OXFORD
BIOMEDICA
Announces Interim Results For The Six Months To 30 June
1998
13 August 1998. Oxford
BioMedica plc, the UK's leading gene therapy company, announces
its interim results for the financial period ended 30 June 1998.
Highlights:
- Collaborative deal completed
- Successful £6 million fund raising
- First clinical trial on target
- Appointment of new chairman and non-executive
director
- Technological advances with Lentivectors™
and Hypoxia Response Element
The net loss of £1.8 million in the first half
of 1998 was in line with budget. Research and development expenditure
in the period was £1.3 million. At 30 June 1998 the Company
had cash reserves of £5.1 million.
Financing for the immediate future was secured by a £6 million
placing and rights issue in March/April 1998. This was achieved
despite a very difficult financial market for the biotechnology
sector, and allows the Company to forge ahead with its innovative
research and development programmes and to proceed towards
the first clinical trials.
Alan Goodman, Chairman of Oxford BioMedica commented: "This
has been an impressive first half for the Company, building
on the substantial achievements of 1997 and confirming Oxford
BioMedica's position as the UK's premier gene therapy company."
The rapid pace of development of the Company's programmes
continued in 1998. Regulatory documentation for the first
clinical trial has been submitted. The trial, of MetXia™
for late stage breast cancer, is planned to start around the
end of 1998 and run through 1999. A second trial programme
for BetOvaC® (ovarian cancer) is planned for mid 1999.
There have also been impressive developments in the supporting
toolbox of platform technologies. In particular the development
of Lentivectors™, a new class of gene delivery vectors
in which Oxford BioMedica has a unique position, has accelerated
the Company's product development and is attracting world-wide
interest from potential partners.
In addition, the Company has made improvements to the Hypoxia
Response Element which was acquired in 1997, and the Company
anticipates significant demand from future collaborative partners
to use HRE in solid tumours and also in other applications.
At the beginning of the year Oxford BioMedica reported its
first commercial interaction with Rhône-Poulenc Rorer. With
significant progress being made in several other commercial
negotiations, the Company looks forward to extending its collaborative
programmes in the coming months.
Alan Kingsman, Chief Executive commented "It has always
been Oxford BioMedica's intention to commercialise its technology
platforms via the placing of individual technology components
in other companies' product development programmes as well
as through the development of its own innovative product programmes.
The value of this approach is being confirmed in many of our
commercial discussions."
|
Consolidated
Profit & Loss Account
| |
6
months ended
30 June 1998
(unaudited)
£ |
9
months ended
30 June 1997
(unaudited)
£ |
15
months ended
31 Dec 1997
(audited)
£ |
|
Turnover
|
5,002
|
800
|
2,800
|
|
Research
and development |
(1,321,844)
|
(747,675)
|
(1,972,309)
|
|
Administrative
expenses |
(665,168)
|
(649,888)
|
(1,180,416)
|
|
Operating
expenses |
(1,987,012)
|
(1,397,563)
|
(3,152,725)
|
|
Other
operating income: grants receivable |
34,846
|
-
|
-
|
|
Operating
loss |
(1,947,164)
|
(1,396,763)
|
(3,149,925)
|
|
Interest
receivable |
116,179
|
144,236
|
224,591
|
|
Interest
payable |
(53)
|
(432)
|
(432)
|
|
Loss
on ordinary activities before taxation |
(1,831,038)
|
(1,252,959)
|
(2,925,766)
|
|
Tax on
loss on ordinary activities |
-
|
-
|
-
|
|
Loss for
the period |
(1,831,038)
|
(1,252,959)
|
(2,925,766)
|
|
Loss per
ordinary share (pence) |
(2.0)
|
(2.1)
|
(4.9)
|
Consolidated
Balance Sheet
| |
As
at
30 June 1998
(unaudited)
£ |
As
at
30 June 1997
(unaudited)
£ |
As
at
31 Dec 1997
(audited)
£ |
|
Fixed
assets |
|
|
|
|
Intangible
assets |
406,085
|
576,079
|
430,696
|
|
Tangible
assets |
957,778
|
886,925
|
1,034,402
|
| |
1,363,863
|
1,463,004
|
1,465,098
|
|
Current
assets |
|
|
|
|
Debtors:
amounts falling due within one year |
266,853
|
243,977
|
224,982
|
|
Cash at
bank and in hand |
5,079,284
|
3,073,385
|
1,512,128
|
| |
5,346,137
|
3,317,362
|
1,737,110
|
|
Creditors:
amounts falling due within one year |
383,657
|
346,574
|
441,223
|
|
Net
current assets |
4,962,480
|
2,970,788
|
1,295,887
|
|
Net
assets |
6,326,343
|
4,433,792
|
2,760,985
|
|
Capital
and reserves |
|
|
|
Called-up
share capital |
1,170,286
|
570,286
|
570,286
|
|
Share
premium account |
9,287,125
|
4,490,729
|
4,490,729
|
|
Other
reserves |
710,952
|
710,952
|
710,952
|
|
Profit
and loss account (deficit) |
(4,842,020)
|
(1,338,175)
|
(3,010,982)
|
|
Equity
shareholders' funds |
6,326,343
|
4,433,792
|
2,760,985
|
Consolidated
Cash Flow Statement
| |
6
months ended
30 June 1998
(unaudited)
£ |
9
months ended
30 June 1997
(unaudited)
£ |
15
months ended
31 Dec 1997
(audited)
£ |
|
Operating
activities
|
|
|
|
|
Net cash
outflow from continuing operating activities
(reconciliation to operating loss below) |
(1,772,772)
|
(1,315,460)
|
(2,876,638)
|
|
Returns
on investments and servicing of finance |
|
|
|
|
Interest
received |
92,169
|
143,616
|
226,696
|
|
Interest
paid |
(53)
|
(432)
|
(432)
|
| |
92,116
|
143,184
|
226,264
|
|
Capital
expenditure and financial investment |
|
|
|
|
Purchase
of intangible fixed assets |
-
|
(129,399)
|
-
|
|
Purchase
of tangible fixed assets |
(148,584)
|
(878,897)
|
(1,091,455)
|
| |
(148,584)
|
(1,008,296)
|
(1,091,455)
|
|
Cash
outflow before management of liquid resources and financing
|
(1,829,240)
|
(2,180,572)
|
(3,741,829)
|
|
Management
of liquid resources |
|
|
|
Transfer
to deposit accounts |
(5,200,000)
|
(4,100,000)
|
(4,100,000)
|
|
Transfer
to current accounts |
500,000
|
1,900,000
|
4,650,000
|
| |
(4,700,000)
|
(2,200,000)
|
550,000
|
|
Financing
|
|
|
|
Issue
of shares |
6,000,000
|
5,253,340
|
5,253,340
|
|
Expenses
of share issue |
(603,604)
|
(707,031)
|
(707,031)
|
| |
5,396,396
|
4,546,309
|
4,546,309
|
|
(Decrease)/Increase
in cash in the period |
(1,132,844)
|
165,737
|
1,354,480
|
Reconciliation
of Operating Loss to Net Cash Outflow from Operating Activities
| |
6
months ended
30 June 1998
(unaudited)
£ |
9
months ended
30 June 1997
(unaudited)
£ |
15
months ended
31 Dec 1997
(audited)
£ |
|
Continuing
activities |
|
|
|
Operating
loss |
(1,947,164)
|
(1,396,763)
|
(3,149,925)
|
|
Amortisation
on intangible fixed assets |
24,611
|
45,544
|
61,528
|
|
Depreciation
on tangible fixed assets |
128,062
|
55,269
|
163,453
|
|
Increase
in other debtors |
(4,973)
|
(85,128)
|
(111,194)
|
|
Increase
in prepayments and accrued income |
(12,888)
|
(117,651)
|
(75,315)
|
|
(Decrease)/increase
in trade creditors |
(4,564)
|
35,647
|
77,938
|
|
Increase
in other taxation and social security |
7,379
|
23,162
|
26,411
|
|
Increase
in accruals and deferred income |
36,765
|
124,460
|
130,466
|
|
Net
cash outflow from continuing operating activities |
(1,772,772)
|
(1,315,460)
|
(2,876,638)
|
| Notes
1. Copies
of this statement are being sent to all shareholders. Copies
are also available at the registered office of the Company,
Medawar Centre, Oxford Science Park, Oxford OX4 4GA
2. On
25 March 1998 the Company issued 45,742,862 new ordinary shares
of 1p at 10p per share, raising cash proceeds of £4,574,286
before expenses. On 17 April 1998 a further 14,257,138 new
ordinary shares of 1p each were issued in a 1 for 4 rights
issue at 10p per share. The proceeds of the rights issue before
expenses was £1,425,714.
3. The
interim results are unaudited and do not constitute statutory
accounts within the meaning of section 240 of the Companies
Act 1985. The interim results are prepared in accordance with
the accounting policies set out in the Report and Accounts
for the 15 months ended 31 December 1997. The financial information
relating to the 15 months ended 31 December 1997 has been
extracted from the full report and accounts for that period
which have been filed with the Registrar of Companies. The
report of the auditors on those accounts was unqualified.
The loss
per ordinary share has been calculated on a weighted average
number of 90,490,266 shares in issue during the period (9
months ended 30 June 1997: 59,504,722, 15 months ended 31
December 1997: 60,256,794). In calculating the weighted average
number of shares, the number of shares in issue prior to the
rights issue has been adjusted to reflect the bonus element
of the rights issue. |
Return to the News
| For
further information contact: |
|
|
Oxford BioMedica plc
Professor Alan
Kingsman, Chief Executive |
0171 488 4040 (13 August)
01865 783000 (thereafter) |
| City/Financial
Enquiries
Mike Wort Mexal Communications
|
Tel: +44 (0) 171 432 0394 |
| Scientific/Trade
Enquiries
Emma Johnson HCC•De
Facto Group |
Tel: +44 (0)171 496 3300 |
|
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