Press releases

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014

Oxford, UK – 28 August 2014: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), a world-leading gene and cell therapy company, today announces its unaudited interim results for the six months ended 30 June 2014.

HIGHLIGHTS

OPERATIONAL:

  • LentiVector® manufacturing and process development

Novartis development and manufacturing collaboration:

    • £3.6 million revenues generated in H1 2014; total revenues now exceed £5 million

AMSCI project gathering momentum:

    • Design phase for additional capacity at the manufacturing site nearing completion

  • LentiVector® Product Development: 

Ocular programmes:

    • RetinoStat® patient recruitment and dosing completed; patients now in follow-up phase

    • StarGen™ and UshStat® licensed to Sanofi and Phase I/IIa studies fully handed over

    • EncorStat® Phase I/II study being planned

CNS programmes:

    • ProSavin® Phase I/II study results published in The Lancet

    • £2.2 million Technology Strategy Board grant secured for OXB-102 Phase I/II study

FINANCIAL1:

  • Revenue of £4.7 million (H1 2013 £2.1 million), including £3.6 million from Novartis collaboration

  • Research & Development costs of £6.9 million (H1 2013 £6.8 million)

  • Net loss of £4.8 million (H1 2013 £5.9 million)

  • Net cash burn2 reduced to £5.0 million (H1 2013 £7.3 million)

  • Successful fundraise of £20.1 million net of expenses in June 2014

  • Net cash3 at 30 June 2014 of £18.3 million (31 December 2013: £2.2 million)

  • Repayment in full of the amount drawn down from the £5 million secured loan facility agreement with the Vulpes Life Sciences Fund

POST PERIOD END HIGHLIGHTS:

  • Paul Blake appointed as Chief Development Officer, having served as a non-executive director of the Company since January 2010

  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 of Oxford BioMedica, said: “Oxford BioMedica is now a sector-leader within the internationally attractive gene and cell therapy space and our operations are progressing extremely well. Our business model now encapsulates three strands: an unrivalled portfolio of gene therapy products in development; LentiVector® license agreements based on our strong IP and gene delivery system; and revenues from third-party manufacturing & development services. Our platform and strategy is well-validated by our collaborations with Sanofi, Novartis, GSK and Pfizer and our significant recent funding round endorsed this further. Our strategy is to use our model to reach cash-flow break even and we are very well-placed to deliver significant near-term value creation for shareholders.”

-Ends-

Notes to editors

About Oxford BioMedica

Oxford BioMedica (LSE:OXB) is a leading gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford BioMedica and its subsidiaries (the "Group") have built a sector leading lentiviral vector delivery platform (LentiVector®), which the Group leverages to develop in vivo and ex vivo products both in-house and with partners. The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, ophthalmology and CNS disorders. The Group has also entered into a number of partnerships, including with Novartis, Bioverativ, Sanofi, Axovant, Orchard Therapeutics, Boehringer Ingelheim/UK Cystic Fibrosis Gene Therapy Consortium/Imperial Innovations, GC LabCell and Immune Design, through which it has long-term economic interests in other potential gene and cell therapy products. Oxford BioMedica is based across several locations in Oxfordshire, UK and employs more than 320 people. Further information is available at www.oxfordbiomedica.co.uk.

For further information please contact

Oxford BioMedica plc

John Dawson, Chief Executive Officer

Stuart Paynter, Chief Financial Officer

Tel: +44 (0)1865 783 000

 

Financial and corporate communications enquiries:

Consilium Strategic Communications
Mary-Jane Elliott/Matthew Neal/Olivia Manser/Laura Thornton

Tel: +44 (0)20 3709 5700

 

Peel Hunt (Joint Corporate Brokers):

James Steel/Christopher Golden

Tel: +44 (0)20 7418 8900

 

WG Partners (Joint Corporate Brokers):

David Wilson/Claes Spang

Tel: +44 (0)20 3705 9321