Oxford BioMedica: Preliminary results for the year ended 31 December 2014

12 March 2015

Continue reading

 

Oxford, UK – 13 March 2015: Oxford BioMedica plc (LSE: OXB), (“OXB” or “the Group”) a leading gene and cell therapy group, today announces its preliminary results for the twelve months ended 31 December 2014.

OPERATIONAL HIGHLIGHTS: 

  • IP, technology and manufacturing capability is validated

  • Major new licensing and manufacturing contract with Novartis worth up to $90 million over the next three years signed in October

  • Licensing royalties when CTL019 is commercialised

  • Revenues increased

  • Licensing revenues increased to £5.1 million (2013: £1.0 million) including £4.8 million from Novartis upfront payments

  • Manufacturing revenue increased to £7.7 million (2013: £2.6 million) from the provision of manufacturing and process development services to third parties

  • R&D collaboration revenue of £0.8 million (2013: £1.7 million) representing residual revenue under the 2009 Sanofi agreement

  • Pipeline advanced

  • Four clinical programmes in active development and two other products being prepared for Phase I/II

  • RetinoStat® recruitment completed in Phase I trial which will report in 2015

  • New CART-5T4 programme initiated in-house, combining both OXB’s LentiVector® and 5T4 technology platforms

  • £2.2 million grant from the Technology Strategy Board (now Innovate UK) to fund a Phase I/II clinical trial of OXB-102 in Parkinson’s disease commencing in early 2016

  • Sanofi granted global rights to StarGen™ and UshStat® across all ocular indications; Oxford BioMedica is entitled to development and commercialisation milestone payments and royalties

  • Balance sheet strengthened

  • Successful fundraising in June which contributed net proceeds of £20.1 million

    FINANCIAL HIGHLIGHTS[1]:

  • Total revenues of £13.6 million (excluding grants) in 2014 (2013: £5.4 million)

  • Total revenues include profit-generating revenues[2] of £7.7 million (2013: £2.6 million)

  • Cash used in operations, before capital expenditure of £7.4 million (2013: £13.0 million)

  • Cash burn of £11.6 million[3] (2013: £11.9 million)

  • £14.2 million cash balance at end 2014 (£2.2 million at the start of the year)

     

John Dawson, Chief Executive Officer at Oxford BioMedica, said: “Oxford BioMedica is now demonstrably a world-leading gene and cell therapy group with a valuable proprietary pipeline. 2014 was a transformational year for the Group due largely to the signature of our major contract with Novartis. This second contract with Novartis further validated the strength of our lentivector IP and our associated manufacturing expertise. The deal also gave us a significantly strengthened financial position and so now the group has a highly promising future. Our overall goal is to deliver significant value to both patients and shareholders in the near-term and we are excited and well positioned to do this.”

[1] Audited financial results

[2] Revenues from the provision of manufacturing and process development services to third parties

[3] Net cash used in/generated from operations plus sales and purchases of non-current assets and interest received

– Ends –