R&D Costs Lead To Further Xenova Losses

UK biopharmaceutical company Xenova has reported increased losses forthe six months to June 30, 1997, of L5.8 million ($9.3 million), compared with L3.2 million for the same period in 1996, due primarily to further expenditure on clinical trials and drug development. R&D spending rose 65.7% to L6.3 million.

Revenues for the period fell to L531,000, down 33.7%, which the company says is a result of an expected decline in research payments from earlier collaborations, and the phasing of payments from more recent agreements.

Xenova said it had made solid progress during the first half, with new drug leads in its preclinical pipeline and research collaborations with Bristol-Myers Squibb, Zeneca and Warner-Lambert.