Press releases

Oxford BioMedica secures $50 million loan facility with Oberland Capital to support the Group's growth ambitions

Oxford, UK – 1 May 2015: Oxford BioMedica plc (LSE: OXB), (“Oxford BioMedica” or the “Group”) a leading gene and cell therapy Group, today announces that it has secured a $50 million loan facility from a subsidiary of Oberland Capital Healthcare (“Oberland Capital”). The funds will be used to invest in the Group’s capacity expansion to enable it to deliver on commitments under its manufacturing agreement with Novartis and for pipeline advancements and product acquisitions.

$25 million of the loan will be drawn down immediately, with the remaining funds available to be drawn down in minimum tranches of $5 million at the Group’s option prior to 31 December 2016. The Group also has the option to receive any one of the last four tranches as an equity investment rather than a loan.

The loan is repayable not later than 1 May 2022 and may be prepaid at any time. Over the course of the loan term, interest is payable quarterly at an annual interest rate of 9.5% plus the greater of 1% and three month LIBOR. In addition to interest, a fee is also payable upon any repayment. Oxford BioMedica would also pay an additional amount of 0.35% of annual worldwide net revenues for eight years commencing 1 April 2017 for each $5 million of loan drawn down over $30 million. This revenue participation may be retired at any time upon payment of an exit fee. The loan facility is secured on the Group’s assets.

Following drawdown of the first $25 million tranche, the £5.3 million loan facility provided by the Government’s Advanced Manufacturing Supply Chain Initiative (“AMSCI”) will be terminated and the £3.0 million drawn down to date will be repaid. Oxford BioMedica is grateful to AMSCI for the loan facility it provided which enabled the Group to embark on its expansion plans and will continue to work with its collaborators and AMSCI on the project announced in September 2013.

John Dawson, Chief Executive Officer of Oxford BioMedica, commented: “We are very pleased to enter into this agreement with Oberland Capital, one of the leading specialty finance companies in the life sciences sector. With this additional access to capital we can limit shareholder dilution yet invest in our expansion plans in order to fulfil the obligations under our collaboration with Novartis and have financial flexibility for advancements of our own pipeline as well as product acquisitions.” 

Andrew Rubinstein, Managing Partner of Oberland Capital, stated: “We are excited to partner with Oxford BioMedica, a pioneer in the field of gene and cell therapy, The Group’s proprietary lentiviral vector technology platform is a foundational element in the development and manufacture of breakthrough therapies for a wide range of diseases. This investment is representative of Oberland Capital’s focus on providing non-dilutive financing solutions to innovative European life sciences companies.” 


Notes to editors

About Oxford BioMedica

Oxford BioMedica (LSE:OXB) is a leading gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford BioMedica and its subsidiaries (the "Group") have built a sector leading lentiviral vector delivery platform (LentiVector®), which the Group leverages to develop in vivo and ex vivo products both in-house and with partners. The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, ophthalmology and CNS disorders. The Group has also entered into a number of partnerships, including with Novartis, Bioverativ, Sanofi, Axovant, Orchard Therapeutics, Boehringer Ingelheim/UK Cystic Fibrosis Gene Therapy Consortium/Imperial Innovations, GC LabCell and Immune Design, through which it has long-term economic interests in other potential gene and cell therapy products. Oxford BioMedica is based across several locations in Oxfordshire, UK and employs more than 320 people. Further information is available at

For further information please contact

Oxford BioMedica plc

John Dawson, Chief Executive Officer
Stuart Paynter, Chief Financial Officer
Sarah MacLeod, Head of Communications
Tel: +44 (0)1865 783 000

Financial and corporate communications enquiries:
Consilium Strategic Communications
Mary-Jane Elliott/Matthew Neal/Olivia Manser/Laura Thornton
Tel: +44 (0)20 3709 5700