Slough, UK, 16 November 2004 - Xenova Group plc (NASDAQ: XNVA; London
Stock Exchange: XEN) today announced that Millennium Pharmaceuticals
Inc (NASDAQ: 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).
Xenova Group plc is a UK-based biopharmaceutical company focused on
the development of novel drugs to treat cancer and addiction with a
secondary focus in immunotherapy. The Company has a broad pipeline
of products in clinical development, including three cancer
programmes: its lead product TransMID(TM), for the treatment of
high-grade glioma, is in Phase III trials, and its novel DNA
targeting agents and XR303 are both in Phase I for cancer
indications. Xenova is also developing two therapeutic vaccines for
cocaine and nicotine addiction, which are in Phase II and Phase I
trials respectively. Quoted on the London Stock Exchange (XEN) and
on NASDAQ (XNVA), Xenova employs approximately 75 people throughout
its sites in the UK and North America. (Reuters XEN.L; Bloomberg XEN
For further information about Xenova and its products please visit
the Xenova website at www.xenova.co.uk.
For Xenova: Disclaimer to take advantage of the "Safe Harbor"
provisions of the US Private Securities Litigation Reform Act of
1995. This press release contains "forward-looking statements,"
including statements about development and commercialization of
products. Various risks may cause Xenova's actual results to differ
materially from those expressed or implied by the forward looking
statements, including: adverse results in our drug discovery and
clinical development programs; failure to obtain patent protection
for our discoveries; commercial limitations imposed by patents owned
or controlled by third parties; our dependence upon strategic
alliance partners to develop and commercialize products and services;
difficulties or delays in obtaining regulatory approvals to market
products and services resulting from our development efforts; the
requirement for substantial funding to conduct research and
development and to expand commercialization activities; and product
initiatives by competitors. For a further list and description of
the risks and uncertainties we face, see the reports we have filed
with the Securities and Exchange Commission. We disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
Xenova Group plc
+44 (0)1753 706600
David A Oxlade, Chief Executive Officer
Daniel Abrams, Finance Director
Veronica Cefis Sellar, Head of Corporate Communications
UK - Financial Dynamics
+44 (0)20 7831 3113
US - Trout Group/BMC Communications
+1 212 477 9007
Media: Brad Miles
Investors: Lee Stern
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