PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013

9 April 2014

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Oxford, UK – 10 April 2014: Oxford BioMedica plc (“Oxford BioMedica” or “the Company”) (LSE: OXB), the leading gene-based biopharmaceutical company, today announces its preliminary results for the year ended 31 December 2013.

OPERATIONAL HIGHLIGHTS:

  • LentiVector® platform becoming established as leading technology in gene and cell therapy

    • Providing development services and manufacturing clinical grade material to Novartis for personalised T-cell therapy CTL019 programme

    • GSK option for non-exclusive license under LentiVector® platform technology patents for up to six orphan diseases

  • Key positive developments with ocular programmes 

    • Pre-clinical proof-of-concept studies for Glaucoma-GT with Mayo Clinic reported positive outcome

    • Successful resolution of impurity issue that caused a voluntary and temporary suspension to clinical trials

  • Parkinson’s disease candidate shows greater potency

    • Efficacy arm of OXB-102 non-clinical programme successfully completed, toxicology study continues

    • Analysis indicates OXB-102 at least five-fold more potent than ProSavin®

  • Manufacturing capabilities integrated into commercial strategy

    • Starting to grow profitable revenues from manufacturing and development services

  • Significant awards to fund product and manufacturing development

    • £1.8 million in grant funding from UK Government’s Technology Strategy Board to support next development phase of EncorStat®

    • £7.1 million grant and loan package awarded by Government’s Advanced Manufacturing Supply Chain Initiative

  • 5T4 tumour antigen technology developed further

    • Three investigator-led Phase II TroVax® studies now underway

    • US$1 million milestone payment received from Pfizer, triggered by entry into human clinical trials

  • Post period-end

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

    • Regained rights to EncorStat® in exchange for licensing broader indications to Sanofi for StarGen™ and UshStat®

    • Completed patient recruitment into RetinoStat® Phase I trial

FINANCIAL HIGHLIGHTS1:

  • Revenue of £5.4 million (2012: £7.8 Million)

  • Research & development costs of £13.8million (2012: £14.0 million)

  • Loss for the year of £12.8 million (2012: £10.5 million)

  • Net cash burn2 of £11.9 million (2012: £10.5 million)

  • £5 million loan facility agreed with our largest shareholder Vulpes Life Sciences Fund

  • Net cash3 of £2.2 million (2012: £14.1 million)

1 Audited financial results

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

3 Cash, cash equivalents and available for sale investments

John Dawson, Chief Executive Officer at Oxford BioMedica, said: “2013 was a challenging year but Oxford BioMedica operationally is now in its strongest position ever. The Company made solid progress throughout the pipeline, notwithstanding the challenge we faced when we voluntarily suspended our clinical studies for five months. Our platform is now truly unique comprising LentiVector® gene delivery technology know-how, IP and manufacturing and it underpins our own product candidate programmes. 

“The growing income from our development and manufacturing activities alongside our in-house development pipeline development provides us with a leading position in the delivery of gene therapy solutions. Building upon the deals signed with GSK and Novartis in 2013, we plan to make significant strides towards developing our emerging revenue generating business opportunity by providing high-margin development and manufacturing services that will, over time, allow us to reduce our cash burn significantly.

“We will build on these substantial operational achievements in 2014 and are excited about the current buoyancy in our sector which is providing us with confidence that we will be able to deliver value back to shareholders.” 

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