Oxford, UK - 11 September 2007: Oxford BioMedica (LSE: OXB), a leading gene therapy company, announced that it has reached the first development milestone in its collaboration with sanofi-aventis for TroVax, the cancer immunotherapy, which triggers a payment of €9 million. The milestone relates to the successful enrolment of 350 patients in the Phase III TRIST study of TroVax in renal cancer. This represents half of the anticipated 700 patients to be enrolled into the trial.
Oxford BioMedica and sanofi-aventis entered a global development and commercialisation agreement for TroVax in March 2007. Under the terms of this agreement, Oxford BioMedica received an initial payment of €29 million. This first development milestone of €9 million is part of a potential €19 million in near-term milestone payments linked to the Phase III TRIST study. The Company could receive a total of €518 million in initial and milestone payments if development and registration targets are met for certain defined indications. The agreement includes additional undisclosed regulatory milestone payments for other cancer types; undisclosed commercial milestones when sales reach certain levels; and escalating royalties on global sales. Sanofi-aventis and Oxford BioMedica are co-funding the ongoing TRIST study and sanofi-aventis is committed to fund all other research, development, regulatory and commercialisation activities. Furthermore, Oxford BioMedica retains an option to participate in the promotion of TroVax in the USA and the European Union.
Professor Alan Kingsman, Chief Executive of Oxford BioMedica, commented: “The clinical team at Oxford BioMedica is doing an excellent job in its management of the TRIST study. The trial remains on track to complete recruitment in the first quarter of 2008. It is encouraging that we have reached this milestone of recruiting half of the anticipated patients within a few months of our collaboration with sanofi-aventis.”
For further information, please contact: Oxford BioMedica plc: Professor Alan Kingsman, Chief Executive Tel: +44 (0)1865 783 000
City/Financial Enquiries: Lisa Baderoon/ Mark Court/ Mary-Jane Johnson Buchanan Communications Tel: +44 (0)20 7466 5000
Scientific/Trade Press Enquiries: Gemma Price/ Holly Griffiths/ Katja Stout Northbank Communications
