Oxford, UK – 13 March 2015: Oxford BioMedica plc (LSE: OXB), (“OXB” or “the Group”) a leading gene and cell therapy group, today announces its preliminary results for the twelve months ended 31 December 2014.
OPERATIONAL HIGHLIGHTS:
IP, technology and manufacturing capability is validated
Major new licensing and manufacturing contract with Novartis worth up to $90 million over the next three years signed in October
Licensing royalties when CTL019 is commercialised
Revenues increased
Licensing revenues increased to £5.1 million (2013: £1.0 million) including £4.8 million from Novartis upfront payments
Manufacturing revenue increased to £7.7 million (2013: £2.6 million) from the provision of manufacturing and process development services to third parties
R&D collaboration revenue of £0.8 million (2013: £1.7 million) representing residual revenue under the 2009 Sanofi agreement
Pipeline advanced
Four clinical programmes in active development and two other products being prepared for Phase I/II
RetinoStat® recruitment completed in Phase I trial which will report in 2015
New CART-5T4 programme initiated in-house, combining both OXB’s LentiVector® and 5T4 technology platforms
£2.2 million grant from the Technology Strategy Board (now Innovate UK) to fund a Phase I/II clinical trial of OXB-102 in Parkinson’s disease commencing in early 2016
Sanofi granted global rights to StarGen™ and UshStat® across all ocular indications; Oxford BioMedica is entitled to development and commercialisation milestone payments and royalties
Balance sheet strengthened
Successful fundraising in June which contributed net proceeds of £20.1 million
FINANCIAL HIGHLIGHTS[1]:
Total revenues of £13.6 million (excluding grants) in 2014 (2013: £5.4 million)
Total revenues include profit-generating revenues[2] of £7.7 million (2013: £2.6 million)
Cash used in operations, before capital expenditure of £7.4 million (2013: £13.0 million)
Cash burn of £11.6 million[3] (2013: £11.9 million)
£14.2 million cash balance at end 2014 (£2.2 million at the start of the year)
John Dawson, Chief Executive Officer at Oxford BioMedica, said: “Oxford BioMedica is now demonstrably a world-leading gene and cell therapy group with a valuable proprietary pipeline. 2014 was a transformational year for the Group due largely to the signature of our major contract with Novartis. This second contract with Novartis further validated the strength of our lentivector IP and our associated manufacturing expertise. The deal also gave us a significantly strengthened financial position and so now the group has a highly promising future. Our overall goal is to deliver significant value to both patients and shareholders in the near-term and we are excited and well positioned to do this.”
Conference call for analysts
A briefing for analysts will be held at 9am GMT on 13 March 2015 at the offices of Consilium Strategic Communications, 41 Lothbury, London, EC2R 7HG. There will be a simultaneous live conference call and the presentation will be available on the Group’s website at www.oxfordbiomedica.co.uk.
Please visit the website approximately 10 minutes before the conference call, at 9am GMT, to download the presentation slides. Conference call details:
Participant dial-in: 08006940257
International dial-in: +44 (0) 1452 555566
Participant code: 2837070
An audio replay file will be made available shortly afterwards via the Group's website: www.oxfordbiomedica.co.uk
For further information, please contact:
Oxford BioMedica plc: Tel: +44 (0)1865 783 000
John Dawson, Chief Executive Officer
Tim Watts, Chief Financial Officer
Help employers find you! Check out all the jobs and post your resume. Financial PR Enquiries: Tel: +44 (0)20 3709 5700 Mary-Jane Elliott / Matthew Neal / Chris Welsh / Laura Thornton Consilium Strategic Communications Disclaimer This press release contains "forward-looking statements", including statements about the discovery, development and commercialisation of products. Various risks may cause Oxford BioMedica's actual results to differ materially from those expressed or implied by the forward-looking statements, including adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. Oxford BioMedica disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Notes for editors About Oxford BioMedica® Oxford BioMedica plc (LSE: OXB) is a leading gene and cell therapy group with an unrivalled portfolio of gene therapy products in development, and a platform of exclusive and pioneering technologies with which it designs, develops and manufactures unique gene-based medicines for some of world's largest pharmaceutical companies. Leveraging its proprietary LentiVector® IP and gene delivery system technology platform and unique tumour antigen (5T4), Oxford BioMedica is advancing its pipeline of seven gene therapy products addressing diseases for which there are currently no treatments or that are inadequately treated today, including ocular and central nervous system disorders. OXB Solutions, the Group's industry-leading manufacturing and development business, provides services to collaborators and partners working in gene and cell therapy, including Novartis and Immune Design Corp. In addition, the Group has licenced products and IP to Sanofi, Pfizer, MolMed, Sigma-Aldrich, Biogen Idec, Emergent BioSolutions and ImaginAb. Further information is available at www.oxfordbiomedica.co.uk and www.oxbsolutions.co.uk
OPERATIONAL HIGHLIGHTS:
FINANCIAL HIGHLIGHTS[1]:
John Dawson, Chief Executive Officer at Oxford BioMedica, said: “Oxford BioMedica is now demonstrably a world-leading gene and cell therapy group with a valuable proprietary pipeline. 2014 was a transformational year for the Group due largely to the signature of our major contract with Novartis. This second contract with Novartis further validated the strength of our lentivector IP and our associated manufacturing expertise. The deal also gave us a significantly strengthened financial position and so now the group has a highly promising future. Our overall goal is to deliver significant value to both patients and shareholders in the near-term and we are excited and well positioned to do this.”
Conference call for analysts
A briefing for analysts will be held at 9am GMT on 13 March 2015 at the offices of Consilium Strategic Communications, 41 Lothbury, London, EC2R 7HG. There will be a simultaneous live conference call and the presentation will be available on the Group’s website at www.oxfordbiomedica.co.uk.
Please visit the website approximately 10 minutes before the conference call, at 9am GMT, to download the presentation slides. Conference call details:
Participant dial-in: 08006940257
International dial-in: +44 (0) 1452 555566
Participant code: 2837070
An audio replay file will be made available shortly afterwards via the Group's website: www.oxfordbiomedica.co.uk
For further information, please contact:
Oxford BioMedica plc: Tel: +44 (0)1865 783 000
John Dawson, Chief Executive Officer
Tim Watts, Chief Financial Officer
Help employers find you! Check out all the jobs and post your resume. Financial PR Enquiries: Tel: +44 (0)20 3709 5700 Mary-Jane Elliott / Matthew Neal / Chris Welsh / Laura Thornton Consilium Strategic Communications Disclaimer This press release contains "forward-looking statements", including statements about the discovery, development and commercialisation of products. Various risks may cause Oxford BioMedica's actual results to differ materially from those expressed or implied by the forward-looking statements, including adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. Oxford BioMedica disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Notes for editors About Oxford BioMedica® Oxford BioMedica plc (LSE: OXB) is a leading gene and cell therapy group with an unrivalled portfolio of gene therapy products in development, and a platform of exclusive and pioneering technologies with which it designs, develops and manufactures unique gene-based medicines for some of world's largest pharmaceutical companies. Leveraging its proprietary LentiVector® IP and gene delivery system technology platform and unique tumour antigen (5T4), Oxford BioMedica is advancing its pipeline of seven gene therapy products addressing diseases for which there are currently no treatments or that are inadequately treated today, including ocular and central nervous system disorders. OXB Solutions, the Group's industry-leading manufacturing and development business, provides services to collaborators and partners working in gene and cell therapy, including Novartis and Immune Design Corp. In addition, the Group has licenced products and IP to Sanofi, Pfizer, MolMed, Sigma-Aldrich, Biogen Idec, Emergent BioSolutions and ImaginAb. Further information is available at www.oxfordbiomedica.co.uk and www.oxbsolutions.co.uk
