Click here to download the full 2010 preliminary results statement.
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Oxford, UK – 2 March 2011: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), a leading gene therapy company, today announces its preliminary results for the year ended 31 December 2010.
- ProSavin®: Parkinson’s disease
-Safety and tolerability endpoints sustained for >2 years, now extended to nine patients
-Two-year Phase I/II data indicate long-term efficacy at lowest (1x) dose level
-Improvements in “ON” time and quality of life, with stable or reduced L-DOPA, in all cohorts to date
-Enhanced administration procedure is safe and reduced surgery delivery time at the 2x dose
-Data Monitoring Committee supports progression to higher (5x) dose level cohort with initial data expected mid-2011
- Ocular gene therapies: partnered with sanofi-aventis
-RetinoStat® IND approval received from the FDA
-StarGen™ CTA and IND dossiers submitted to AFSSAPS and FDA
-First data from RetinoStat® Phase I study expected H1 2012
- TroVax®: cancer
-Phase II study in hormone refractory prostate cancer initiated with initial data expected from mid-2012
-Positive TRIST analyses published in Clinical Cancer Research
-Multiple collaborative studies expected to start in 2011
- Revenue of £11.2 million (2009: £19.1 million including exceptional revenue £10.1 million)
- Research & development costs incl. exceptional items of £19.9 million (2009: £18.3 million)
- Exceptional loss (impairment) of £3.9 million (2009: exceptional profit of £6.0 million)
- Net loss before exceptional items of £6.3 million (2009: £9.5 million)
- Net loss after exceptional items of £10.3 million (2009: £3.5 million)
- Net cash burn2 of £13.0 million (2009: net cash generated2 £3.0 million)
- Net cash3 of £12.3 million (2009: £25.3 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
Post-period end highlights:
- Fundraising of £20 million before expenses, completed on 10 January 2011
- Acquisition of manufacturing facility for £1.9 million, completed in February 2011
John Dawson, Chief Executive Officer at Oxford BioMedica, said: “2010 has been a successful year for Oxford BioMedica and our progress to date underlines the Company’s strong fundamentals. We continue to build the value of our lead programmes and expect key data and milestones over the next 12-18 months for ProSavin®, TroVax® and the ocular products partnered with sanofi-aventis. Thanks to existing and new shareholders we were also able to secure £20 million of funding which will enable us to maximise the opportunities ahead, including the enhancement of our specialist manufacturing processes. With exciting future prospects, we remain committed to driving momentum and delivering value for shareholders.”