Expenses Down At Xenova In 1st Qtr

For the first quarter of 1996, Xenova of the UK achieved revenues of L384,000 ($581,376), compared with L320,000 a year earlier. Operating expenses decreased 38.7% to L2 million as a result of smaller R&D costs and general and administrative costs. The net loss was L1.4 million or L0.11 per share, down 47.7%. The firm said that the results were in line with expectations.

Xenova specializes in the discovery and development of compounds originally derived from naturally-occurring micro-organisms, such as fungi and bacteria, and from plants and plant extracts. "In the first quarter, Xenova progressed its portfolio of three potential drugs in clinical and preclinical development, and pursued drug discovery programs for itself and for four strategic partners," commented Louis Nesbit, chief executive of Xenova.