Xenova Pathfinder Issued

UK biotechnology firm Xenova has issued its pathfinder prospectus for a listing on the London Stock Exchange (Marketletter September 30). The firm, which has been quoted on the Nasdaq in the USA since 1994, plans to raise around L25 million ($40.3 million).

It is anticipated that the terms of the placing should be announced, and the final listing particulars published, in the second half of November. Xenova will use the proceeds to progress development of its most advanced drug candidates, to establish facilities and research teams at its US subsidiary, MetaXen, and to support its drug discovery and lead optimization programs, it said.