Oxford, UK – 12 March 2009: Oxford BioMedica (LSE: OXB), a leading gene therapy company, today announces its preliminary results for the year ended 31 December 2008.
Operational highlights:
Strategic realignment
• Focused development on lead programmes
• Reduced cost base to extend cash for operations
• Broadened partnering discussions
• Strengthened Board and management
TroVax® (cancer)
• TRIST study in renal cancer will not meet primary endpoint
• Interim TRIST analysis suggests potential benefit in renal cancer subset
• FDA reviewing TRIST data prior to further development
• Encouraging results from Phase I/II and II cross-trial analysis
ProSavin® (Parkinson’s disease)
• Phase I/II results at first dose level showed 30% improvement
• Second dose level was safe and well tolerated
• Developed enhanced administration technology
• Progressed Phase II/III preparation
Financial highlights:
• Revenue of £18.4 million (2007: £7.2 million)
• Research & development costs of £22.5 million (2007: £22.1 million)
• Net loss2 of £5.5 million (2007: £15.0 million)
• Net loss after exceptional items of £10.0 million (2007: £15.3 million)
• Net cash burn3 of £16.9 million (2007: net cash generated3 of £5.9 million)
• Net cash4 of £21.9 million (2007: £38.1 million)
1. Audited financial results
2. Net loss before exceptional items
3. Net cash used in/generated by operating activities plus sales and purchases of non-current assets
4. Cash, cash equivalents and current financial assets
Commenting on the annual results, Oxford BioMedica’s Chief Executive, John Dawson said: “Following the challenges of 2008, our analysis of the Phase III TRIST data has underlined our confidence in the potential of TroVax as a therapeutic cancer vaccine, although the development path depends on comments from the FDA and sanofi-aventis’s portfolio review. We are increasingly encouraged by the emerging data from the ProSavin trial in Parkinson’s disease, and we aim to accelerate the product’s development. Both TroVax and ProSavin have substantial potential for value creation. By concentrating our resources on these programmes, maintaining our financial flexibility and pursuing our commercial activities, I believe that we are well-positioned for the future.” Analyst meeting: An analyst briefing will be held at 09:30 am at the offices of Buchanan Communications, 45 Moorfields, London EC2Y 9AE.
Web cast: Simultaneously to the analyst briefing at 09:30 am, there will be a live audio web cast of the presentation. To connect to the web cast facility, please follow link:
http://mediaserve.buchanan.uk.com/webcasts/room7audio/lrframes.htm approximately 10 minutes (09:20 am) before the start of the briefing. A recording of the web cast will also be available afterwards on Oxford BioMedica’s website.
Oxford BioMedica
Oxford BioMedica (LSE: OXB) is a biopharmaceutical company specialising in cancer immunotherapy and gene-based therapies. The Company was established in 1995, as a spin-out from Oxford University, and is listed on the London Stock Exchange.
The Company has a platform of gene delivery technologies, which are based on highly engineered viral systems, and a broad development pipeline. Oxford BioMedica’s lead product candidates are TroVax®, a therapeutic vaccine for multiple solid cancers, in Phase III development in collaboration with sanofi-aventis; and ProSavin®, a novel gene-based treatment for Parkinson’s disease, in Phase I/II development. The Company is underpinned by over 80 patent families, which represent one of the broadest patent estates in the field. Oxford BioMedica has collaborations with sanofi-aventis, Wyeth, Sigma-Aldrich, MolMed and Virxsys. Technology licensees include Biogen Idec, Merck & Co, GlaxoSmithKline and Pfizer.
Further information is available at www.oxfordbiomedica.co.uk
