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News / 4 March 2003
 

 

2003/OB/05

Oxford BioMedica Plc (LSE:OXB) Preliminary Results for the Year Ended 31 December 2002

HIGHLIGHTS
  • £21 million cash life extended to Q4 2004
  • TroVax® and MetXia® Phase I/II clinical trial results met all expectations
  • TroVax advancing into a Phase II trial in colorectal cancer, ready for Phase III trials within 12 months
  • TroVax VET collaboration with top ten veterinary company
  • MetXia to enter Phase I/II trial in pancreatic cancer
  • ProSavin® for Parkinson's disease demonstrated efficacy in rodent preclinical model, expected to enter clinical development by the end of 2003
  • Continued progress with anti-5T4 antibody collaboration with Wyeth, valued at $24 million in upfront and milestone payment
  • Senior appointments in Commercial Development, Corporate Strategy and Business Development
  • 1.0 million grant funding obtained between Dec 2002 and Feb 2003

Commenting on the preliminary results Chairman Dr Peter Johnson said "During 2002 Oxford BioMedica graduated from being a research oriented company to a mid-stage product development company with successful trials being completed for the lead cancer products, TroVax and MetXia. TroVax is advancing into a Phase II trial in colorectal cancer and is expected to be ready for Phase III trials within 12 months. During 2003, subject to regulatory approval, TroVax will enter additional Phase II studies in breast cancer and renal cancer. MetXia is also expected to enter efficacy studies initially in pancreatic cancer. In addition, the Company's lead neurobiological product for Parkinson's disease, ProSavin, will enter clinical development by the end of 2003.

In 2002 the biotechnology industry continued to suffer from the general market downturn, with many share prices dropping below cash levels and many companies running short of working capital. Oxford BioMedica has suffered a share price reduction along with others in the sector, but by prudent management of our programmes we have been able to extend our cash life by almost a year and bring our products closer to market. Despite the depressed public markets, the fundamentals of the Company are stronger than ever in 2003 with the lead programmes ready for partnership with the pharmaceutical industry. The Company's year-end cash position of £21 million provides flexibility in our development and partnering strategy, and eliminates our immediate dependency on the capital markets.

Oxford BioMedica has weathered the storms of 2002 and is prepared for the challenges of 2003. The cash position is good and the product pipeline goes from strength to strength. Despite the state of the markets, the Company will strive to enhance shareholder value from commercial deals and clinical and preclinical data. We thank our hard-working staff for their unfailing energy and dedication to the Company and we thank our loyal shareholders for their support."

For further information and the summarised financial information for the year ended 31 December 2002 please click here.

-Ends-

 

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Notes

1.

Oxford BioMedica plc

 

Established in 1995 as a spin out from Oxford University, Oxford BioMedica plc specialises in the development of novel gene-based therapeutics for the treatment of cancer, neuro-degenerative disease and other disorders with major unmet clinical needs. The development pipeline includes two novel anti-cancer products in clinical trials and a gene therapy treatment for Parkinson’s disease, which is in late preclinical studies. This is underpinned by a broad research pipeline and over 70 patent families, about quarter of which are issued.

Oxford BioMedica’s products use genes as the mediators of a therapeutic effect and/or immune response. The Company’s gene therapy products deliver therapeutic molecules in vivo whilst its gene-based immunotherapy products deliver genes that recruit the patient’s immune system to mediate a therapeutic effect. The genes are delivered by the Company’s highly engineered viruses or cells.

BioMedica’s lead product TroVax® is an anti-cancer therapeutic vaccine expected to be useful against a broad range of tumour types. It is entering Phase II trials in a number of indications including colorectal and renal cancer, and is expected to be ready for Phase III trials at the end of 2003. The Company’s second cancer product, MetXia®, is completing Phase I/II studies in breast cancer.

Oxford BioMedica is headquartered in Oxford, UK and has a wholly-owned subsidiary in San Diego, USA. BioMedica has corporate collaborations with Wyeth, IDM, Intervet, Aliga Pharmaceuticals, Amersham and Arius Research.

Oxford BioMedica plc was floated on the Alternative Investment Market of the London Stock Exchange in December 1996, and was promoted to the United Kingdom Listing Authority Official List in April 2001 following a successful £35.5 million fund-raising.

   

For further information please contact:

 

Oxford BioMedica plc
Professor Alan Kingsman, Chief Executive

Tel: +44 (0)1865 783 000

City/Financial Enquiries
Mike Wort/James Chandler
Beattie Financial

Tel: +44 (0)20 7398 3300

Scientific/Trade Enquiries
Sue Charles, Katja Stout,
College Hill - Life Sciences

Tel: +44 (0)20 7321 3870

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