British Biotech Increases Losses, Turnover Falls

Despite reporting increased losses and a decline in turnover for the three months ended October 31, British Biotech - the UK's largest biotechnology company - is upbeat about the future. "We look forward to 1997 with considerable confidence," said BB's chief executive Keith McCullagh.

Dr McCullagh's confidence is based on BB's new product development. The company notes that there have been positive Phase III results with lexipafant (to be trade-named Zacutex) in acute pancreatitis and its first European marketing application will be filed in first-quarter 1997.

Phase III trials with marimastat are progressing in four cancers, and recent data from cancer patients treated with the product is consistent with an effect of marimastat on survival (Marketletter November 11); a $74 million agreement has been signed with Tanabe to develop and market marimastat in Japan (Marketletter November 25); and the reported loss of L8.1 million ($13.5 million) for the three months is "well within budget."