British Biotech Cuts Loss

British Biotech reduced its loss for the third quarter ended January 31, 1996 to L4.1 million ($6.3 million) from L5.6 million in the like, year-earlier period. For the nine-month period the loss was L15.1 million, down from L17.9 million a year earlier.

Turnover for the quarter was L4.5 million, up over 300%. This was due to the receipt of a milestone payment from Glaxo Wellcome of L4 million in relation to the two firms' agreement to develop and market BB-2983 for use in the treatment of arthritis. For the nine-month period, turnover grew over 200% to L8.2 million. This reflects the receipt of L7 million in total to date from Glaxo Wellcome in relation to BB-2983.

Operating expenditure in the third quarter was L9 million, an advance of 21.6%. The increase in expenditure for the first nine months was 7.4% to L24.5 million. The rise was mainly due to expansion of clinical trials in Europe and the USA, particularly with anticancer agent marimastat and lexipafant, which is being developed for the treatment of acute pancreatitis.