Oxford, UK – 29 August 2013: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), the leading gene-based biopharmaceutical company, today announces its unaudited interim results for the six months ended 30 June 2013. Year to date highlights include:
OPERATIONAL HIGHLIGHTS:
- Manufacturing: alliances in vector manufacturing, research, development and IP
Novartis development and manufacturing collaboration announced in May:
- Oxford BioMedica to manufacture a lentiviral vector encoding CTL019
- Expected to generate between £2.5 million to £4 million of income over initial 12 months
- Development: LentiVector® platform evolution supports next generation of products
Sanofi programmes:
- Positive StarGen™ DSMB review of first three patient cohorts (n=12) in Phase I/IIa trial
- UshStat® video selected to showcase theme of “Life-changing Research” at ARVO 2013
Mayo Clinic, Rochester (USA) collaboration:
- Glaucoma-GT pre-clinical evaluation demonstrated further positive data
- Long-term gene expression out to five months
ProSavin®
- Non-clinical programme for enhanced product construct on track
New product opportunities:
- Pre-clinical evaluation of new product opportunities ongoing
- Industry collaborations: 5T4 tumour antigen platform
TroVax® investigator-led Phase II programme:
- Phase II study in mesothelioma underway at Velindre Cancer Centre, Wales
FINANCIAL HIGHLIGHTS1:
- Revenue of £2.1 million (H1 2012 £4.4 million), including £0.6 million from Novartis collaboration
- Research & Development costs of £6.8 million (H1 2012 £6.9 million)
- Net loss of £5.9 million (H1 2012 £4.9 million)
- Net cash burn2 of £7.3 million (H1 2012 £7.8 million)
- Net cash3 at 30 June 2013 of £6.9 million (31 December 2012: £14.1 million)
POST PERIOD END HIGHLIGHTS:
- TroVax® Phase II prostate cancer data and pre-treatment biomarker analyses published in Cancer Immunology, Immunotherapy
- Oxford BioMedica announced as winner of Technology Strategy Board funding award
- US$1 million milestone payment from Pfizer triggered in August
- Phase I clinical trial for 5T4-targeted antibody therapy underway
- Net cash3 at 26 August 2013 of £6.8 million (excluding US$1 million to be received from Pfizer)
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 at Oxford BioMedica, said: “Oxford BioMedica remains at the forefront of UK biopharmaceutical development and innovation and we are proud to be working with industry leaders such as Novartis, Sanofi and Pfizer, and prestigious centres around the world on pioneering gene-based therapies.
“Being an innovator in the field presents its challenges, however we believe our industry alliances provide independent validation of our research, development and manufacturing capabilities, and strong foundations upon which to build a financially self-sustainable company. Our LentiVector® gene delivery technology underpins a promising pipeline of product candidates and we continue to seek new sources of revenue, including grant funding awards, in order to maximise our opportunity to bring life-changing treatments to patients.”
An analyst briefing will be held at 09:30am BST on Thursday, 29 August 2013 at the offices of Consilium Strategic Communications, 11th Floor, CityPoint, 1 Ropemaker Street, London, EC2Y 9AW. 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 10 minutes before the conference call, at 09:20am BST, to download the presentation slides. Conference call details:
Participant dial-in: +44 (0) 1452 555566
Conference ID: 35449628
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 05-09-2013): +44 (0) 1452 550000
Conference ID: 35449628
For further information, please contact:
Oxford BioMedica plc:
John Dawson, Chief Executive Officer
Tim Watts, Chief Financial Officer
Lara Mott, Head of Investor Relations and Corporate Communications
Tel: +44 (0)1865 783 000
Nomura Code Securities Limited:
Juliet Thompson/Jonathan Senior/Chris Golden
Tel: +44 (0)20 7776 1200
Media/Financial Enquiries:
Mary-Jane Elliott/Emma Thompson/Matthew Neal
Consilium Strategic Communications
Tel: +44 (0)20 7920 2354
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 to editors
1. About Oxford BioMedica®
Oxford BioMedica plc (LSE: OXB) is a biopharmaceutical company developing innovative gene-based medicines and therapeutic vaccines that aim to improve the lives of patients with high unmet medical needs. The Company’s technology platform includes a highly efficient LentiVector® gene delivery system, which has specific advantages for targeting diseases of the central nervous system and the eye; and a unique tumour antigen (5T4), which is an ideal target for anti-cancer therapy. Through in-house and collaborative research, Oxford BioMedica has a broad pipeline with current partners and licensees including Sanofi, Pfizer, Novartis, GlaxoSmithKline, MolMed, Sigma-Aldrich, Biogen Idec, Emergent BioSolutions, ImaginAb and Immune Design Corp. Further information is available at www.oxfordbiomedica.co.uk and www.oxbsolutions.co.uk.
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