Xenova 3rd Qtr Shows Lower Revenues

Xenova Group plc of the UK, which has recently said it intends to get a London Stock Exchange listing to raise L25 million ($41.2 million), reported third quarter 1996 revenues (principally from drug discovery collaborations with corporate partners) of L308,000 ($480,000), a fall of 31.1%, due primarily to the timing of success payments and differences in drug discovery screening programs. A net loss of L1.9 million was noted, compared with L1.5 million in the like, 1995 period.

Chief executive Louis Nisbet said Xenova "has taken some very important steps during the third quarter, with several key objectives being achieved and announced." He added that significant progress had been made with its two most-advanced anticancer drugs, and a new subsidiary, MetaXen, had been inaugurated in California (Marketletters passim).