Oxford BioMedica PLC Interim Results For The Six Months Ended 30 June 2014
Oxford, UK – 28 August 2014: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), a world-leading gene and cell therapy company, today announces its unaudited interim results for the six months ended 30 June 2014.
HIGHLIGHTS
OPERATIONAL:
• LentiVector® manufacturing and process development
Novartis development and manufacturing collaboration:
? £3.6 million revenues generated in H1 2014; total revenues now exceed £5 million
AMSCI project gathering momentum:
? Design phase for additional capacity at the manufacturing site nearing completion
• LentiVector® Product Development:
Ocular programmes:
? RetinoStat® patient recruitment and dosing completed; patients now in follow-up phase
? StarGen™ and UshStat® licensed to Sanofi and Phase I/IIa studies fully handed over
? EncorStat® Phase I/II study being planned
CNS programmes:
? ProSavin® Phase I/II study results published in The Lancet
? £2.2 million Technology Strategy Board grant secured for OXB-102 Phase I/II study
FINANCIAL1:
• Revenue of £4.7 million (H1 2013 £2.1 million), including £3.6 million from Novartis collaboration
• Research & Development costs of £6.9 million (H1 2013 £6.8 million)
• Net loss of £4.8 million (H1 2013 £5.9 million)
• Net cash burn2 reduced to £5.0 million (H1 2013 £7.3 million)
• Successful fundraise of £20.1 million net of expenses in June 2014
• Net cash3 at 30 June 2014 of £18.3 million (31 December 2013: £2.2 million)
• Repayment in full of the amount drawn down from the £5 million secured loan facility agreement with the Vulpes Life Sciences Fund
POST PERIOD END HIGHLIGHTS:
• Paul Blake appointed as Chief Development Officer, having served as a non-executive director of the Company since January 2010
1. Unaudited results
2. Net cash used in operating activities plus sales and purchases of non-current assets
3. Cash, cash equivalents and available for sale investments
John Dawson, Chief Executive Officer of Oxford BioMedica, said: “Oxford BioMedica is now a sector-leader within the internationally attractive gene and cell therapy space and our operations are progressing extremely well. Our business model now encapsulates three strands: an unrivalled portfolio of gene therapy products in development; LentiVector® license agreements based on our strong IP and gene delivery system; and revenues from third-party manufacturing & development services. Our platform and strategy is well-validated by our collaborations with Sanofi, Novartis, GSK and Pfizer and our significant recent funding round endorsed this further. Our strategy is to use our model to reach cash-flow break even and we are very well-placed to deliver significant near-term value creation for shareholders.”
An analyst briefing will be held at 09:30am BST on Thursday, 28 August 2014 at the offices of Consilium Strategic Communications, 41 Lothbury, London, EC2V 8AE. There will be a simultaneous live conference call and the presentation will be available on the Company’s website at www.oxfordbiomedica.co.uk.
Please visit the website approximately five minutes before the conference call, at 09:25am BST, to download the presentation slides. Conference call details:
Participant dial-in: +44 (0) 1452 555 566
Conference ID: 89288921
An audio replay file will be made available shortly afterwards via the Company's website on the “Media/Download centre/Webcasts and audio” section. Alternatively, you may listen to the replay by dialling the following number:
Dial-in for replay (available until 25-09-2014): +44 (0)1452 550 000
Conference ID: 89288921
For further information, please contact:
Oxford BioMedica plc:
John Dawson, Chief Executive Officer
Tim Watts, Chief Financial Officer
Tel: +44 (0)1865 783 000
Media/Financial Enquiries:
Mary-Jane Elliott/Emma Thompson/Matthew Neal/Laura Thornton
Consilium Strategic Communications
Tel: +44 (0)20 3709 5700
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