On April 28, 2016 Oxford BioMedica plc (LSE: OXB), ("OXB" or "the Group"), a leading gene and cell therapy group, reported its preliminary financial results for the twelve months ended 31 December 2015 (Press release, Oxford BioMedica, APR 28, 2016, View Source [SID:1234511533]).
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OPERATIONAL HIGHLIGHTS (including post-period end):
Strong progress from LentiVector delivery platform
Portfolio review in Q1 2016: focus on OXB-102, OXB-202 and OXB-302
OXB-102: On track for Phase I/II study in Parkinson’s disease
OXB-202: Phase I/II study preparations continued; CTA filing planned for 2016 in corneal graft rejection
OXB-302: pre-clinical data demonstrates efficacy in tumour challenge model (CAR-T 5T4)
OXB-201 safety, tolerability, dose responsive protein expression in eye
Lentiviral vector production volumes increased by 71%
Investment in people, facilities and plant
Headcount increased from 134 to 231
New Yarnton facility operational
Harrow House extension and Windrush Court laboratories currently being validated
Partnerships broadened
Novartis extend beyond CTL019 with second CAR-T product
Immune Design LV305 collaboration extended and new IP licence
GSK acquired IP licence for two rare disease product candidates
Board strengthened
Dr Lorenzo Tallarigo joined as Chairman and Stuart Henderson joins as non-executive Director and Chair of Audit Committee in February 2016 and June 2016, respectively.
FINANCIAL HIGHLIGHTS(1):
28% growth in gross income (2) from £14.7 million to £18.8 million
72% growth in income from process development and bioprocessing from £7.2 million to £12.4 million
Loss and total comprehensive expense for the year £13.0 million (2014: £8.7 million)
£14.9 million cash used in operations (2014: £7.4 million)
£16.7 million capital expenditure (2014: £5.6 million)
£9.4 million cash at 31 December 2015 (2014: £14.2 million); £7.6 million net proceeds from placing in February 2016
Audited financial results
Aggregate of Revenue and Other operating income
Commenting on the financial results, John Dawson, Chief Executive officer of Oxford BioMedica, said:"Oxford BioMedica is ideally placed to capitalise on the rapid progress that is ongoing across the gene and cell therapy sector. We have a unique lentiviral vector delivery platform, LentiVector, based on our intellectual property, expert staff, and state-of-the-art facilities and equipment. This platform is at the core of our business, enabling us to build a leading gene and cell therapy presence with both our own proprietary product candidates and, as the partner-of-choice for other companies operating in the sector, a long term economic interest in an increasing number of partners’ products.
"The outlook for the business is excellent and I look forward to further success in 2016 as we advance our focused in-house pipeline, look forward to progress with our partners’ programmes, and secure further partnerships."