Hostile takeover victim Oxford GlycoSciences has declared a £41m loss in its final set of financial results.
OGS, of Milton Park, near Abingdon, faces a bleak future after Britain's biggest biotech company, Celltech, won a bidding war to buy it.
The Oxfordshire company has cash assets of £133.4m, according to accounts.
Asked what would happen to OGS staff and the Milton Park site, Celltech spokesman Jon Coles said: "Celltech is talking to the management of OGS and meetings are already under way, but no announcement has been made."
During the bidding war, Celltech said OGS had "no viable future as a stand-alone company".
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