Click here to download the full 2012 interim results statement.
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Oxford, UK – 31 August 2012: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), the leading gene-based biopharmaceutical company, today announces its unaudited interim results for the six months ended 30 June 2012. Year to date highlights include:
OPERATIONAL HIGHLIGHTS:
- Revenue-generating ocular partnership with Sanofi progressing well
– Options exercised for StarGen™ and UshStat® for a total of US$3 million
– First RetinoStat® results indicate sustained, dose-related protein expression
- Successful MHRA inspection for specialist LentiVector® platform manufacturing facility
– Certification attained to perform GMP manufacturing activities in support of clinical supply
-Support for existing programmes with potential to secure future partnerships
- ProSavin® Phase I/II study successfully met primary endpoint: ProSavin® is safe, well-tolerated and mediates long-term improvement of motor function
– Non-clinical programme for product optimisation on track
- Collective LentiVector® platform clinical data support treatment of chronic disease
– Over 33 patients treated to date across the ocular and Parkinson’s disease programmes
– More than 50 years’ worth of patient safety data accumulated
- Industry collaborations validate Oxford BioMedica’s 5T4 tumour antigen technology
– 5T4-targeted diagnostic for cancer imaging demonstrates proof-of-concept with ImaginAb
– Multiple presentations of 5T4-ADC programme by Pfizer at key industry conferences
FINANCIAL HIGHLIGHTS1:
- Revenue of £4.4 million (H1 2011 £5.0 million), including £1.9 million from the exercise of Sanofi options
- Research & Development costs of £6.9 million (H1 2011 £11.8 million: £8.7 million pre-exceptional, £3.1 million exceptional)
- Net loss of £4.9 million (H1 2011 £8.1 million, pre-exceptional £5.0 million)
- Net cash burn2 of £7.8 million (H1 2011 £10.7 million)
- Net cash3 of £6.6 million (31 December 2011: £14.3 million)
1. Unaudited results
2. Net cash generated by/used in operating activities plus sales and purchases of non-current assets
3. Cash, cash equivalents and available for sale investments
POST PERIOD END HIGHLIGHTS:
- Fundraising of £11.6 million completed in July 2012; net proceeds £10.1 million
– Financial resources sufficient to fund operations into Q1 2014 - First patient treated in Phase II collaborative study for TroVax® in colorectal cancer
- Funding award from the Foundation Fighting Blindness for ongoing UshStat® Phase I/IIa study
John Dawson, Chief Executive Officer at Oxford BioMedica, said: “Oxford BioMedica has continued to deliver on its objectives during 2012; reporting pipeline progress, the successful commissioning of our specialist manufacturing plant and a further endorsement from our partner, Sanofi, to support the ophthalmology portfolio.
“Following the recent fundraising of £11.6 million, we are focused on building a financially self-sustaining company operating in high value, fast growing markets, whilst paying close attention to cost management. We look forward to reporting further progress in the second half of the year.”
-Ends-