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Oxford, UK – 6 March 2012: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), the leading gene-based biopharmaceutical company, today announces its preliminary results for the year ended 31 December 2011.
OPERATIONAL HIGHLIGHTS:
- Ocular gene therapy programmes partnered with Sanofi progressing well
– Two new Phase I/II trials underway: RetinoStat® (Phase I) and StarGen™ (Phase I/IIa)
– Third successive IND approval from FDA received for UshStat® Phase I/IIa study
- Encouraging data from ProSavin® Phase I/II study in Parkinson’s disease
– DMC confirmed that highest (5x) dose shows most promising efficacy to date
– Further product optimisation could provide up to 10-fold increase in dopamine production
- Successful acquisition of specialist manufacturing facility to support core programmes
– Commissioning process complete and on budget
– Preparation for MHRA license on track to enable GMP manufacturing for clinical supply
- New industry collaborations
– LentiVector® platform collaboration with Mayo Clinic, USA for chronic glaucoma
– Partnership with Pfizer broadened to include in vitro diagnostic use of 5T4 antibodies
– Collaboration with ImaginAb to engineer a 5T4-based in vivo diagnostic imaging agent
- Further TroVax® Phase III analyses published in Cancer Immunology, Immunotherapy
– Biomarker can potentially target a more responsive patient population
– Enthusiasm from the oncology community for multiple Phase II sponsored studies
FINANCIAL HIGHLIGHTS1:
- Fundraising of £20.0 million before expenses, completed on 10 January 2011
- Revenue of £7.7 million (2010: £11.2 million)
- Research & development costs of £17.8 million (2010: £19.9 million) including £3.1 million exceptional impairment loss (2010: £3.9 million impairment loss)
- Net loss after exceptional items of £12.6 million (2010: £10.3 million)
- Net cash burn2 of £16.5 million (2010: net cash burn2 £13.0 million)
- Net cash3 of £14.3 million (2010: £12.3 million)
1. Audited financial results
2. Net cash used in/generated from operating activities plus sales and purchases of non-current assets and interest received
3. Cash, cash equivalents and available for sale investments
John Dawson, Chief Executive Officer at Oxford BioMedica, said: “Our strong operational progress during 2011 has resulted in a diversified portfolio with five core clinical programmes and the successful commissioning of our proprietary manufacturing facility. Securing three IND approvals from the FDA within 12 months for our novel ocular gene therapies partnered with Sanofi was an exceptional achievement, and we are also pleased to have secured new industry collaborations. With tough economic conditions impacting companies and influencing sector dynamics, we have tight fiscal controls in place and remain committed to maximising the opportunities ahead.”
-Ends-