Last checked at 19 May 2010 07:00
OXFORD BIOMEDICA PLC
INTERIM MANAGEMENT STATEMENT
Oxford, UK - 19 May 2010: Oxford BioMedica (LSE: OXB), a leading gene therapy company, today publishes its interim management statement for the period from 1 January to 18 May 2010.
Pipeline update
·; ProSavin®: gene therapy for the treatment of Parkinson's disease
o Third cohort of Phase I/II trial with enhanced surgical procedure initiated
o Recent patient assessments suggest sustained benefit at 24 months from first dose cohort
o 24 month (first dose) and 12 month (second dose) data to be presented at scientific meeting in June 2010
·; Ocular therapies: gene-based treatments targeting debilitating vision loss
o StarGen™ awarded Orphan Drug Designation by US Food and Drug Administration
o UshStat™ awarded Orphan Drug Designation by European Medicines Agency
o RetinoStat® and StarGen™ on track for clinical development in H2 2010
·; TroVax®: therapeutic cancer vaccine
o Preparations for Phase II trial in prostate cancer on track, trial expected to commence H2 2010
Financial review
The Company's net cash1 balance at 31 December 2009 was £25.3 million and, as a result of decisive steps taken to focus resources and reduce underlying operating cash burn, can support its operations through to the beginning of 2012. At 31 March 2010 the Company had a net cash1 balance of £21.3 million. Expenditure and net cash outflow in the subsequent period to 18 May 2010 have been in line with this budget. The Company maintains financial flexibility and continues to be diligent in allocating resources to achieve key milestones within its current cash runway.
Outlook
The Company looks forward to reporting the results from the 12 and 24 month studies of ProSavin at a scientific meeting in June 2010, the initiation of clinical development of RetinoStat® and StarGen™ and the initiation of the Phase II trial for TroVax in prostate cancer later this year. Partnership discussions are ongoing regarding the late stage development of ProSavin and TroVax.
Oxford BioMedica's Chief Executive Officer, John Dawson, commented: "Our gene-based treatments have the potential to change the face of healthcare, but success depends on our ability to manage the dynamic challenges and opportunities of commercialising such innovation. We have set clear development priorities for our in-house programmes that aim to maximise the return from our R&D investment. Collaborations remain a key element of our strategy and we are focused on securing the right transactions with the right partners for our lead programmes. The successful and timely execution of these goals will further enhance the value of Oxford BioMedica and bring us closer to achieving sustainable profitability."
1. Cash, cash equivalents and current financial assets
-Ends-
| For further information, please contact: |
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| Oxford BioMedica plc: John Dawson, Chief Executive Officer Nick Woolf, Chief Business Officer |
Tel: +44 (0)1865 783 000 |
|
JPMorgan Cazenove Limited: James Mitford/ Gina Gibson |
Tel: +44 (0)20 7588 2828 |
|
Media/Financial Enquiries: Emma Thompson/ Rob Newman/ Ben Simons M:Communications |
Tel: +44 (0)20 7920 2345
|
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US Enquiries: Thomas Fechtner The Trout Group LLC |
Tel: +1 (646) 378 2900 |
Notes to editors
1. Oxford BioMedica®
Oxford BioMedica (LSE: OXB) is a biopharmaceutical company developing innovative gene-based medicines and therapeutic vaccines that aim to improve the lives of patients with high unmet medical needs. The Company's technology platform includes a highly efficient gene delivery system (LentiVector®), which has specific advantages for targeting diseases of the central nervous system and the eye; and a unique tumour antigen (5T4), which is an ideal target for anti-cancer therapy. Through in-house and collaborative research, Oxford BioMedica has a broad pipeline and its partners include sanofi-aventis, Sigma-Aldrich and Pfizer. Technology licensees include Biogen Idec, GlaxoSmithKline, Merck & Co and Pfizer. Further information is available at www.oxfordbiomedica.co.uk