OXFORD BIOMEDICA PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004

Oxford BioMedica (LSE: OXB), the leading gene therapy company, today announces its preliminary results for the year ended 31 December 2004. Highlights:

Oncology

• TroVax: Phase II results in colorectal cancer alongside chemotherapy exceeded expectations, demonstrating immune responses in all patients and clinical benefit in the majority. Announced on 2 March 2005
• TroVax: Phase I/II follow-up analysis showed a highly significant correlation between immune responses and time to disease progression
• TroVax: Phase II trial in renal cell carcinoma commenced in the United States
• TroVax: commercial manufacture established with over 22,000 doses produced
• TroVax: plans for registration trials to be discussed with the FDA imminently
• Anti-5T4 targeted antibody: Wyeth completed its preclinical evaluation and clinical trials are under consideration
• MetXia: Phase I rolling to Phase II trial in pancreatic cancer underway

Neurotherapy

• ProSavin: preclinical results showed almost complete recovery in movement behaviour in Parkinson's disease
• ProSavin: regulatory discussions ongoing prior to formal submissions for clinical trials
• MoNuDin: preclinical results demonstrated a highly significant increase in life expectancy in ALS, published in Nature
• SMN-1G: preclinical results showed a statistically significant improvement in survival in spinal muscular atrophy, published in the Journal of Clinical Investigation
• Innurex: preclinical results showed restoration of limb function in avulsion or stretch injury

Technology licensing

• Four technology licensing agreements signed during 2004 and another since the year end, generating sustainable revenue
• Merck & Co and Biogen Idec licensed the LentiVector technology for research use
• Viragen licensed the LentiVector technology for biomanufacturing using avian transgenics
• MolMed licensed the retroviral ex vivo gene delivery technology for therapeutic applications

Financial

• Revenue for the year ended 31 December 2004 increased 34 per cent to £0.5 million (2003: £0.4 million) reflecting growing income from licensing
• Loss before tax and exceptional items for the year reduced to £11.1 million (2003: £12.7 million)
• Operating expenses for the year were essentially unchanged at £13.5 million (2003: £13.7 million)
• Cash and short term investments at 31 December 2004 of £22.4 million (2003: £31.8 million)
• Cash resources sufficient to support development activities into 2007, before taking account of new licensing agreements

Board appointment

• Nick Woolf, Senior Vice President for Corporate Strategy, appointed to the Board as an executive director on 3 March 2005

Commenting on the results, Oxford BioMedica's Chief executive, Professor Alan Kingsman said: "We have made good progress during 2004 in both product development and licensing. In particular, the recent successful Phase II results with TroVax have confirmed the potential for our lead product. The value of our technology platforms is also becoming evident. In 2004 and since the year end, we have secured five technology licensing deals, which are generating growing and sustainable revenue. More deals on technology and products are expected. At the same time, we are moving TroVax towards registration trials and taking the lead neurotherapy products towards clinical development. With our solid cash position, we are well placed to deliver on our objectives. We look forward to the coming year as our products and technologies advance towards commercialisation."

Chairman's and Chief Executive's Report plus Financial Information.

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