BioCentury
ARTICLE | Strategy

Xenova looks to shed

September 14, 1998 7:00 AM UTC

OXFORD - Early signs of changes in strategic thinking as a result of the soft financing markets are beginning to show up. One company that has announced a restructuring in conjunction with a relatively small financing round is Xenova Group plc (LSE:XEN; XNVAY), which revealed its plans to get back to basics as it announced a refinancing.

The response from the market was fairly muted, with XEN closing last Friday at 59p, up 1.5p on the previous week, giving it a market cap of just £14 million. XEN had £8.8 million in the bank at June 30 and cash burn of some £1.1 million a month...