British Biotech's 3rd-Qtr Loss As Expected

British Biotech said that the loss before and after tax in the third quarter ended January 31, 1994, was as expected at L5.6 million ($9 million). Turnover was ahead 73.2% to L1.1 million, as a result of income from agreements the company has signed with Japan Tobacco, Warner-Lambert, the continuing Eureka grant, and further income under the biological research agreement with R&D Systems Europe.

Expenditure during the quarter amounted to L7.4 million, compared with L5.8 million a year earlier. The increase reflects the rising expenditure necessary to progress the company's products through development and initial expenditure on commercial preparations for the launch of products.

For the first nine months of the financial year, turnover was L2.7 million, down 22.8%. The loss before and after tax was L17.8 million, compared with L13.5 million a year earlier, and the loss per share was 37.3 pence, 2.2 pence greater than a year ago.