British Biotech Cuts Loss And Files First MAA

British Biotech reduced its loss in the fiscal third quarter endedJanuary 31, 1997, to L2 million ($3.2 million), compared with L4.1 million a year earlier. The reduction was attributed to receipt of milestone fees of L4.4 million from Tanabe Seiyaku which will develop and market marimastat, and L4 million from Glaxo Wellcome on the start of Phase I trials with BB-2983, which has potential in the treatment of arthritis. The loss per share was 3 pence, compared with 8 pence a year earlier. Revenues for the quarter grew 88.89% to L8.5 million.

Cumulative losses for the nine-month period were L18.1 million, up from L15.1 million a year earlier, and within budget, according to the company. In the nine-month period, turnover was up 13.7% to L9.3 million. Nine-month R&D expenditure was L26.2 million, a rise of 29.7%. For the quarter, the increase was 28.5% to L9.2 million. The increase in R&D expenditure resulted from the rapid expansion of the marimastat and lexipafant development programs.

BB noted that it submitted its Marketing Authorization Application for acute pancreatitis treatment Zacutex (intravenous lexipafant; see page 20) to the European Medicines Evaluation Agency on February 3. The application has been filed through the centralized procedure and, if granted, BB will market Zacutex thoughout all 15 European Union countries.