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 Oxford BioMedica Plc: Preliminary Results for the Year Ended 31 December 2009 - 10/03/20102010/OB/07
Oxford, UK – 10 March 2010: Oxford BioMedica (LSE: OXB), a leading gene therapy company, today announces its preliminary results for the year ended 31 December 2009. Operational highlights:
ProSavin®: Parkinson’s disease
· First dose level in Phase I/II trial showed sustained efficacy at 12 months
· Enhanced administration has potential to accelerate development
· Regulatory approval to evaluate higher dose level
· Ground-breaking preclinical results published in journal
Ocular gene therapies
· Landmark partnership with sanofi-aventis in ophthalmology
· Received US$26 million upfront payment
· Committed funding for three years to develop four gene therapies
· RetinoStat and StarGen on track to enter clinical development in 2010
TroVax®: cancer
· Further analysis of Phase III TRIST study confirmed subset efficacy
· Received US$17.4 million regarding termination from sanofi-aventis
· Support from FDA for further trials in multiple cancers
· Phase II trial in prostate cancer expected to start in 2010
Financial highlights1:
· Revenue of £19.1 million (2008: £18.4 million)
· Research & development costs of £18.3 million (2008: £27.0 million)
· Net loss before exceptional items of £9.5 million (2008: £5.5 million)
· Net loss after exceptional items of £3.5 million (2008: £10.0 million)
· Net cash generated2 of £3.0 million (2008: net cash burn2 of £16.9 million)
· Net cash3 of £25.3 million (2008: £21.9 million)
1. Audited financial results
2. Net cash generated by/used in operating activities plus sales and purchases of non-current assets
3. Cash, cash equivalents and current financial assets
Commenting on the 2009 annual results, Oxford BioMedica’s Chief Executive Officer, John Dawson said: “I am very pleased with our achievements during 2009. Our strategic decision to focus our internal development efforts and to expand our partnering activities is delivering results. The scope and potential value of our ocular collaboration with sanofi-aventis is testament to this strategy. We are building the value of our lead product candidates, ProSavin and TroVax, by advancing their development while pursuing partnership opportunities for both programmes. Furthermore, we are on track to start clinical development of our first two ocular gene therapies during 2010. Our vision is to create a sustainable, highly profitable biopharmaceutical company and we are well positioned to achieve this goal.”
Click here to view the full Preliminary Results - Ends -
Analyst meeting: An analyst briefing will be held at 10:30 am at the offices of Buchanan Communications, 45 Moorfields, London EC2Y 9AE.
Web cast: Simultaneously to the analyst briefing at 10:30 am, there will be a live audio web cast of the presentation. To connect to the web cast facility, please go to the website: http://mediaserve.buchanan.uk.com/2010/oxb100310/registration.asp approximately 10 minutes (10:20 am) before the start of the briefing. A recording of the web cast will also be available afterwards on Oxford BioMedica’s website.
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