BRITISH Biotech executives have received bonuses of up to 40 per cent of their salaries as the company's share price has plummeted.

However, finance director Tony Weir, who received a £68,000 bonus, said the incentives announced in the annual report related to April, before the share price slumped to a new low.

It now stands about the 3p mark, compared with 145p when chief executive Elliott Goldstein took over four years ago.

The report shows that Mr Goldstein received a £151,000 "performance-related" bonus in cash on top of his £379,000 basic pay.

Performance-related payments to Mr Weir and chief operating officer Tim Edwards were worth more than 40 per cent of their salaries, the maximum allowed under British Biotech's scheme.

Mr Weir said the share price slump was reflected in executives' share options, which are now not worth exercising.

He added: "Most of the criteria which determine the bonuses relate to corporate and individual objectives, including progress on adding new products, controlling and reducing the cash outflow and progress on the products in clinical development."

The firm, based in Cowley, has seen its workforce shrink from nearly 400 in 1997 to 87.