Oxford, UK – 13 September 2018: Oxford BioMedica plc (“Oxford BioMedica” or “the Group”) (LSE: OXB), a leading gene and cell therapy group, today announces interim results for the six months ended 30 June 2018.
FINANCIAL HIGHLIGHTS
Gross income growth of 118% to £36.0 million (H1 2017: £15.7 million)
Operating EBITDA of £11.9 million compared to a loss of £2.1 million in H1 2017
Licence income of £18.3 million recognised (due to Axovant and Bioverativ deals), segmented by Product (£10.2 million) and Platform (£8.1 million)
Cash inflow, before financing activities, of £12.2 million compared to an outflow of £2.2 million in H1 2017
Cash at 30 June 2018 was £44.0 million (31 December 2017: £14.3 million), reflecting significantly improved trading performance and placing to raise £20.5 million (gross)
£3.0 million capital expenditure grant received from Innovate UK to support the UK’s efforts to produce viral vectors and ensure adequate supply to service expected demand
Gross proceeds of £20.5 million raised from new and existing investors through a placing to fund the proposed expansion and fit-out of the additional bioprocessing facilities at a new facility in Oxford
Share consolidation completed to reduce the number of issued ordinary shares in the Oxford BioMedica by a factor of 50 whilst increasing the trading price of each Existing Ordinary Share proportionally
OPERATIONAL HIGHLIGHTS (including post period-end events)
Novartis’ commercialised product Kymriah™
The collaboration with Novartis continues to progress well with Kymriah’s approval by the Federal and Drug Administration (FDA) to treat adult patients with relapsed and refractory (r/r) B-cell diffuse large B-cell lymphoma (DLBCL), the second indication for this transformative and innovative therapy in the US
The European Commission (EC) and Health Canada also approved Novartis’ Kymriah for the treatment of children and young adults with r/r B-cell acute lymphoblastic leukaemia (ALL) and adult patients with r/r/ DLBCL
NHS England announced that Novartis’ Kymriah will be made available to children and young adults in England
Leading LentiVector® delivery platform for gene and cell therapy partnerships
$105.0 million collaboration and licence agreement completed with Bioverativ (now part of Sanofi) to access Oxford BioMedica’s LentiVector® platform and manufacturing technologies in the field of haemophilia gene therapy
Partnership formed with the UK Cystic Fibrosis Gene Therapy Consortium, Boehringer Ingelheim and Imperial Innovations to develop a novel inhaled gene therapy treatment for cystic fibrosis
Progress with proprietary product development
$842.5 million exclusive worldwide agreement signed with Axovant Sciences for OXB-102 (now known as AXO-Lenti-PD) for the treatment of Parkinson’s disease
Phase I/II clinical study for OXB-102 (now known as AXO-Lenti-PD) will start before the end of 2018
The Group is continuing to allocate appropriate value enhancing investment in its proprietary programmes. Discussions are ongoing for further out-licencing or spin-out of its proprietary products
Commenting on the Group’s interim results, John Dawson, Oxford BioMedica’s Chief Executive Officer, said: “Oxford BioMedica has had a transformative year so far. The company’s significant progress is highlighted by the ongoing success of our collaboration with Novartis for Kymriah, as well as a number of new partnership agreements. Specifically, the exclusive worldwide licence agreement signed with Axovant for OXB-102, worth up to $842.5 million, successfully executes on our pre-stated strategy to externalise product development beyond the end of the pre-clinical phase. Following these developments, we are greatly encouraged by the outlook for the full year and with the finances now in place, we are able to accelerate our capacity expansion plans to meet future demand.”
Conference call for analysts:
A briefing for analysts will be held at 12:00pm BST on 13 September 2018 at 85 Gresham Street, London, EC2R 7HE. 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 UK dial-in: 08003767922
Participant US dial-in: 18669661396
International dial-in: +44 (0) 2071 928000
Participant code: 5970816
An audio replay file will be made available shortly afterwards via the Group’s website: www.oxfordbiomedica.co.uk
To see the interim results in full click here
For further information, please contact:
Oxford BioMedica plc:
John Dawson, Chief Executive Officer
Stuart Paynter, Chief Financial Officer
Tel: +44 (0)1865 783 000
Financial PR Enquiries:
Consilium Strategic Communications
Mary-Jane Elliott/Matthew Neal/Olivia Manser/Laura Thornton
Tel: +44 (0)20 3709 5700
Peel Hunt (Joint Corporate Brokers):
James Steel
Dr. Christopher Golden
Tel: +44 (0)20 7418 8900
WG Partners (Joint Corporate Brokers):
David Wilson
Claes Spång
Tel: +44 (0)20 3705 9321