OXB by the numbers
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Years of viral vector experience
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Commercial supplier of lentiviral vectors for a CAR-T therapy
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GMP batches released
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GMP suites in three countries
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Client programmes
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Qualified assays and methods performed in-house
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Successful audits
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Company to treat patients in-vivo with lentiviral vector gene therapy
We offer end-to-end development and production capabilities for many viral vector types, from plasmid design and optimisation to clinical and commercial GMP manufacturing. These capabilities are supported by robust control systems, advanced analytical methods, and in-depth knowledge of global regulatory requirements.
About OXB
We are deeply committed to producing high-quality viral vectors, recognizing their crucial role in cell and gene therapies that bring hope to patients around the world. At OXB, we embrace this responsibility and understand that your success is our success.
Our platforms
Tech transferred-in
Alongside our own LentiVector® and inAAVate™ platform technologies, we have the facilities and expertise to fulfil almost any development need. You define the methods and processes, and we leverage our class-leading capabilities as appropriate.
Discover our latest news
Oxford Biomedica PLC interim results for the six months ended 30 June 2024
Delivering Pure-Play CDMO Growth Strategy Continued execution of “One OXB” strategy with global integration progressing across UK, US and French operations Existing near-term and medium-term financial guidance reiterated, supported by positive growth trajectory of the business Continued strong demand for OXB’s CDMO services, with an increase in number of late stage programmes Client portfolio is maturing and now includes 37 clients and 48 programmes as of September 2024 (September 2023:24 clients and 41 programmes), representing a growth of 54% for clients and 17% for programmes year-on-year Successfully onboarded multiple new clients, including signing 7 early-stage AAV programmes in the US Currently supporting late stage activities for 4 clients preparing for commercial launch of CAR-T products, compared to 1 late stage programme in September 2023 Strong commercial KPIs underpin expected momentum in second half of 2024 and beyond: Contracted value of client orders in the first eight months of the year reflect strong demand for CDMO services at approximately £94 million; this is supported by a high level of GMP suite utilisation for 2025 The total potential revenue pipeline grew by 29% from $438 million to $565 million, since the start of the year (as of 13 September 2024) Post-period end, Lucinda Crabtree joined as CFO on 2 September; transition process well-progressed Oxford, UK – 23 September 2024: OXB (LSE: OXB), a quality and innovation-led cell and gene therapy CDMO, today announces interim results for the six months ended 30 June 2024. Dr. Frank Mathias, OXB’s Chief Executive Officer, said: “The first half of 2024 has been a period of significant progress for OXB as we continue to execute our multi-vector, multi-site ‘One OXB’ strategy. “The integration of our global network of sites is progressing well, delivering operational benefits that enhance our ability to meetdiverse client needs and accelerate project timelines. We’ve experienced strong demand across our viral vector services, with particularly robust revenue growth in lentiviral vector manufacturing. Importantly, we’re also seeing encouraging progress in AAV,including the signing of several new early stage programmes in the US. “Our commercial momentum is strong across all our key regions – the UK, US and France. We’re particularly pleased with the growth in our late-stage programmes, now supporting late stage activities for four clients preparing for commercial launch of CAR-T products. “The positive trajectory of our key performance indicators, including our growing revenue backlog and the high level of GMP suite reservations for 2025, gives us confidence in our future performance. These metrics reflect the increasing maturity ofour client programmes and the growing demand for our services in the cell and gene therapy sector. “As we look ahead, we remain focused on further integrating our operations and growing our global portfolio of clients and projects across all stages of clinical development. I’m proud of the OXB team whose expertise and dedication are driving our achievements, enabling our clients to deliver life-changing therapies to patients and create long-term value for our shareholders.” FINANCIAL HIGHLIGHTS (including post-period events) Double-digit revenue growth; total revenues increased by 18% to £50.8 million (H1 2023: £43.1 million). Organic revenue growth was 38%. Organic growth excludes the impact of the acquisition of OXB France and the loss of revenues from Homology Medicines, Inc (“Homology”). Revenue growth was driven by higher levels of manufacturing and commercial development activity, including: New client acquisition and revenue growth in lentiviral vector manufacturing as a result of an increase in the number ofbatches manufactured and clients transitioning to Process C, OXB’s best-in-class perfusion bioreactor process for lentiviral vector manufacturing. New contributions from OXB France following the acquisition of ABL Europe in January 2024, total revenues in France of £5.7 million in H1 2024. Offset by a decline in US revenues due to Homology ceasing clinical activities, revenues from Homology in H1 2024 were £0.2 million (H1 2023: £12.9 million). Lower cost base as a result of the 2023 reorganisation: Operating EBITDA loss of £(20.3) million (H1 2023: £(33.7 million) and operating loss of £(32.2) million (H1 2023: £(50.7) million). Sufficient capital to achieve current strategic plan: Cash at 30 June 2024 was £81.4 million (31 Dec 2023: £103.7 million); Net cash was £41.7 million (31 Dec 2023: £65.2 million). Commercial KPIs underpin expected momentum for the second half of 2024 and beyond: The contracted value of client orders1 signed during the first 8 months of 2024 was approximately £94 million as at 31 August 2024. Revenue backlog2as at 31 August 2024 stood at approximately £120 million, compared to £94 million at 31 December 2023. This is the amount of future revenue available to earn from current orders. OUTLOOK AND FINANCIAL GUIDANCE The Group reiterates its existing near-term and medium-term financial guidance communicated to the market: 2024 total Group revenues of between £126 million and £134 million, with a three-year revenue CAGR of more than 35% for 2023-2026. Low double-digit Operating EBITDA loss in 2024, including the impact of the acquisition of OXB France and investment in talent to support increased late stage client activity in 2025. The Group expects to achieve Operating EBITDA margins in excess of 20% by the end of 2026, and to be profitable on an EBITDA level in 2025. 1 Contracted value of client orders represent the value of customer orders for which the customer has signed a financial commitment, whereby any changes to agreed values will be subject to either change orders or cancellation fees. 2 Revenue backlog represents ordered CDMO revenues available to earn. It is calculated on a cumulative basis by adding new contracted client orders less the value of revenues already recognised or no longer available after project scope adjustments or cancellations. ANALYST BRIEFING OXB’s management team, led by Dr. Frank Mathias, CEO, Dr. Lucinda Crabtree, CFO and Dr. Sebastien Ribault, CBO will behosting a briefing and Q&A session for analysts at 13:00 BST / 8:00 EST today, 23 September, at Chartered Accountants Hall, One Moorgate Place, London EC2R 6EA, United Kingdom. A live webcast of the presentation will be available via this link. The presentation will be available on OXB’s website at www.oxb.com If you would like to dial in to the call and ask a question during the live Q&A, please email OXB@icrhealthcare.com Read the OXFORD BIOMEDICA PLC interim results for the six months ended 30th June 2024: Download PDF here NOTES Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Annual report and accounts. ENQUIRIES Oxford Biomedica plc T: +44 (0)1865 509 737/ E: ir@oxb.com Sophia Bolhassan, Head of Investor Relations ICR Consilium T: +44 (0)20 3709 5700 / E: OXB@icrhealthcare.com Mary-Jane Elliott Angela Gray Davide Salvi RBC Capital Markets (Joint Corporate Brokers): T: +44 (0)20 7653 4000 Rupert Walford Kathryn Deegan JP Morgan (Joint Corporate Brokers): T: +44 (0)207 1347329 James Mitford Manita Shinh Jem de los Santos ABOUT OXB OXB (LSE: OXB) is a quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has more than 25 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus and other viral vector types. OXB’s world-class capabilities span from early stage development tocommercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the Tetravecta™ system), dual plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
Oxford Biomedica rebrands as OXB reinforcing transformation into leading global cell and gene therapy CDMO
Oxford Biomedica is rebranding as OXB, unveiling a more modern and recognisable visual identity that reinforces its transformation into a global pure-play cell and gene therapy CDMO. https://oxb.com/wp-content/uploads/2024/09/OXB-Logo-Animation-New-Colour-With-Branding-Context.mp4 The new identity reflects OXB’s unique combination of technical excellence, innovation and unwavering commitment to deliver consistent high quality at every stage of viral vector development and manufacturing. The new branding represents the agile execution and creativity that enable OXB to deliver on clients’ goals, while also conveying accountability, professionalism and teamwork – core values that underpin OXB’s mission. Dr. Frank Mathias, Chief Executive Officer of OXB, commented: “The launch of our new brand identity reinforces OXB’s significant transformation into a leading pure-play cell and gene therapy CDMO. This rebranding is more than just a new look – it reflects the global nature of our operations and our deep commitment to the success of our clients’ drug development programmes. As OXB, with our new capabilities and global footprint, we are ideally positioned to communicate our end-to-end services to current and potential clients, and to interact with them from early-stage development through to commercial manufacturing.” Enquiries OXB: Sebastien Ribault, Chief Commercial Officer – T: +44 (0) 1865 783 000 / E: partnering@oxb.com ICR Consilium: T: +44 (0)20 3709 5700 / E: oxb@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About OXB OXB (LSE: OXB) is a quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, OXB has more than 25 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. OXB collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus, and other viral vector types. OXB’s world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. OXB offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the Tetravecta™ system), dual plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. OXB, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube
Lucinda Crabtree joins Oxford Biomedica as Chief Financial Officer today
Oxford, UK – 2 September 2024: Oxford Biomedica plc (LSE:Oxford Biomedica) (“Oxford Biomedica”, “Oxford Biomedica” or “the Company”), a quality and innovation-led cell and gene therapy CDMO, announces that Lucinda (Lucy) Crabtree Ph.D. has today joined Oxford Biomedica as Chief Financial Officer (CFO) and board member. Lucinda’s appointment was previously announced on 17 July 2024. Lucinda Crabtree was previously at MorphoSys AG where she served as CFO, leading a finance team across the US and Germany until the company’s acquisition by Novartis. Previously, she was CFO at Autolus Therapeutics, a Nasdaq listed clinical stage biopharmaceutical company. Lucinda also brings extensive experience from the investment and banking sectors, having held roles at institutions including Woodford Investment Management, Goldman Sachs, and Jefferies. Dr. Frank Mathias, Chief Executive Officer of Oxford Biomedica, commented: “We are thrilled that Lucy has joined Oxford Biomedica as our new CFO and Board member today. Lucy brings a wealth of experience from her roles as a CFO and time as a healthcare investor and equity research analyst. Her experience will be invaluable as we grow our international position as a leading cell and gene therapy CDMO.” Lucinda Crabtree, Chief Financial Officer of Oxford Biomedica said: “I am excited to be joining Oxford Biomedica as CFO today. I firmly believe in the Company’s growth strategy and am looking forward to working with the Board and the rest of the leadership team. Together, I’m confident we will fulfil our mission of enabling our growing client base to deliver life-changing therapies to patients.” -Ends- Enquiries: Oxford Biomedica plc: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Consilium: T: +44 (0)20 3709 5700 / E: oxfordbiomedica@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About Oxford Biomedica Oxford Biomedica (LSE: Oxford Biomedica) is a quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, Oxford Biomedica has more than 25 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. Oxford Biomedica collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus, and other viral vector types. Oxford Biomedica’s world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. Oxford Biomedica offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetravectaTM system), dual plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. Oxford Biomedica, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
Oxford Biomedica to host a free webinar showcasing its AAV expertise
Oxford, UK – 27 August 2024: On Wednesday 11 September 2024, Oxford Biomedica, a quality and innovation-led cell and gene therapy CDMO, will host a free 60-minute webinar on its adeno-associated virus (AAV) development expertise and showcase their recent breakthroughs. The webinar titled “Advanced AAV Processing and Potency through Characterisation of Capsid and Payload Heterogeneity” will feature presentations by: Sarah Laughlin-Toth, PhD, Senior Scientist, Analytical Development at Oxford Biomedica Thomas Thiers, Downstream Scientist, Purification Sciences at Oxford Biomedica Alex Meola, Associate Director, AAV Downstream Process Development at Oxford Biomedica The speakers will discuss how advanced characterisation of AAV capsids, including their contents and surface properties, provides crucial insights into factors affecting product quality and potency. They will explore the impacts of capsid modifications such as VP1 deamidation, production conditions including bioreactor time and AAV localisation, and capsid heterogeneity on AAV products. This knowledge is vital for enhancing the development and manufacturing of AAV-based therapies, with potential implications for improving product efficacy and patient safety. The webinar will be held at 16:00 BST / 11:00 EDT / 17:00 CET on Wednesday 11 September 2024, followed by a live Q&A session. To register for the webinar, please click here. Enquiries: Oxford Biomedica plc: Sebastien Ribault, Chief Commercial Officer – T: +44 (0) 1865 509 737 / E: partnering@oxb.com ICR Consilium: T: +44 (0)20 3709 5700 / E: oxfordbiomedica@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About Oxford Biomedica Oxford Biomedica (LSE: Oxford Biomedica) is a quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, Oxford Biomedica has more than 25 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. Oxford Biomedica collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus, and other viral vector types. Oxford Biomedica’s world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. Oxford Biomedica offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetravectaTM system), dual plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. Oxford Biomedica, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
Half Year Trading Update and Notice of Interim Results
Oxford, UK – 8 August 2024: Full year 2024 revenue and medium-term financial guidance reiterated; underpinned by Oxford Biomedica’s growing market share in the expanding cell and gene therapy market Contracted value of client orders in the first seven months of the year reflective of strong demand for CDMO services at approximately £80 million Revenue backlog stood at approximately £113 million at 31 July 2024; high level of GMP suite reservation for 2025 gives increased visibility and underpins confidence in forecasts With increasing demand for services, Oxford Biomedica to invest in talent to support future growth, therefore low double-digit Operating EBITDA loss expected in 2024; 2025 EBITDA profitability outlook maintained due to continued cost discipline and a measured approach to operational spend Oxford, UK – 8 August 2024: Oxford Biomedica plc (LSE:Oxford Biomedica) (“Oxford Biomedica”, “Oxford Biomedica” or “the Company”), a quality and innovation-led cell and gene therapy CDMO, today provides a trading update for the first half of 2024. Additionally, the Company announces that it will report its Interim Results for the six months ended 30 June 2024 on Monday 23 September 2024. Strong trading for H1 2024 and reconfirmed financial guidance Oxford Biomedica has continued to see strong momentum in 2024 with revenues for the first half expected to be approximately £50 million. As previously communicated, revenues are expected to be second-half weighted, with contracted client orders providing a high degree of visibility. The Company reiterates revenue guidance for the full year within the £126 million to £134 million range. The first half of 2024 is expected to result in a negative Operating EBITDA with a positive Operating EBITDA expected in the second half, due to the effectiveness of the Company’s strategic initiatives, including streamlining of operations and expected strong revenue growth in the second half. With an increase in late-stage client activity expected in 2025, Oxford Biomedica will invest in building its technical and operational workforce to support this demand. With this investment in talent to support revenue growth, the Company expects a low double-digit Operating EBITDA loss for the full year 2024. As communicated at the full year results, 2024 Operating EBITDA includes a mid to high single digit loss from the recently acquired ABL Europe business (renamed “Oxford Biomedica (France)”), which was fully funded by cash received from Institut Mérieux prior to completion of the acquisition. Oxford Biomedica reiterates its medium-term financial guidance of a three-year revenue CAGR in excess of 35% for 2023-2026, to be profitable on an Operating EBITDA level in 2025, with Operating EBITDA margins in excess of 20% by the end of 2026. Oxford Biomedica’s cash position remains strong with £81 million cash as of 30 June 2024. This includes the proceeds from a EUR 20 million (£16.9 million) investment by TSGH SAS, a subsidiary of Institut Mérieux SA, following the acquisition of Oxford Biomedica (France). Strong demand for CDMO services Demand for Oxford Biomedica’s CDMO services has remained strong across all key viral vector types. The contracted value of client orders signed during 2024 was approximately £80 million as at 31 July 2024, in line with the Company’s expectations. Based on current business development activities and Oxford Biomedica’s growing market share, the cadence of signing orders is expected to increase in the second half of the year. Revenue backlog[1] (including France) stood at approximately £113 million at 31 July 2024, compared to £104 million at 31 March 2024. GMP suite reservation for 2025 has been high, further bolstering confidence in future revenue delivery. Clients transitioning from early stage manufacturing to late stage and commercial activities have moved from a batch reservation model to a binding forecast model, providing increased revenue visibility. Oxford Biomedica has made significant progress with its new commercial, multi-site, multi-vector strategy. The Company has successfully transferred its lentiviral vector capabilities to its Bedford, Massachusetts site and commenced its first lentiviral vector programme in the US. Plans are underway to enable the Company’s French sites to provide similar lentiviral vector services by the end of 2024. Dr. Frank Mathias, Chief Executive Officer of Oxford Biomedica, commented: “Oxford Biomedica has seen continued strong momentum in 2024, reinforcing our position as a world-leading cell and gene therapy CDMO. Our multi-site, multi-vector strategy is gaining traction, demonstrated by our strong revenue backlog and growing order book. These strong KPIs and high GMP suite reservation for 2025 provide us with confidence in our growth trajectory and our ability to capitalise on the growing opportunities in the cell and gene therapy market.” Notice of Interim Results Oxford Biomedica expects to report its Interim Results for the six months ended 30 June 2024 on Monday 23 September 2024. A briefing for investors and analysts will take place at 13:00 BST / 08:00 ET at One Moorgate Place, London, EC2R 6EA. [1] Revenue backlog represents ordered CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for Oxford Biomedica to undertake, whereby any changes to agreed values will be subject to either change orders or cancellation fees. Enquiries: Oxford Biomedica plc: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Consilium: T: +44 (0)20 3709 5700 / E: oxfordbiomedica@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About Oxford Biomedica Oxford Biomedica (LSE: Oxford Biomedica) is a quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, Oxford Biomedica has more than 25 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. Oxford Biomedica collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus, and other viral vector types. Oxford Biomedica’s world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. Oxford Biomedica offers a vast number of unique technologies for viral vector manufacturing, including a 4th generation lentiviral vector system (the TetravectaTM system), dual plasmid system for AAV production, suspension and perfusion process using process enhancers and stable producer and packaging cell lines. Oxford Biomedica, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
Oxford Biomedica Appoints Laurence Espinasse as Non-Executive Director
Oxford, UK – 25 July 2024: Oxford Biomedica plc (LSE:Oxford Biomedica) (“Oxford Biomedica”, “Oxford Biomedica” or “the Company”), a quality and innovation-led cell and gene therapy CDMO, today announces the appointment of Laurence Espinasse as a Non-Executive Director, effective as of 24 July 2024. Ms. Espinasse brings more than two decades of experience across the legal and healthcare sectors and since 2021 has served as the General Counsel and Compliance Officer at Institut Mérieux SA (“Institut Mérieux”). Following the acquisition of ABL Europe (since renamed Oxford Biomedica (France)) in January 2024, Institut Mérieux is now a major shareholder in Oxford Biomedica, owning more than 10 percent of the Company’s ordinary shares. Prior to her current role at Institut Mérieux, Ms. Espinasse was a Partner and Head of the Business Law Department at MDL Société d’Avocats. Before that, she practiced business law at EY. She obtained her professional lawyer’s certificate from the École des Avocats Centre Sud in Montpellier, France. Dr. Roch Doliveux, Chair of Oxford Biomedica, commented: “On behalf of the Board, I am delighted to welcome Laurence Espinasse as Non-Executive Director. Her vast legal experience will be a strong asset for the Company as we look to build on significant commercial momentum and capitalise on the fast-growing cell and gene therapy sector. We look forward to her support and advice in driving Oxford Biomedica’s continued success.” Laurence Espinasse, incoming Board Member at Oxford Biomedica, added: “Following the acquisition of ABL Europe, I am honoured to be joining Oxford Biomedica’s Board of Directors. Institut Mérieux’s significant investment reflects our confidence in Oxford Biomedica’s potential. I look forward to working closely with the Board to drive the next phase of growth as a world-leading cell and gene therapy CDMO.” Relevant disclosures Ms. Espinasse previously served as a director at Transgene SA, from May 2022 to May 2023. There are no additional disclosures required to be made in accordance with LR 9.6.13R. Enquiries: Oxford Biomedica plc: Sophia Bolhassan, Head of Investor Relations – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Consilium: T: +44 (0)20 3709 5700 / E: oxfordbiomedica@icrhealthcare.com Mary-Jane Elliott / Angela Gray / Davide Salvi About Oxford Biomedica Oxford Biomedica (LSE: Oxford Biomedica) is a quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, Oxford Biomedica has more than 25 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. Oxford Biomedica collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus, and other viral vector types. Oxford Biomedica’s world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. Oxford Biomedica, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
Oxford Biomedica announces Chief Financial Officer transition
Oxford, UK – 17 July 2024: Oxford Biomedica plc (LSE:Oxford Biomedica) (“Oxford Biomedica”, “Oxford Biomedica” or “the Company”), a quality and innovation-led cell and gene therapy CDMO, today announces the appointment of Lucinda (Lucy) Crabtree Ph.D. as Chief Financial Officer (CFO) and Board member. Simultaneously, the Company announces that Stuart Paynter will step down as CFO and from the Board after almost seven years of service. These changes will become effective on 2 September 2024 and Stuart will then transition away from Oxford Biomedica following a suitable handover period. Lucinda Crabtree was previously CFO at MorphoSys AG. As CFO of MorphoSys, Lucy led a finance team across the US and Germany until the closing of the acquisition of the company by Novartis. Prior to MorphoSys, Lucy was CFO at Autolus Therapeutics, a Nasdaq listed clinical stage biopharmaceutical company. Before her time at Autolus, Lucy spent several years as an investment professional at institutions including Woodford Investment Management, Panmure Gordon, Goldman Sachs, J.P. Morgan (originally Bear Stearns) and Jefferies. Lucy also has prior experience as a board observer at several private healthcare companies. She holds a first class Bachelor of Science degree in Physiology and Pharmacology from University College London and a Ph.D. in Pharmacology from University College London. Dr. Frank Mathias, Chief Executive Officer of Oxford Biomedica, commented: “On behalf of the corporate executive team, I am delighted to welcome Lucy to Oxford Biomedica. Her unique skillset will be immensely valuable to us as we enter the next phase of our growth as a pure-play CDMO. I would also like to warmly thank Stuart for his dedicated service to Oxford Biomedica. Since joining the Company nearly seven years ago, Stuart has been instrumental in its success right the way through to the recent transformation of our business model. We wish him all the best for his future endeavours.” Stuart Paynter said: “It has been a pleasure and a privilege to help lead Oxford Biomedica through its development to its position as a leading CDMO. The Company is now operationally and financially in stronger health than ever before and, with the transformation complete, it is now the natural time to hand over to someone with Lucy’s skills and experience. I look forward to continuing to support Oxford Biomedica in the interim and then as it enjoys further success and momentum in the future.” Lucinda Crabtree said: “This is an exciting time to join Oxford Biomedica, having entered a new phase as an international pure-play cell and gene therapy CDMO. I look forward to working with Frank and the senior leadership team alongside the Board, as we continue to execute on this integrated strategy and continue our growth in the backdrop of a rapidly expanding cell and gene therapy market.” Relevant disclosures: There are no disclosures required to be made in accordance with LR 9.6.13R. Enquiries: Oxford Biomedica plc: Sophia Bolhassan, VP, Corporate Affairs and IR – T: +44 (0) 1865 509 737 / E: ir@oxb.com ICR Consilium: T: +44 (0)20 3709 5700 / E: oxfordbiomedica@consilium-comms.com Mary-Jane Elliott / Angela Gray / Davide Salvi About Oxford Biomedica Oxford Biomedica (LSE: Oxford Biomedica) is a quality and innovation-led contract development and manufacturing organisation (CDMO) in cell and gene therapy with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, Oxford Biomedica has more than 25 years of experience in viral vectors; the driving force behind the majority of cell and gene therapies. Oxford Biomedica collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenovirus, and other viral vector types. Oxford Biomedica’s world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. Oxford Biomedica, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.
Preliminary results for the year ended 31 December 2023
Oxford, UK – 29 April 2024: One Oxford Biomedica: Building a pure-play cell and gene therapy CDMO; existing financial guidance affirmed • Chief Executive Officer Dr. Frank Mathias, one year into his role, is successfully leading the transformation of Oxford Biomedica into a global, pure-play, quality and innovation-led cell and gene therapy CDMO • “One Oxford Biomedica” strategy well underway, optimising operations across the UK, US and EU with a streamlined workforce and site-based model • Over 50% growth in both orders and pipeline in 2023: An increase of 54% in contracted value of client orders signed; grew from £85 million in 2022 (excluding COVID-19 vaccine manufacturing) to £131 million in 2023 An increase of 51% in the business development pipeline; from $291 million to $438 million from January to December 2023 • Significant commercial momentum with strong demand for Oxford Biomedica’s CDMO services across all key viral vector types, with an expanded client portfolio including 35 clients and 51 programmes as of April 2024 (April 2023: 18 clients and 34 programmes), now includes new clients gained through Oxford Biomedica (France) • Acquisition of ABL Europe (recently renamed Oxford Biomedica (France)) from Institut Mérieux, completed post-period end, enhances Oxford Biomedica’s bioprocessing and manufacturing footprint in the EU, strengthening the Group’s multi-vector, multi-site model spanning the UK, US and the EU • Reiterates its existing financial guidance communicated to the market • Briefing and webcast for analysts to be held today at 13:00 BST / 08:00 ET – see details below Oxford, UK – 29 April 2024: Oxford Biomedica plc (“Oxford Biomedica” or “the Group”) (LSE: Oxford Biomedica), a quality and innovation-led cell and gene therapy CDMO, today announces its preliminary results for the year ended 31 December 2023. Dr. Frank Mathias, Oxford Biomedica’s Chief Executive Officer, said: “2023 was a year of transformation for Oxford Biomedica. We are building our position as a global pure-play cell and gene therapy CDMO and through our ‘One Oxford Biomedica’ strategy are unifying our operations in the UK, US and the EU, including our newly-acquired sites in France. I am delighted with the positive outcomes of our strategy, which have already resulted in a substantial increase in contracted client orders and our business development pipeline. Despite challenging market conditions, we continue to see strong demand for our CDMO services, further solidifying our position as a world-leading global CDMO in the rapidly expanding cell and gene therapy market. Our focus in 2024 remains on growing our global portfolio of clients and projects across all stages of clinical development whilst completing the integration of our sites. This integration will allow us to better align to the demands of performing as a pure-play CDMO. With a highly experienced Corporate Executive Team and a focus on delivering high-quality CDMO services to our clients, our realigned business is well-positioned to help our clients deliver their transformative treatments to patients and drive long-term sustainable growth for the Group. “I would also like to take this opportunity to express my gratitude to all our employees for their tireless efforts, as well as their perseverance and commitment during a period of significant change for the Group. Their dedication and hard work have been instrumental in our transformation into a pure-play CDMO and achieving the significant milestones along the way.” FINANCIAL HIGHLIGHTS (including post-period events) • Stable core business revenues: Small increase in core business revenues whilst total revenues decreased by 36% to £89.5 million (2022: £140.0 million) due to the non-recurrence of vaccine manufacturing revenues • Rebased business with streamlined cost base Operating EBITDA1 loss of £(52.8) million (2022: £1.6 million) Operating loss of £(184.2) million (2022: £(30.2) million) included £99.3 million impairment charge to the US business driven by the cessation of revenues from Homology Completed c.£30 million reduction in ongoing cost base (on an annualised basis compared to 2023) Due to the decision by Homology to cease clinical activities, the Group performed an impairment assessment of Oxford Biomedica (US) LLC, resulting in an impairment of £99.3 million (2022: £nil). • Balance sheet sufficient to achieve strategic objectives Cash of £103.7 million at 31 December 2023 (2022: £141.3 million); Net cash at 31 December 2023 was £65.2 million (2022: £101.5 million) • Commercial KPIs give confidence in future growth Contracted value of client orders signed in the year ended 31 December 2023 was £131 million, an increase of over 50% compared to £85 million in 2022 Revenue backlog2(including France) at 31 March 2024 stood at £104 million, a growth of 11% from £94 million at 31 December 2023 (excludes order from recently signed commercial agreement); this is the amount of future revenue available to earn from current orders OUTLOOK AND FINANCIAL GUIDANCE • The Group reiterates its existing near term and medium-term financial guidance communicated to the market: 2024 total Group revenues of between £126 million and £134 million, with a three-year revenue CAGR of more than 35% for 2023-2026 Broadly breakeven EBITDA in 2024, excluding the impact of the acquisition of ABL Europe (recently renamed Oxford Biomedica (France)) A modest operating loss in 2024 is expected due to the recently acquired sites in France, which will be fully funded by the €10 million cash funding in ABL Europe (recently renamed Oxford Biomedica (France)) from Institut Mérieux as part of the acquisition The Group expects to achieve Operating EBITDA margins in excess of 20% by the end of 2026, and to be profitable on an EBITDA level in 2025. 1. Operating EBITDA (Earnings Before Interest, Tax, Depreciation, Amortisation, Impairment, revaluation of investments and assets at fair value through profit and loss, and Share Based Payments) is a non-GAAP measure often used as a surrogate for operational cash flow as it excludes from operating profit or loss all non-cash items, including the charge for share based payments. However, deferred bonus share option charges are not added back to operating profits in the determination of Operating EBITDA as they may be paid in cash upon the instruction of the Remuneration Committee. A reconciliation to GAAP measures is provided on page 17. 2. Revenue backlog represents ordered CDMO revenues available to earn. The value of customer orders included in revenue backlog only includes the value of work for which the customer has signed a financial commitment for Oxford Biomedica to undertake, whereby any changes to agreed values will be subject to either change orders or cancellation fees. ANALYST BRIEFING Oxford Biomedica’s management team, led by CEO, Dr. Frank Mathias, CFO, Stuart Paynter, CCO, Dr. Sebastien Ribault and COO, Thierry Cournez, will be hosting a briefing and Q&A session for analysts at 13:00 BST / 8:00 EST today, 29 April, at One Moorgate Place Chartered Accountants Hall, 1 Moorgate Pl, London EC2R 6EA, United Kingdom. A live webcast of the presentation will be available via this link. The presentation will be available on Oxford Biomedica’s website at www.oxb.com If you would like to dial in to the call and ask a question during the live Q&A, please email Oxfordbiomedica@consilium-comms.com ______________ Read the OXFORD BIOMEDICA PLC Preliminary results for the year ended 31 December 2023 in full: Download PDF here Notes Unless otherwise defined, terms used in this announcement shall have the same meaning as those used in the Annual report and accounts. ENQUIRIES Oxford Biomedica plc: Sophia Bolhassan, VP, Corporate Affairs and IR T: +44 (0)1865 783 000 / E: ir@oxb.com ICR Consilium: Mary-Jane Elliott / Angela Gray / Davide Salvi, T: +44 (0)20 3709 5700 RBC Capital Markets (Joint Corporate Brokers): Rupert Walford /Kathryn Deegan, T: +44 (0)20 7653 4000 J.P. Morgan Cazenove (Joint Corporate Brokers): James Mitford / Manita Shinh / Jem de los Santos, T: +44 (0)20 7134 7329 ABOUT OXFORD BIOMEDICA Oxford Biomedica (LSE: Oxford Biomedica) is a quality and innovation-led cell and gene therapy CDMO with a mission to enable its clients to deliver life changing therapies to patients around the world. One of the original pioneers in cell and gene therapy, the Company has more than 25 years of experience in viral vectors; the driving force behind the majority of gene therapies. The Company collaborates with some of the world’s most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV), adenoviral vectors, and other viral vector types. Oxford Biomedica’s world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise. Oxford Biomedica, a FTSE4Good constituent, is headquartered in Oxford, UK. It has bioprocessing and manufacturing facilities across Oxfordshire, UK, Lyon and Strasbourg, France, and near Boston, MA, US. Learn more at www.oxb.com, and follow us on LinkedIn and YouTube.