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2003/OB/18
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Fully
Underwritten Rights Issue to Raise Approximately £20
Million Net
Not
for release, distribution or publication in whole or in part,
directly or indirectly, in or into the United States, Canada,
Australia, the Republic of Ireland, Japan or South Africa
Oxford
BioMedica announced today that it is proposing to raise £20.4
million, being approximately £22.1 million before expenses,
by means of a fully underwritten 27 for 50 Rights Issue.
The Rights Issue of approximately 130 million
New Ordinary Shares at a price of 17p per New Ordinary Share
is being made to Qualifying Shareholders by way of a 27 for
50 Rights Issue. This represents a discount of 32.7 per cent.
to the closing middle market price of 25.25 pence per Ordinary
Share on 15 September 2003, the last business day before this
announcement. The Rights Issue has been fully underwritten
by Collins Stewart.
The proceeds
of the Rights Issue will be used to continue the development
of the Company’s existing portfolio to a stage where
the products can generate significant revenues, taking Oxford
BioMedica towards profitability.
Commenting
on the announcement, Oxford BioMedica’s chief executive,
Professor Alan Kingsman said, “The fully underwritten
Rights Issue has been a great success. The strengthened cash
position should enable Oxford BioMedica to reach key clinical
milestones and improves the prospects of securing optimal
licensing agreements on the lead products. As the most advanced
products move towards the later stages of clinical development,
Oxford BioMedica has set a clear path to profitability.”
For further
information on Oxford BioMedica's Rights Issue please click
here.
-Ends-
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Return to the News
| Notes
| 1. |
Oxford
BioMedica plc |
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Oxford
BioMedica (LSE: OXB) is a biopharmaceutical company
specialising in the development of gene-based products
for a range of unmet medical needs with an emphasis
on new cancer products, which combine novel mechanisms
of action with very low side effects, and innovative
neurotherapy products, which address large and, in several
areas, untapped markets. The products are all protected
by multiple patents comprising a total intellectual
property portfolio of some 69 patent families.
In addition
to its technical research skill-base, Oxford BioMedica
has in-house clinical, regulatory and manufacturing
know-how. The development pipeline includes two novel
anti-cancer products in clinical trials and a gene-based
treatment for Parkinson’s disease, which is in
late preclinical studies.
TroVax®,
Oxford BioMedica’s lead cancer immunotherapy product,
is in Phase II trials for colorectal cancer. Further
Phase II trials are planned for breast and renal cancer.
MetXia®, Oxford BioMedica’s lead
gene-based cancer therapeutic, is based on a highly
engineered retrovirus gene delivery system expressing
a specific human cytochrome P450 gene. MetXia is being
investigated in a Phase I/II trial in breast cancer,
and regulatory submissions are under review for trials
in pancreatic cancer.
Oxford BioMedica
has a wholly owned subsidiary in San Diego, USA. Oxford
BioMedica has corporate collaborations with Wyeth, Intervet,
Kiadis, Amersham, Arius Research and Viragen. |
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| For
further information please contact: |
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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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