In 1996, Xenova of the UK received revenues of L1.59 million ($257.5million), down from L1.79 million in 1995. The decline resulted from the expected decrease in income from two collaborations, partly offset by increased grant revenues and funds from a new partner. R&D spending fell to L8.3 million from L9 million a year earlier, reflecting increased focus on Xenova's three most advanced drug leads and tight control of other expenses. As a result, the group's operating cash outflow was held at L6.78 million.
The company expects to see R&D expenditure rise in 1997 and 1998 as it moves to: complete initial Phase II trials of its novel anticancer agent XR5000, and Phase I trials of XR9051, a compound aimed at tackling the problems of tumor cells developing multidrug resistance against cancer therapies; develop the QTC system in conjunction with Warner-Lambert and Zeneca; to develop MetaXen's technologies for accelerating drug lead optimization; and to advance selected drug leads in preclinical development.
Xenova started 1997 with cash and short-term investments of L27.8 million, resulting from its placing and listing on the London Stock Exchange in December last year, which raised L21.3 million after expenses. A further L1 million was expected in March this year from Warner-Lambert under the terms of the agreement signed with the company in September 1996.
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