Bigger Losses At British Biotech
British Biotech has announced greater losses in the second quarter ended October 31, and has said that it has decided to curtail further trials of its version of p24-VLP formulated without adjuvant, an AIDS immunotherapeutic, and PAF antagonist lexipafant in the treatment of sepsis (see page 28).
BB's second-quarter loss amounted to L6.6 million ($10.3 million), compared with L4.6 million a year earlier. Company chairman Brian Richards said that the loss was well within the company's internal budget for the period. The increased loss resulted from a planned rise in operating expenditure relating to the progress across the company's development programs. Turnover was L858,000, up 23.8%.
The company's cash resources decreased by L9.6 million, due primarily to the construction of new chemical development facilities in Oxford, UK. At L58.2 million at the end of the quarter, cash resources were slightly ahead of budget.
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