Oxford Biomedica plc preliminary results for the year ended 31 December 2018

14 March 2019

Delivery of dual strategy leads to strong financial growth

Oxford, UK – 14 March 2019: Oxford Biomedica plc (LSE: OXB), (“OXB” or “the Group”), a leading gene and cell therapy group today announces preliminary results for the year ended 31 December 2018.


• Gross income increased by 72% to £67.9 million (2017: £39.4 million)

• Revenue increased by 78% to £66.8 million (2017: £37.6 million)

• Adjusted operating expenses increased by 38% to £31.7 million (2017: £22.9 million)

• Operating EBITDA of £13.4 million (2017: Operating EBITDA loss of £1.9 million)

• Licence income of £18.3 million (due to Axovant Sciences and Bioverativ deals), segmented by Product (£10.2 million) and Platform (£8.1 million)

• £6.0 million gain recognised on revaluation of investment in Orchard Therapeutics

• Cash inflow before financing activities of £2.8 million (2017: £1.0 million)

• Cash at 31 December 2018 of £32.2 million (31 December 2017: £14.3 million), reflecting significantly improved trading performance and placing to raise £20.5 million (gross)

• Gross proceeds of £20.5 million raised from new and existing investors through a placing to fund the proposed expansion and fit-out of the additional bioprocessing facilities at a new facility in Oxford, UK. Capital expenditure increased to £10.8 million (2017: £2.0 million)

• £5 million capital expenditure grants received from Innovate UK to support the UK’s efforts to produce viral vectors and ensure adequate supply to service expected demand

• Share consolidation completed in May 2018 to reduce the number of issued ordinary shares in  Oxford Biomedica by a factor of 50

OPERATIONAL HIGHLIGHTS (including post period-end events)

Novartis’ commercialised product Kymriah® 
• Kymriah approved by the US Food and Drug Administration for the treatment of relapsed and refractory B-cell diffuse large B-cell lymphoma (r/r DLBCL), the second indication in the US

• The European Commission, Health Canada and the Therapeutic Goods Administration of Australia also approved Kymriah for the treatment of children and young adults with r/r B-cell acute lymphoblastic leukaemia (r/r ALL) and adult patients with r/r/ DLBCL

• NHS England announced that Kymriah will be made available to children and young adults in England and the first patients have now been treated

LentiVector® delivery platform for gene and cell therapy partnerships
• $105 million collaboration and licence agreement signed with Bioverativ (now part of Sanofi) to access Oxford Biomedica’s LentiVector® platform and manufacturing technologies in the field of haemophilia

Partnership formed with the UK Cystic Fibrosis Gene Therapy Consortium, Boehringer Ingelheim and Imperial Innovations to develop a novel inhaled gene therapy for cystic fibrosis

Proprietary product development
$842.5 million exclusive worldwide agreement signed with Axovant Sciences (now Axovant Gene Sciences) for OXB-102 (now known as AXO-Lenti-PD) for the treatment of Parkinson’s disease

Phase 1/2 clinical study for AXO-Lenti-PD began and patients from the first dose cohort have been treated. Based on initial feedback from members of the DMC received in March 2019, Axovant Sciences plans to proceed to the second dose cohort.

• Three proprietary OXB assets selected to advance from research through pre-clinical development: OXB-204 and OXB-208 target inherited retinal diseases, while OXB-201 is in development for the treatment of amyotrophic lateral sclerosis (ALS)

Capacity building
• Signed a fifteen year lease on a new 84,000 sqft (7,800 sqm) manufacturing facility in Oxford, close to Oxford Biomedica’s Windrush Court headquarters. Offices and warehousing are now in operation, with the additional GMP suites expected to be operational in 2020

• Signed a lease on an additional 32,000 sqft (2,975 sqm) discovery and innovation facility next to Windrush Court. The facility will bring together a multidisciplinary team of researchers, automation, bioprocessing and process development experts to drive innovations that will lead to new scientific and technical advances to support our pipeline and our platform

• Formed a £4 million digital framework initiative, supported by a £2 million grant from Innovate UK, the UK’s innovation agency, to build digital and robotics capabilities designed to drive improvements in analytical methodology, supply times and cost of goods. Announced an R&D collaboration with Microsoft in March 2019 to support the initiative

 John Dawson, Chief Executive Officer of Oxford Biomedica, said:
“Oxford Biomedica is at the centre of a burgeoning industry in which life-changing, curative treatment has become a therapeutic reality. In the past year, alongside landmark regulatory approvals and launches in the sector, we have seen our strategy delivering with significant revenue-generating deals for both our platform and our products, and we continue to scale our capacity to meet the expected demand from future growth. We are confident that our focus on platform development, pipeline enhancement, technology innovation and operational delivery puts us on the right trajectory to capitalise on our market leading position.”

Analyst briefing
A briefing for analysts will be held at 12:00 GMT (8:00 ET) on 14 March 2019 in the Guildhall Room at 85 Gresham Street, London, EC2V 7NQ. There will be a simultaneous live conference call.

Dial-in details are:
UK dial-in:                +44 (0) 20 3009 5710
US dial-in:                +19177200178
Participant code:     1495518

A live webcast of the presentation will be available on Oxford Biomedica’s website at https://edge.media-server.com/m6/p/gsavmhjg

Read the Oxford Biomedica plc preliminary results for the year ended 31 December 2018 in full:
• London Stock Exchange website RNS
• Download PDF here


Oxford Biomedica plc
John Dawson, Chief Executive Officer
T: +44 (0)1865 783 000

Stuart Paynter, Chief Financial Officer
T: +44 (0)1865 783 000

Catherine Isted, Head of Corporate Development & IR
T: +44 (0)1865 954 161 / E: ir@oxb.com

Sarah MacLeod, Head of Communications
T: +44 (0)7747 602 739 / E: media@oxb.com

Consilium Strategic Communications
Mary-Jane Elliott/Matthew Neal
T: +44 (0)20 3709 5700

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, Sanofi, Bioverativ (now part of Sanofi), Axovant Sciences (now Axovant Gene Therapies), Orchard Therapeutics, Boehringer Ingelheim, the UK Cystic Fibrosis Gene Therapy Consortium and Imperial Innovations, 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 430 people. Further information is available at www.oxb.com