Xenova of the UK announced a net loss for 1994 of L8.2 million ($12.9 million) or a loss per share of L0.88. This is almost double the loss accumulated in 1993, and reflects increased R&D and general and administrative costs. R&D costs were L9.1 million, up from L6.6 million. Revenues for the year were just under L2 million, compared with L2.1 million in 1993.
For the fourth quarter of 1994, Xenova's loss was L2 million or a loss per share of L0.20. Revenues were L531,000, up 51.3%, derived primarily from drug discovery collaborations with corporate partners. Louis Nisbet, chief executive, said Xenova made substantial progress in 1994, and that its successful initial public offering increased its cash reserves.
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