UK biotechnology company, Xenova, revealed a solid set of first quarter 2005 results that were broadly in line with expectations, with a narrowing of losses from £3.8 million pounds in the corresponding quarter of 2004 on the back of a 22% increase in revenue over the same period last year to £1.1 million [[07/05/04f]]. The firm ended the three-month period with £9.4 million in the bank – albeit a significant reduction on the £22 million held at the end of March last year.
Research and development expenditure of £3.2 million was in line with the prior year, with costs mainly incurred as a result of a Phase III clinical trial of Xenova’s TransMID brain cancer drug [[11/05/04f]], and a Phase I study of its anti-smoking vaccine, TA-NIC [[14/07/04f]].
David Oxlade, Xenova’s chief executive officer, said: “We continue to demonstrate value within our pipeline, as evidenced by the three license deals announced so far this year. With the global rights to our addiction vaccines and the North American rights to TransMID as yet unpartnered, Xenova retains considerable value in its pipeline.” The deals in question include the £44 million agreement with Oxxon Therapeutics for its gene delivery system to be used in oncology and infectious diseases [[17/01/05f]].