Oxford BioMedica plc Interim Results
for the Six Months Ended 30 June 2003

Oxford BioMedica announced today its interim financial results for the six months ended 30 June 2003.

Interim results highlights:

• Fully underwritten Rights Issue to raise approximately £20.4 million net of expenses (see separate announcement issued today)
• Cash outflow before financing reduced to £3.8 million (H1 2002: £6.2 million), which reflects the ongoing rationalisation of research activities and the concentration of resources on later-stage development programmes
• Successful results were reported from a second Phase I/II study with TroVax in colorectal cancer at the American Association for Cancer Research meeting. An extensive Phase II trials programme has been initiated in multiple cancer types and initial data are expected before the end of 2003.
• As part of the TroVax clinical programme, it was announced that Cancer Research UK would fund a Phase II trial with TroVax in colorectal cancer patients with operable liver metastasis.
• Encouraging initial results were reported from a second Phase I/II trial with MetXia in breast cancer. Further results from this trial are anticipated later in 2003 and the Company plans to start a clinical trial with MetXia in pancreatic cancer.
• Wyeth exercised its option to extend the collaboration on the Company’s anti-5T4 antibody. Preclinical studies are ongoing with an antibody-toxin conjugate for the treatment of cancer.
• Cash balance of £17.2 million as at 30 June 2003 (31 December 2002: £21.0 million). Pro-forma cash balance as at 30 June 2003 (including estimated proceeds, net of expenses, of the Rights Issue) of £37.6 million

Commenting on the Interim Results, Dr Peter Johnson, Chairman of Oxford BioMedica, said: “Oxford BioMedica has made considerable progress with its lead products, while curtailing its spend through rationalisation of early stage research. With new funds secured from the Rights Issue, the Company has a strong cash position and is well positioned for future growth and success.”

For further information and the summarised financial information for the six months ended 30 June 2003 please click here.

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