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Xenova Group PLC (XEN)

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Thursday 11 May, 2000

Xenova Group PLC

1st Quarter Results, etc.

Xenova Group PLC
11 May 2000

                               Xenova Group plc
                          First Quarter Results 2000
            Positive Interim PK Data from XR9576/Doxorubicin Trial

Slough, UK, May 11, 2000 - Xenova Group plc (London Stock Exchange: XEN;
Nasdaq NM: XNVA) today announced its results for the quarter ended 31 March

Q1 Highlights

-    Multi-drug resistance modulator XR9576 successfully completes Phase IIa
     PK study with paclitaxel (Taxol)

-    Research agreement signed with Brunel University for the discovery and
     development of novel classes of telomerase inhibitors

-    Peter Gillett, FCA, appointed as non-executive Director and Audit
     Committee chair

-    Professor Stephen B Howell, MD, appointed to Scientific Advisory Board

-    Operating expenses decline by 50%

Announced Today
-    Positive interim pharmacokinetic data from Phase IIa XR9576/doxorubicin

Commenting, Chief Executive Officer David Oxlade said: 'Significant progress
has been made in Q1, in particular with XR9576's progress through its Phase II
clinical trials and a 50% reduction in operating costs in comparison with the
same period last year. The encouraging interim PK interaction data relating to
the use of XR9576 with doxorubicin is similar to that we have seen earlier
with paclitaxel.'

Quarterly Review - Revenues for the Group for Q1 2000 decreased to £78,000
($124,000) (Q1 1999: £950,000 ($1,516,000)), and included payment for a sub-
licence to use software developed by Xenova.  1999 Q1 revenues reflected
payments for partnership activities, including reimbursement of expenses in
respect of the PAI-1 cardiovascular programme currently ongoing with Lilly.

Operating expenses in the period decreased by 50% to £2,004,000 ($3,197,000)
(Q1 1999: £3,973,000 ($6,338,000)), reflecting decreased research and
development and administrative costs mainly attributable to the discontinued
MetaXen and Xenova Discovery operations.  An increase in research and
development costs for continuing operations was related to the cost of seven
Phase II clinical trials for both of Xenova's lead drug candidates.  These
trials, three of which relate to XR9576 and four to XR5000, were begun in Q1
1999.  The successful completion of one of these, the Phase IIa
XR9576/paclitaxel trial, was announced along with the Company's preliminary
results on 7 March 2000.

Operating losses for the three month period were £1,926,000 ($3,073,000) (Q1
1999: £3,023,000 ($4,823,000)).

As of 31 March 2000 the Group had cash and investments of £7,906,000
($12,612,000) (1999: £7,729,000 ($12,330,000)).

Product Pipeline Update - Interim data have now been obtained from more than
half of the patients enrolled in the XR9576/doxorubicin Phase IIa study, which
is being carried out primarily to assess the degree of drug interaction, if
any, between multi-drug resistance modulator XR9576 and the cytotoxic agent,
doxorubicin.  This trial is one of three underway with XR9576 in cancer
patients, with XR9576 administered in conjunction with paclitaxel, doxorubicin
and vinorelbine respectively.

Patients in the XR9576/doxorubicin trial received doxorubicin at the standard
dose of 50 mg/m2, with a single intravenous dose of XR9576 of 150 mg. The
combination was well tolerated and no clinically significant PK interaction
has been observed from the data to date.  Recruitment is expected to be
completed on schedule. The interim data from this study are similar to those
from earlier findings of the XR9576/paclitaxel study, which showed no
significant PK interaction between paclitaxel and XR9576 in plasma.

Although primarily designed as a PK interaction study, early indications from
the paclitaxel trial in ovarian patients, which was carried out at The Royal
Surrey Hospital, Guildford, UK, indicate that the response rate to date has
been greater than might have been expected from patients administered
paclitaxel alone.   Measurement was based on an analysis of radiological,
clinical and biochemical responses from the patients in this study.

The Phase IIa clinical trial involving XR9576 with vinorelbine is progressing.
Data from several of the patients enrolled in the XR9576 study in the USA with
vinorelbine, who have received a medical imaging agent, sestamibi, with and
without XR9576, have shown that administration of a single iv infusion of
XR9576 results in substantial accumulation of sestamibi in the liver for
periods of up to 48 hours.  In comparison, patients receiving sestamibi
without XR9576 show the sestamibi to be largely eliminated from the liver in
three hours.  These results indicate that XR9576 may be capable of prolonged
inhibition of P-gp in the liver, for up to 48 hours from a single
administration.  Prolonged inhibition of P-gp by XR9576 is potentially
advantageous in the future treatment of patients, when compared with other P-
gp inhibitors in development whose period of P-gp inhibition may be
significantly shorter.

Preliminary data from four Phase II studies for cytotoxic topoisomerase I and
II inhibitor XR5000, in glioblastoma, ovarian, colo-rectal and non small cell
lung cancer are expected in Q3 2000.  Work is progressing on a novel, orally
active, next generation cytotoxic topoisomerase I and II inhibitor, XR11576,
which was adopted as a preclinical development candidate in November 1999.

In February 2000 Xenova signed a two-year collaborative research agreement for
the discovery and development of novel classes of telomerase inhibitors with
Brunel University, Uxbridge, UK.

Management  - Professor Stephen Howell, Professor of Medicine at the
University of California, San Diego, joined Xenova's Scientific Advisory Board
in January 2000.  Professor Howell is a recipient of the Milken Family Medical
Foundation Award for Outstanding Work in the Field of Cancer and has been
listed in The Best Doctors in America since 1990.

Peter Gillett joined Xenova's Board as a non-executive director in February
2000 and chairs Xenova's Audit Committee.  Mr Gillett is a partner in Ernst &
Young, the audit and professional services firm.

UK                                            US
Xenova Group plc                              Noonan/Russo Communications Inc
Tel: +44 (0) 1753 706600                      Tel: 001 212 696 4455
David Oxlade: Chief Executive Officer         Joy E Bessenger (Investors)
Daniel Abrams: Finance Director               Tony Ho Loke (Media)
Hilary Reid Evans: Corporate Communications

Financial Dynamics
Tel: +44 (0)207 831 3113
David Yates/Sarah Mehanna

Notes to Editors

Xenova Group plc is an emerging bio-pharmaceutical company specialising in the
development of new small molecule drugs.  The company's strategy is to develop
commercially attractive new drugs, primarily in the area of cancer

Xenova currently has two drug candidates, XR9576 and XR5000, undergoing Phase
II clinical trials, and a number of drug leads undergoing optimisation or

XR9576 is a P-glycoprotein pump (P-gp) inhibitor, which is being developed to
restore the sensitivity of multi-drug resistant cancer cells to specific
cytotoxic drugs.  Phase I study results for the intravenous and oral
administration of XR9576 were presented at the May 1999 meeting of the
American Society of Clinical Oncologists. Preliminary Phase II pharmacokinetic
(PK) data, showing that XR9576 when administered with paclitaxel was well
tolerated and without PK interaction, was announced in November 1999. IND
approval was also received in late November 1999. It was announced in March
2000 that the Phase IIa study involving XR9576 and paclitaxel in ovarian
cancer patients had been completed and that the positive interim
pharmacokinetic results had been confirmed in the full data set from the
patients in the study.  It is expected that XR9576 will enter pivotal Phase
III studies in late 2000.

XR5000 is being developed as an inhibitor of both topoisomerases I and II,
enzymes which are critically involved in the replication of DNA during the
process of cell division and which therefore play a key role in the
proliferation of cancer cells.  It has demonstrated significant activity in
preclinical animal models against several types of solid tumours, including
multi-drug resistant cancers.  XR5000 completed Phase I studies in late 1998.

In addition to XR9576 and XR5000, Xenova is also currently undertaking cancer
research projects targeting MRP-related multi-drug resistance, next generation
topoisomerase inhibitors, the potential of P-gp in oral drug delivery,
telomerase and plasminogen activator inhibitor (PAI-1).  Xenova has a drug
development agreement with Lilly, based on small molecule inhibitors of PAI-1,
to develop novel antithrombotic drugs for chronic use.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of
1995: Some or all of the statements in this document that relate to future
plans, expectations, events, performances and the like are forward-looking
statements, as defined in the US Private Securities Litigation Reform Act of
1995.  Actual results of events could differ materially from those described
in the forward-looking statements due to a variety of factors, including those
set forth in the Company's filings with the US Securities and Exchange

Consolidated Statements of Operations (unaudited)
(in thousands, except per share amounts)

                                               Three months ended 31 March
                                           2000*           2000           1999
                                          ______        _______        _______
                                           $'000          £'000          £'000
   Continuing operations                     124             78             86
   Discontinued operations                     -              -            864
                                          ______         ______          _____
                                             124             78            950
Operating expenses                                                            
   Research and development                                                   
   Continuing operations                   2,485          1,558          1,298
   Discontinued operations                     -              -          2,022
                                          ______          _____          _____
                                           2,485          1,558          3,320
   Administrative expenses                                                    
   Continuing operations                     712            446            453
   Discontinued operations                     -              -            200
                                          ______         ______         ______
                                             712            446            653
Total operating expenses                   3,197          2,004          3,973
                                          ______         ______         ______
Operating loss                                                                
   Continuing operations                 (3,073)        (1,926)        (1,665)
   Discontinued operations                     -              -        (1,358)
                                          ______         ______         ______
                                         (3,073)        (1,926)        (3,023)
Profit on disposal of                          -              -            825
discontinued operations
Loss on ordinary activities                                                   
before interest                          (3,073)        (1,926)        (2,198)
Interest (net)                               238            149            146
                                          ______         ______         ______
Loss on ordinary activities                                                   
before and after taxation                (2,835)        (1,777)        (2,052)
                                          ______         ______         ______
Net loss per share (basic)                  (5c)           (3p)           (5p)
                                          ______         ______         ______
Shares used in computing                                                      
net loss per share                        54,726         54,726         43,001
                                         _______        _______         ______
Condensed Consolidated Balance                                                
Sheets (unaudited)
(in thousands)
                                        31 March       31 March       31 March
                                           2000*           2000           1999
                                          ______         ______         ______
                                           $'000          £'000          £'000
Cash and investments                      12,612          7,906          7,729
Other current assets                         695            436          2,045
Long term receivable                       2,393          1,500          1,500
Fixed assets                               2,971          1,862          4,100
                                          ______        _______         ______
Total assets                              18,671         11,704         15,374
                                          ______        _______         ______
Current liabilities                        2,442          1,531          4,140
Shareholders' equity                      16,229         10,173         11,234
                                          ______         ______        _______
Total liabilities and                     18,671         11,704         15,374
shareholders' equity                      ______         ______        _______
*US dollar amounts have been                                                  
translated at the Noon Buying
Rate on 31 March 1999 at £1.00 -
$1.5953 solely for information

These unaudited accounts do not constitute statutory accounts within the
meaning of s240 of the Companies Act 1985.  The 1999 accounts received an
'unqualified' auditors report and have been delivered to the Registrar of