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Biotech / Medical : Xenova (XNVA)

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From: nigel bates	11/16/2004 8:33:21 AM
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Xenova Group PLC Programme Update (Ouch.) SLOUGH, U.K., Nov. 16, 2004 (PRIMEZONE) -- Xenova Group plc (LSE: XEN.L - news) (Nadaq:XNVA) (LSE:XEN) today announced that Millennium Pharmaceuticals Inc (NASDAQ: MLNM - news) . (Nasdaq (NASDAQ: news) :MLNM) (Millennium), Xenova's North American partner for the novel DNA targeting agents programme, has informed the Company that as a result of an internal portfolio prioritisation review, it has decided to cease funding the XR5944/XR11576 programme after completion of the on-going Phase I studies.The Phase I programme is underway with patient dosing still ongoing. The trials will be completed as planned and the results of the Phase I trials involving XR5944 and XR11576 are anticipated to be available during H1 2005. Since Millennium is fully funding the research on these novel DNA targeting agents until the end of Phase I studies, this change will have no immediate cash effect on Xenova. Xenova and Millennium will be entering into discussions shortly regarding the return of the North American commercial rights, which were the subject of a license agreement entered into between the parties in December 2001. All other programmes within Xenova's portfolio continue unchanged. Millennium has scheduled an R&D meeting in New York taking place today at 09:00 EST (14:00 GMT).

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