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Monday 07 September 1998 23:02 BST

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XENOVA is to raise pounds 16.3m to develop its drugs to treat cancer. The biotech company said it would sell 9.5 million "units" - comprising two new shares and one warrant - at 110p each. It will also sell warrants at 70p each to raise pounds 6.7m by the end of 1999.

The offer is being fully underwritten by Xenova's broker, Greig Middleton, andis subject to shareholder approval at a extraordinary meeting scheduled for 30 September.

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