British Biotech Reduces Loss And Makes Rights Issue

British Biotech has revealed reduced losses, both pre- and post-tax for the fiscal year ended April 30, 1996, of L25.2 million ($38.8 million), compared with L26.3 million a year earlier.

The company's chief executive, Keith McCullagh, said that BB's losses were "well within budget" and that its balance sheet was strengthened during the year following the exercise of warrants. He added: "1995/96 was a highly successful year for British Biotech, with very encouraging clinical data emerging on marimastat, and substantial progress with lexipafant, which is close to completing its UK Phase III trial."

The reduction in losses was due to a 165% increase in turnover to L8.5 million, mainly due to increased revenues from collaborative agreements. Expenditure for the year increased 11% to L35.9 million.