British Biotech Sees 1st Qtr Revenues Down

British Biotech, the UK's largest company in the sector, has announcedan increase in R&D spending of 26.5% to L10 million ($16.1 million) for the first quarter of the 1997/98 financial year, reflecting the development of its leading products.

Marimastat, BB's oral anticancer drug and MMP inhibitor, continues to expand, with the group running Phase III trials using the drug in six different tumor types, while its treatment for acute pancreatitis Zacutex (lexipafant iv) is making satisfactory progress in a second Phase III clinical trial, according to the company. Losses for the first quarter reached L9 million while turnover on the like, year-earlier figure was down 51.5% to L257,000 due principally to a biological research agreement with R&D Systems. At the end of the quarter, cash balances amounted to L173.1 million.