysfunction, and neuroprotection, is looking to the West to raise money. According to Tim Earle, group finance director of BRX (London), Biorex's holding company, the firm hopes to tap into both emerging market and health care funds. Spencer Jakab, an emerging-markets analyst with Credit Suisse First Boston (London), says many European institutional investors have a "specific regional mandate to invest in these areas." However, Earle acknowledges that the company, seen as in double jeopardy thanks to risks related to both emerging markets and biotechnology, faces credibility issues with investors. But "we can gain credibility through licensing deals," adds Earle. Indeed, Abbott Laboratories (Abbot Park, IL) signed up with Biorex in December 1997, paying $28 million in exchange for a 22% stake in BRX and exclusive global marketing rights to Bimoclomol, Biorex's heat shock protein to treat type II diabetes, currently in phase II trials.