INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014

27 August 2014

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Oxford, UK – 28 August 2014: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), a world-leading gene and cell therapy company, today announces its unaudited interim results for the six months ended 30 June 2014.

HIGHLIGHTS

OPERATIONAL:

  • LentiVector® manufacturing and process development

Novartis development and manufacturing collaboration:

    • £3.6 million revenues generated in H1 2014; total revenues now exceed £5 million

AMSCI project gathering momentum:

    • Design phase for additional capacity at the manufacturing site nearing completion

  • LentiVector® Product Development: 

Ocular programmes:

    • RetinoStat® patient recruitment and dosing completed; patients now in follow-up phase

    • StarGen™ and UshStat® licensed to Sanofi and Phase I/IIa studies fully handed over

    • EncorStat® Phase I/II study being planned

CNS programmes:

    • ProSavin® Phase I/II study results published in The Lancet

    • £2.2 million Technology Strategy Board grant secured for OXB-102 Phase I/II study

FINANCIAL1:

  • Revenue of £4.7 million (H1 2013 £2.1 million), including £3.6 million from Novartis collaboration

  • Research & Development costs of £6.9 million (H1 2013 £6.8 million)

  • Net loss of £4.8 million (H1 2013 £5.9 million)

  • Net cash burn2 reduced to £5.0 million (H1 2013 £7.3 million)

  • Successful fundraise of £20.1 million net of expenses in June 2014

  • Net cash3 at 30 June 2014 of £18.3 million (31 December 2013: £2.2 million)

  • Repayment in full of the amount drawn down from the £5 million secured loan facility agreement with the Vulpes Life Sciences Fund

POST PERIOD END HIGHLIGHTS:

  • Paul Blake appointed as Chief Development Officer, having served as a non-executive director of the Company since January 2010

  1. Unaudited results

  2. Net cash used in operating activities plus sales and purchases of non-current assets

  3. Cash, cash equivalents and available for sale investments

John Dawson, Chief Executive Officer of Oxford BioMedica, said: “Oxford BioMedica is now a sector-leader within the internationally attractive gene and cell therapy space and our operations are progressing extremely well. Our business model now encapsulates three strands: an unrivalled portfolio of gene therapy products in development; LentiVector® license agreements based on our strong IP and gene delivery system; and revenues from third-party manufacturing & development services. Our platform and strategy is well-validated by our collaborations with Sanofi, Novartis, GSK and Pfizer and our significant recent funding round endorsed this further. Our strategy is to use our model to reach cash-flow break even and we are very well-placed to deliver significant near-term value creation for shareholders.”

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