On March 16,2017 Oxford BioMedica plc (LSE: OXB), ("OXB" or "the Group") a leading gene and cell therapy group, reported preliminary results for the twelve months ended 31 December 2016 (Press release, Oxford BioMedica, MAR 16, 2017, View Source [SID1234518197]).
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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
– 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.
Commenting on the Group’s 2016 full year results, John Dawson, Oxford BioMedica’s Chief Executive Officer, said:
"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."