CALIFORNIA BIOTECH <CBIO> SEES 1ST QTR LOSS
California Biotechnology
Inc said it expects to report a loss of 1,300,000 dlrs to
1,600,000 dlrs for the first quarter due to increased
investment in research and manufacturing and a scaleup of
production.
    The company said research spending is running 50 to 60 pct
above a year ago as it tries to commercialize its products as
quickly as possible, and increased expenditures are expected to
continue for several more quarters.  It said operating results
will fluctuate quarter to quarter, depending on the timing of
significant payments from commercial partners.
    In the first three months of 1986, the company lost 150,000
dlrs.  The company changed its fiscal year in 1986 to a
calendar year from a year ending November 30.  For the first
quarter of last year, ended February 28, California Biotech
earned 114,000 dlrs.
 Reuter
