Xenova Performing In Line With Expectations In 1st Qtr

Increased clinical trial and drug development activities at the UK-basedemerging pharmaceutical group, Xenova, were behind a 61.8% rise in operating expenses to L3.2 million ($5.3 million) in the first three months of 1997. A net loss was reported of L2.6 million, or 11 pence per share, compared with a loss of L1.4 million, or 11 pence per share in the first quarter of 1996.

Of the total operating expenses, first-quarter R&D costs amounted to L2.9 million, an increase of 67.8%.

The firm achieved revenues, principally from drug discovery collaborations, in the quarter of L205,000, declining from L384,000 a year earlier. The reduced amount was the result of an anticipated decline in research payments from earlier collaborations and the phasing of payments from more recent agreements.