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2008/OB/05
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OXFORD BIOMEDICA PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007
Oxford, UK - 10 March 2008:Oxford BioMedica (LSE: OXB), a leading gene therapy company, today announces its preliminary results for the year ended 31 December 2007.
Operational highlights:
TroVax®: cancer
Global collaboration with sanofi-aventis
Achieved two milestones under sanofi-aventis agreement
Three successful DSMB reviews of TRIST study in renal cancer
Further Phase II results in renal cancer suggest therapeutic potential
ProSavin®: Parkinson?s disease
Initiated Phase I/II trial in Parkinson?s disease
Efficacy in ongoing preclinical studies exceeds 27 months
Hi-8® MEL: melanoma
Phase II follow-up confirms survival advantage in immune responders
Other development products
Recruitment progressing in Phase II trial of MetXiaŽ in pancreatic cancer
Preclinical results with RetinoStat® in wet AMD confirm proof of concept
Preclinical results with StarGen™ in Stargardt?s disease confirm proof of concept
Initiated EndoAngio-GT anti-cancer programme
Technology and corporate
Acquisition of Oxxon Therapeutics
Technology licensing agreement with major US biotech company
Secured rights to therapeutic use of Nobel Prize-winning RNAi technology
Financial highlights (audited financial results):
Payments from sanofi-aventis £25.8 million (2006: nil)
Revenue £7.2 million (2006: £0.8 million)
Research & development costs £22.1 million (2006: £19.5 million)
Loss for the year £15.3 million (2006: £17.6 million)
Positive operational cash flow £5.9 million (2006: cash burn £15.9 million)
Net cash1 £38.1 million (31 December 2006: £28.5 million)
Commenting on the annual results, Oxford BioMedica?s Chief Executive, Professor Alan Kingsman said: ?2007 has been a transformational year for Oxford BioMedica with the achievement of our two main corporate objectives: a global alliance with sanofi-aventis for TroVax; and the initiation of a Phase I/II trial with ProSavin in Parkinson?s disease. We have ended 2007 with four products in clinical development; support for our lead product from a partner that is a major player in oncology and vaccines; and a strengthened balance sheet. In 2008, we will maintain our focused and financially prudent strategy for growth. Over the next 18 months, key clinical results are expected from trials of both TroVax and ProSavin, which could dramatically enhance the value of these programmes and could support the registration of our first therapeutic product.?
Click here to view the full preliminary results.
1. Cash, cash equivalents and current financial assets
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Oxford BioMedica plc |
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Oxford BioMedica (LSE: OXB) is a biopharmaceutical company specialising in cancer immunotherapy and gene-based therapies. The Company was established in 1995, as a spin-out from Oxford University, and is listed on the London Stock Exchange.
The Company has a platform of gene delivery technologies, which are based on highly engineered viral systems. Oxford BioMedica also has in-house clinical, regulatory and manufacturing know-how. The lead product candidate is TroVax®, an immunotherapy for multiple solid cancers, which is licensed to sanofi-aventis for global development and commercialisation. TroVax is in Phase III development. Oxford BioMedica has three other products in clinical development, including ProSavin®, a novel gene-based treatment for Parkinson’s disease, in a Phase I/II trial. The Company is underpinned by over 80 patent families, which represent one of the broadest patent estates in the field. The Company has a staff of approximately 85. Oxford BioMedica has collaborations with sanofi-aventis, Wyeth, Sigma-Aldrich, MolMed and Virxsys. Technology licensees include Biogen Idec, Merck & Co, GlaxoSmithKline and Pfizer. |
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Oxford BioMedica plc
Professor Alan
Kingsman, Chief Executive
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