Oxford BioMedica PLC Receives Further Investment Under Agreement Led by the Foundation Fighting Blindness
Under the original collaboration agreement announced on 2 October 2006, the FFB and a consortium of investors are committed to invest up to US$3.9 million in the StarGen programme, by subscribing to new Ordinary Shares in Oxford BioMedica. The share subscriptions will be made in stages and priced at a 10% premium to the market price at the time of investment.
“StarGen holds promise for being a highly effective treatment for people affected by recessive Stargardt disease, many forms of cone-rod dystrophy, and other retinal degenerative diseases caused by variations in the ABCA4 gene,” said Stephen Rose, Ph.D., Chief Research Officer, Foundation Fighting Blindness. “These diseases cause substantial vision loss, often at an early age, and there are virtually no treatments available for them. StarGen holds promise for changing the lives of the hundreds of thousands of people affected by these vision-robbing conditions and we would like to thank Paul and Diane Manning for their continued support.”
StarGen has shown preclinical efficacy in the only available model of Stargardt disease. A single administration was effective for the duration of the six-month study. Further preclinical development is ongoing or beginning at multiple sites in the USA, including Columbia University, Yerkes Research Center at Emory University and Oregon Health and Science University.
With a crucial need for Stargardt disease treatments and the access to patients through national patient organisations, such as the FFB, StarGen could be commercialised effectively with a small specialist sales force. The disease also qualifies for orphan status, which provides financial, marketing, and drug-approval benefits. Depending on resources, Oxford BioMedica could commercialise the product on its own, but the Company is also evaluating opportunities with its US collaborators to partner or spin-out the StarGen programme with its other orphan ocular product opportunities.
Following the investment announced today, the Company has allotted and issued 2,209,042 new Ordinary Shares at 7.95pence per share. The new shares rank pari passu in all respects with Oxford BioMedica’s existing Ordinary Shares. Application will today be made to the UK Listing Authority and to the London Stock Exchange for the new shares to be admitted to the Official List. Admission is expected to become effective and dealings in the new shares are expected to commence on 10 February 2009.
Commenting on the news, Oxford BioMedica’s Chief Executive, John Dawson said: "We are delighted to have the continued support of the Foundation Fighting Blindness for the development of StarGen in Stargardt disease. Since there are no available treatments for this disease of juvenile onset, StarGen is addressing an important medical need. It also has potential to treat cone-rod dystrophy and certain types of the dry form of macular degeneration, where the same mutant gene plays a role. These indications would significantly expand the market opportunity for StarGen.”