OXFORD BIOMEDICA
INTERIM MANAGEMENT STATEMENT
Oxford, UK - 09 May
2008: Oxford BioMedica (LSE: OXB), a leading gene therapy company, is today issuing its Interim Management Statement (IMS) for the period 1 January 2008 to 8 May 2008. The IMS provides a financial review for this period and an update on the Company's operations since the publication on 10 March 2008 of its preliminary results for the full year to 31 December 2007.
The overall performance of the business during the period has been in line with the Board's expectations. The Company has achieved or made good progress towards achieving several of its key objectives for 2008, which were defined in the 2007 Annual Report and Accounts and include advancing key development programmes and effectively managing cash resources.
Operational highlights:
TroVax®: cancer
- Patient enrolment was completed in the Phase III TRIST study of TroVax in renal cancer in March 2008. A total of 733 patients have been enrolled at over 100 sites in the USA, European Union and Eastern Europe. The trial started in November 2006, recruitment has been completed on schedule and final results from the study are anticipated in the first half of 2009.
- Encouraging results were reported from a Phase II trial of TroVax in 27 patients with prostate cancer in March 2008. All evaluable patients mounted an anti-cancer immune response and 83% experienced disease stabilisation. Importantly, the immune response induced by TroVax was associated with a statistically significant improvement in time to disease progression.
ProSavin®: Parkinson’s disease
- To date, two patients have been treated in the Phase I/II trial of ProSavin in Parkinson's disease. The trial is designed to evaluate safety and efficacy. There have been no serious adverse events following the surgical administration of ProSavin. The third and final patient in the first-dose cohort is scheduled for treatment imminently and the trial is on track to report initial data in Q3 2008.
Financial highlights:
- Cash, cash equivalents and short-term deposits remain sufficient to support ongoing operations to the end of 2009, based on planned expenditure and without anticipating further milestone revenue from the TroVax collaboration with sanofi-aventis.
- Net expenditure and cash flow for the period ended 8 May 2008 were in line with the Company's expectations. The cash position during the period was augmented by the receipt of €10 million from sanofi-aventis, which was triggered by the achievement of a milestone in the TroVax collaboration.
- Revenue for the full year, comprising milestone payments received and release of deferred income is expected to be in the range of £16-19 million, which is an increase of approximately 140% over 2007.
Board changes:
- Changes to the Board were announced on 15 April 2008, which reflect Oxford BioMedica's stage of growth and are aligned with the Company's strategic focus on clinical development and commercialisation of its lead drug candidates. These changes will become effective on 1 July 2008:
- Professor Alan Kingsman will be appointed as Chairman; Dr Peter Johnson will retire as Non-Executive Chairman.
- Dr Mike McDonald, currently Chief Medical Officer, will be appointed Chief Executive Officer.
- Dr Stuart Naylor, currently Senior Vice President, Research & Development, will be appointed Chief Scientific Officer and will join the Board. Professor Susan Kingsman will continue to serve the Company on an exclusive basis as Senior Scientific Consultant.
- Nick Rodgers, the Company's Senior Independent Director, will assume the role of Deputy Chairman.
- The Board has been strengthened by the appointment of Dr Alex Lewis as Non-Executive Director and the Company is seeking to make another Non-Executive appointment.
Oxford BioMedica's Chief Executive Officer, Professor Alan Kingsman, commented: "We have made excellent progress in the first few months of 2008, completing enrolment for TRIST, starting the ProSavin phase I/II trial and meeting the requirement for a further milestone payment from our partner sanofi-aventis. Oxford BioMedica has established itself as a leader in the field of gene-based medicines and intends to deliver shareholder value through a combination of outlicensing to partners and developing its own sale and marketing capability for selected products. The recently announced Board changes reflect our increasing emphasis on clinical development and commercialisation. The Company is well positioned to deliver on its objectives for the year and its strategy of creating a profitable biopharmaceutical company. In particular, we look forward to reporting key clinical results from the ongoing trials of our lead candidates, TroVax and ProSavin, over the next 12 months."
Oxford BioMedica will be holding its Annual General Meeting today, Friday, 9 May 2008, 11.00am, at the offices of Morrison & Foerster MNP, CityPoint, One Ropemaker Street, London EC2Y 9AW. A notice of the 2008 Annual General Meeting was sent to shareholders on 3 April 2008.
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