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Oxford, UK – 13 May 2014: Oxford BioMedica plc (LSE: OXB), (“the Company”) the leading gene based biopharmaceutical company, today publishes its interim management statement for the period 1 January to 12 May 2014.
OPERATIONAL HIGHLIGHTS
LentiVector® platform product development
Ocular portfolio
• RetinoStat® Phase I trial fully recruited with indicative results expected towards the end of 2014
• OXB regained the worldwide rights to RetinoStat®, a treatment for wet age-related macular degeneration (“Wet AMD”), following the decision by Sanofi to reprioritise its pipeline. Sanofi confirmed that the decision regarding RetinoStat® was not data-driven and on return of the product they confirmed that it has the potential to be an effective treatment for Wet AMD. Oxford BioMedica has received significant interest from third parties in this product
• OXB and Sanofi completed the licence agreement under which Sanofi will develop and commercialise StarGen™ and UshStat®
• OXB regained the worldwide rights to EncorStat®, a treatment for corneal graft rejection, which will be developed in a Phase I/II study at the Moorfields Eye Hospital, London, facilitated by a previously announced Technology Strategy Board grant of £1.8 million. Recruitment is expected to start in 2015
OXB-102 / ProSavin®
• OXB awarded £2.2 million grant from the Technology Strategy Board, under the Biomedical Catalyst funding programme, to fund a Phase I/II clinical trial of OXB-102 in Parkinson’s disease patients
• Publication of results from the previously reported ProSavin® Phase I/II study in patients with advanced Parkinson’s disease (“PD”) in The Lancet demonstrated a favourable safety profile and a significant improvement in motor function relative to baseline at six and 12 months
LentiVector® platform revenues
• Provision of development services and manufacturing now established as part of the commercial strategy and profitable revenues are being generated from these services
• Work is continuing with Novartis on its CTL019 programme using the OXB LentiVector®gene delivery technology.
FINANCIAL REVIEW
In the period covered by this statement, the Company has continued to generate revenues from the emerging development services and manufacturing business that was highlighted in the 2013 preliminary results and the 2013 Annual Report. In line with previous guidance, the Directors estimate that the cash held by the Group, including known receivables and future funding available under the Vulpes loan facility, will be sufficient to support the current level of activities into the third quarter of 2014.
OUTLOOK
The Company’s efforts over the next few months will be focussed on building and extending its relationship with Novartis in support of its CTL019 therapy, preparing for the clinical studies for EncorStat® and OXB-102, and determining the optimal course for RetinoStat®. The Board and management are also exploring a range of options to strengthen the Company’s financial position.
John Dawson, Chief Executive Officer of Oxford BioMedica, said: “Consistent with what we highlighted in our recent 2013 preliminary results, Oxford BioMedica is now in its strongest ever operational position. This is due to its leading LentiVector® development pipeline and specialist LentiVector® manufacturing capabilities, in addition to the strength of its intellectual property in the rapidly expanding Lentivector® environment. We look forward to rectifying the cash position and I am confident that we will go on to build a substantial and sustainable gene and cell therapy business.”
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