17 March 2017

OXFORD BIOMEDICA PLC - PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016


Oxford, UK: Oxford BioMedica plc (LSE: OXB), (“OXB” or “the Group”) a leading gene and cell therapy group, today announces preliminary results for the twelve months ended 31 December 2016.

HIGHLIGHTS (INCLUDING POST-PERIOD END)

OPERATIONAL

Leading LentiVector® delivery platform for gene and cell therapy partnerships

  • Novartis collaboration progressing well with blockbuster potential product CTL019 close to market and second undisclosed CAR-T programme
  • Strategic alliance established with Orchard Therapeutics to develop and supply lentiviral vectors for ex vivo treatments
  • Immune Design collaboration expanded, including licence to use lentiviral vector-based products for in vivo treatments for cancer
  • New R&D collaboration with Green Cross LabCell focused on gene modified natural killer (NK) cell-based therapies
  • 200 litre bioreactor production process established at commercial scale with potential to increase yield substantially and reduce cost of a patient dose
  • Transgene Repression In Vector Production (TRiP) system developed to enhance the production titres of a broad range of gene therapy vectors 

State-of-the-art bioprocessing and laboratory facilities

  • Major capacity expansion completed
  • MHRA approval granted for GMP vector manufacture
  • Vector production volume increased by 54% compared with 2015 

Progress with proprietary product development

  • Ground-breaking long-term results seen from follow-up studies of patients treated with OXB-101 (for Parkinson’s disease) and OXB-201 (for wet AMD)
  • OXB-102 (for Parkinson’s disease) and OXB-202 (for corneal graft rejection) ready to start Phase I/II studies following out-licensing / spin out
  • OXB-302 (for solid cancer tumours) pre-clinical proof-of-concept achieved and ready for further development following out-licensing / spin out
  • SAR422459 (licensed to Sanofi for Stargardt disease) in Phase II development 

FINANCIAL

  • Gross income (1) increased by 64% to £30.8 million (2015: £18.8million)
  • Operating expenses excluding depreciation and amortisation and share based payments increased by 4% to £26.1 million (2015: £25.1 million)
  • EBITDA loss reduced to £7.1 million (2015: £12.1 million)
  • EBITDA loss in second six months reduced to £1.9 million (2015: £4.7 million)
  • Operating loss £11.3 million (2015: £14.1 million)
  • Net cash used in operating activities reduced to £5.1 million (2015: £13.1 million)
  • Capital expenditure £6.5 million (2015: £16.7 million)
  • Cash of £15.3 million (31 December 2015: £9.4 million) including $10 million (£8.1 million) ring-fenced under Oberland loan agreement
  • Fundraising of £17.5 million net

(1) Gross income is the aggregate of revenue (£27.8 million) and other operating income (£3.0 million) (2015: £15.9 million and £2.9 million respectively)

CORPORATE

  • Tim Watts, Chief Financial Officer, will leave the Board and the Group in September 2017.  His successor, Stuart Paynter, will join the Group in August 2017.  

“Oxford BioMedica has a world-leading lentiviral vector delivery (LentiVector®) platform for gene and cell therapy which is becoming the platform of choice for lentiviral vector products. With state-of-the-art bioprocessing and laboratory facilities our gross income is growing rapidly and, as the manufacturer of the lentiviral vector for Novartis’ blockbuster-potential therapy CTL019, we look forward to the product’s launch as the Group will benefit from supplying the viral vector and a royalty on CTL019’s sales. Beyond Novartis, we have added new revenue-generating partnerships and collaborations during 2016 which are progressing well and are confident we can add further relationships during 2017. The process to spin-out or out-license our priority product development candidates is well underway and I am optimistic we will have success with this in 2017. We will continue to invest in our platform technology in order to consolidate our leadership position and in our gene and cell therapy product concepts so that we exploit our LentiVector® platform to the full.”

John Dawson

Oxford BioMedica’s Chief Executive Officer

Conference call for analysts

A briefing for analysts will be held at 9:30am GMT today at 85 Gresham Street, London, EC2V 7NQ.  There will be a simultaneous live conference call with Q&A and the presentation will be available on the Group’s website at www.oxfordbiomedica.co.uk.

Please visit the website approximately 10 minutes before the conference call to download the presentation slides.  Conference call details:

Participant dial-in: 08006940257 International dial-in: +44 (0) 1452 555566 Participant code: 89005113

An audio replay file will be made available shortly afterwards via the Group's website: www.oxfordbiomedica.co.uk

For further information, please contact:

Oxford BioMedica plc
Tel: +44 (0)1865 783 000
John Dawson, Chief Executive Officer Tim Watts, Chief Financial Officer 

Financial PR Enquiries:  
Tel: +44 (0)20 3709 5700
Mary-Jane Elliott / Matthew Neal / Chris Welsh / Laura Thornton Consilium Strategic Communications

Jefferies (Corporate Broker):
Tel: +44 (0)20 7029 8000
Gil Bar-Nahum
Simon Hardy
Lee Morton
Max Jones
Nicholas Moore

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, GSK, Orchard Therapeutics 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 250 people. Further information is available at www.oxfordbiomedica.co.uk.

Disclaimer

This press release contains "forward-looking statements", including statements about the discovery, development and commercialisation of products. Various risks may cause Oxford BioMedica's actual results to differ materially from those expressed or implied by the forward-looking statements, including adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. Oxford BioMedica disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 *** FOR FULL STATEMENT PLEASE SEE ATTACHED PDF DOCUMENT ***

Download Pdf


Back to previous page