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Biotech / Medical : Xenova (XNVA)

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To: nigel bates who started this subject	5/8/2003 5:54:40 AM
From: nigel bates	of 173

And some comment... Xenova drops on cancer drug, cash worries LONDON, May 8 (Reuters) - Shares in Xenova Group Plc (LSE: XEN.L - news) fell 10 percent on Thursday as the British biotech firm failed to give a hoped-for update on its lead drug candidate and highlighted a tight cash position in its first-quarter results. Xenova suffered a setback in February when patient enrolment into final stage clinical trials of experimental cancer drug tariquidar was temporarily suspended due to safety concerns, pending a report by an independent panel in May or June. Some investors had hoped for news alongside the quarterly results but Chief Executive David Oxlade said Xenova was still awaiting the report from the Data Safety Monitoring Committee. Xenova unveiled a quarterly loss of 3.29 million pounds against 3.25 million a year earlier, leaving it with cash reserves of 12.9 million pounds. The company said it had "a reasonable degree of confidence" it could secure adequate funding to continue as a going concern but added it would cut costs if funds were not available in order to conserve cash resources. "They are definitively starting to run relatively short of cash," said Sally Bennett, biotech analyst at ING. The stock, which had run up ahead of the results, was two pence lower at 17p by 0825 GMT from a 52-week high of 62-3/4p.

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