Xenova's 3rd Qtr In Line With Expectations

UK-based emerging pharmaceutical company Xenova had revenues in the third quarter of 1994 of L447,000 ($706,000), compared with L451,000 in the like, year-earlier period. The net loss amounted to L2.2 million; the loss had been L1.6 million. R&D expenses in the third quarter were to L2.4 million, up 29.6%. The company said that the increase reflected higher investment in preclinical and clinical development. For the nine-month reporting period Xenova posted a net loss of L6.2 million. The company said this reflected increased R&D and general and administrative expenses.

During the third quarter the company said its Phase I trials of XR5000 in the UK and New Zealand progressed with dose escalations in patients with advanced cancer. Phase II trials should start in 1995.