ActiveX VT_ERROR, xlsread and Bloomberg API

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Matlab2010
Matlab2010 on 27 Feb 2013
I am running win7, office 2007, Bloomberg professional and Matlab 2011a.
I have a value in an xlsx sheet equal to "=BDP('SPX Index, 'PX_LAST');
all this does is return a value to this cell, eg "10".
I call the xls sheet through xlsread. When I go to inspect that value I see the content of the cell is "ActiveX VT_ERROR" and not 10.
I don't wish to copy and paste "values" before calling xlsread.m as the process is automated.
How can I import the data into Matlab via the xls sheet? (of course one can use blp.m if not going via xls).
thanks

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