Xenova Post 2nd Qtr Results

21 August 1994

Xenova of the UK generated revenues for the second quarter of 1994 of L551,000 ($854,000), down from just over L1 million a year earlier. Last year's second quarter included a one-time payment from a corporate partner. The loss for the 1994 second quarter was just under L2 million or L0.23 per share, greater than the year-earlier loss of L751,000. For the six-month period the net loss was L4 million, compared with a net loss of just under L2 million in the first six months of 1993.

During the second quarter, Xenova extended the drug discovery phase of its collaboration with Japanese company Suntory to the end of 1995, following the designation of a new lead compound, according to the company. An agreement was also signed with the International Center for Genetic Engineering and Biotechnology in Trieste, Italy. The agreement is based on the sourcing of key components for Xenova's ASSET tests for its proprietary cancer drug discovery program. Phase I trials were initiated in the UK in the second quarter of Xenova's anticancer drug candidate XR5000.

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