Chiroscience Goes Further Into The Red

UK biotechnology group Chiroscience has moved further into the red in the six-month period ended August 31, 1994. Pretax losses were L3.75 million ($5.89 million), compared with L1.33 million a year earlier. The loss per share was 5.5 pence, falling from 4.7 pence in the 1993 interim period. Turnover was L757,000, compared with L1.34 million last year. Research spending and increased recruitment were partly behind the increased losses, which were said to be in line with expectations.

A restructuring plan has been announced, with the company forming two divisions; one to manufacture synthons and the other pursuing drug development. Furthermore, Chris Evans, who founded the company, will take a non-executive role overseeing "strategic issues."