Press releases

Oxford BioMedica Plc Preliminary Results for the Year Ended 31 December 2010

 

Click here to download the full 2010 preliminary results statement.
Click here to download the 2010 results slide deck.
Click here to listen to the audio replay file.

Oxford, UK – 2 March 2011: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), a leading gene therapy company, today announces its preliminary results for the year ended 31 December 2010.

OPERATIONAL HIGHLIGHTS:

  • ProSavin®: Parkinson’s disease
    -Safety and tolerability endpoints sustained for >2 years, now extended to nine patients
    -Two-year Phase I/II data indicate long-term efficacy at lowest (1x) dose level
    -Improvements in “ON” time and quality of life, with stable or reduced L-DOPA, in all cohorts to date
    -Enhanced administration procedure is safe and reduced surgery delivery time at the 2x dose
    -Data Monitoring Committee supports progression to higher (5x) dose level cohort with initial data expected mid-2011
  • Ocular gene therapies: partnered with sanofi-aventis
    -RetinoStat® IND approval received from the FDA
    -StarGen™ CTA and IND dossiers submitted to AFSSAPS and FDA
    -First data from RetinoStat® Phase I study expected H1 2012
  • TroVax®: cancer
    -Phase II study in hormone refractory prostate cancer initiated with initial data expected from mid-2012
    -Positive TRIST analyses published in Clinical Cancer Research
    -Multiple collaborative studies expected to start in 2011

FINANCIAL HIGHLIGHTS1:

  • Revenue of £11.2 million (2009: £19.1 million including exceptional revenue £10.1 million)
  • Research & development costs incl. exceptional items of £19.9 million (2009: £18.3 million)
  • Exceptional loss (impairment) of £3.9 million (2009: exceptional profit of £6.0 million)
  • Net loss before exceptional items of £6.3 million (2009: £9.5 million)
  • Net loss after exceptional items of £10.3 million (2009: £3.5 million)
  • Net cash burn2 of £13.0 million (2009: net cash generated2 £3.0 million)
  • Net cash3 of £12.3 million (2009: £25.3 million)

1. Audited financial results
2. Net cash used in /generated from operating activities plus sales and purchases of non-current assets and interest received
3. Cash, cash equivalents and available for sale investments

Post-period end highlights:

  • Fundraising of £20 million before expenses, completed on 10 January 2011
  • Acquisition of manufacturing facility for £1.9 million, completed in February 2011

John Dawson, Chief Executive Officer at Oxford BioMedica, said: “2010 has been a successful year for Oxford BioMedica and our progress to date underlines the Company’s strong fundamentals.  We continue to build the value of our lead programmes and expect key data and milestones over the next 12-18 months for ProSavin®, TroVax® and the ocular products partnered with sanofi-aventis. Thanks to existing and new shareholders we were also able to secure £20 million of funding which will enable us to maximise the opportunities ahead, including the enhancement of our specialist manufacturing processes.  With exciting future prospects, we remain committed to driving momentum and delivering value for shareholders.”

-Ends-

Notes to editors

About Oxford BioMedica®

Oxford BioMedica (LSE:OXB) is a leading gene and cell therapy company 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®) through which the Group develops 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, Sanofi, GSK, 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 250 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

 

Consilium Strategic Communications – Media Enquiries

Mary-Jane Elliott/Matthew Neal/Philippa Gardner/Laura Thornton/Rosie Phillips

Tel: +44 (0)20 3709 5700