Interim Results for the six months ended 30 June 2016

12 September 2016

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Oxford BioMedica plc   
Interim Results for the six months ended 30 June 2016

Oxford, UK – 13 September 2016: Oxford BioMedica plc (LSE: Oxford Biomedica), (“Oxford Biomedica” or “the Group”) a leading gene and cell therapy group, today announces interim results for the six months ended 30 June 2016.
 

Highlights (including post-period end):  

OPERATIONAL

State-of-the-art bioprocessing facilities
Capacity expansion of bioprocessing and laboratory facilities now complete and approved for GMP vector manufacture

Partnering activities continuing to build

  • Novartis contract progressing well, contributing to 184% growth in first half Group revenues – multiple confirmed purchase orders through to Q2 2017
  • Second CAR-T programme for undisclosed indication underway with Novartis
  • New IP licence and expanded collaboration agreement signed with Immune Design
  • R&D collaboration signed with Green Cross LabCell to identify and develop gene modified natural killer (NK) cell-based therapeutics

Good progress across product development programmes

  • Oxford Biomedica to capture value of clinical products via out-licensing or spin out approach
  • Oxford Biomedica-102 and Oxford Biomedica-202 will be ready to start Phase I/II studies within next 6-9 months, subject to successfully out-licensing or spinning out these products
  • Oxford Biomedica-302 pre-clinical studies expected to complete by end of 2016
  • SAR422459 (for Stargardt Disease), licensed to Sanofi, has entered Phase IIa development
  • Novartis still on course to file CTL019 BLA in early 2017, with approval expected mid-2017 due to Breakthrough Therapy designation

FINANCIAL

  • Revenue increased by 184% to £12.5 million (H1 2015: £4.4 million) due in large part to Novartis contract
  • R&D, bioprocessing and administrative costs of £16.1 million (H1 2015: £11.7 million)
  • Operating loss of £6.9 million (H1 2015: £8.3 million)
  • Capital expenditure £6.0 million (H1 2015: £4.6 million)
  • Cash of £11.9 million (31 December 2015: £9.4 million) which includes the $10 million (£7.6 million) ring-fenced under the Oberland loan agreement
  • Fundraising of £10.0 million net of expenses announced separately today. In February 2016, the Group also raised a net £7.5 million through a 5% placing

Commenting on today’s announcement, John Dawson, Chief Executive Officer at Oxford BioMedica, said: “With world-class facilities, expertise and a broad intellectual property position, Oxford BioMedica is a leading gene and cell therapy company. Our unrivalled expertise in the bioprocessing and production of lentiviral vector makes us an ideal partner for the increasing number of potential companies wishing to use this exciting technology in clinical studies and, in due course, commercial therapeutics.

“Oxford BioMedica’s wholly-owned priority product programmes have progressed well during the period. In order to advance the clinical assets as expeditiously as possible whilst still capturing value for shareholders, the Group has decided to employ an external funding approach, via spin outs or out-licensing partnerships. Based on this approach, the proceeds raised in today’s fundraising will enable us to build upon our strong position by furthering the development and enhancement of our proprietary lentiviral vector delivery platform technology as we look to maximise bioprocessing revenues.”

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Conference call for analysts
A briefing for analysts will be held at 12pm GMT on 13 September 2016 at the offices of Consilium ?Strategic Communications, 41 Lothbury, London, EC2R 7HG. There will be a simultaneous live conference call with Q&A and the presentation will be available on the Group’s website at www.oxfordbiomedica.co.uk.

Please visit the website approximately 10 minutes before the conference call to download the presentation slides. Conference call details:

Participant dial-in: 08006940257
?International dial-in: +44 (0) 1452 555566?Participant code: 81099223

An audio replay file will be made available shortly afterwards via the Group’s website: www.oxfordbiomedica.co.uk