SLOUGH, England, Dec. 11 /PRNewswire-FirstCall/ -- Xenova Group plc (Nasdaq NM: XNVA - News; London Stock Exchange: XEN - News) today announces that an operational review is expected to produce annual cost savings of approximately 2m pounds and that two new early stage projects have entered pre-clinical research.
Operational Review
As a result of the good progress made by both the clinical and pre-clinical biologics products acquired at the time of the Cantab merger, Xenova is now able to apply the "virtual" development approach, which it has used successfully with its pharmaceutics programs, to a major part of the biologics portfolio. This will allow the Company to reduce the level of in-house resources involved in the early development and manufacturing of biologics, and will result in savings which are expected to lower Xenova's annualized costs by approximately 2 million pounds.
In-house capabilities that are essential to the further development of the portfolio, or which cannot efficiently be sourced externally, including the pilot and early clinical phase manufacturing plant, are to be retained.
Two new projects enter pre-clinical research
Xenova is pleased to announce today that two further programs, HIF-1 alpha for cancer and a vaccine against Meningitis B, have entered pre-clinical research.
Hypoxia inducible factor (HIF)-1 alpha is a complex molecular structure which plays a role in gene expression, promoting cell survival. Xenova is currently developing small molecule inhibitors of HIF-1 alpha, which may have anti-cancer and anti-angiogenic activity.
Xenova is also developing a vaccine for the prevention of meningitis caused by meningococcal group B infections, the construct of which is intended to give protection against all Group B strains.
An R&D update will be given at the time of Xenova's announcement of its preliminary results for the year to 31 December 2002. The date for this announcement is to be confirmed shortly.
Commenting on today's news, David Oxlade, Chief Executive of Xenova, said: "Xenova remains focused on generating maximum value from its product pipeline and breadth of science, whilst at the same time maintaining tight control over its cost base.
"We have been particularly pleased with the progress made in the past year by a number of our high potential drug candidates, including our most advanced drug, tariquidar, and I am delighted to be able to announce the initiation of these two new research programs."... |
