|
| |
Oxford BioMedica Receives Further Investment Under Agreement Led by the
Foundation Fighting Blindness
Oxford, UK – 5 February 2009: Oxford BioMedica (LSE:OXB), a leading gene
therapy company, announced today that a planned further investment of US$250,000
has been made in the company under the collaboration agreement with the
Foundation Fighting Blindness (FFB) through its translational research arm the
National Neurovision Research Institute (NNRI). The investment, which originated
from Paul Manning, a director of the NNRI, is supporting the continuing
development of StarGen™. StarGen is Oxford BioMedica’s novel gene therapy, which
uses the LentiVector® technology to deliver a corrected version of a gene that
is mutated in patients with Stargardt disease, the most common juvenile
degenerative retinal disease.
Under the original collaboration agreement announced on 2 October 2006, the FFB
and a consortium of investors are committed to invest up to US$3.9 million in
the StarGen programme, by subscribing to new Ordinary Shares in Oxford BioMedica.
The share subscriptions will be made in stages and priced at a 10% premium to
the market price at the time of investment.
“StarGen holds promise for being a highly effective treatment for people
affected by recessive Stargardt disease, many forms of cone-rod dystrophy, and
other retinal degenerative diseases caused by variations in the ABCA4 gene,”
said Stephen Rose, Ph.D., Chief Research Officer, Foundation Fighting Blindness.
“These diseases cause substantial vision loss, often at an early age, and there
are virtually no treatments available for them. StarGen holds promise for
changing the lives of the hundreds of thousands of people affected by these
vision-robbing conditions and we would like to thank Paul and Diane Manning for
their continued support.”
StarGen has shown preclinical efficacy in the only available model of Stargardt
disease. A single administration was effective for the duration of the six-month
study. Further preclinical development is ongoing or beginning at multiple sites
in the USA, including Columbia University, Yerkes Research Center at Emory
University and Oregon Health and Science University.
With a crucial need for Stargardt disease treatments and the access to patients
through national patient organisations, such as the FFB, StarGen could be
commercialised effectively with a small specialist sales force. The disease also
qualifies for orphan status, which provides financial, marketing, and
drug-approval benefits. Depending on resources, Oxford BioMedica could
commercialise the product on its own, but the Company is also evaluating
opportunities with its US collaborators to partner or spin-out the StarGen
programme with its other orphan ocular product opportunities.
Following the investment announced today, the Company has allotted and issued
2,209,042 new Ordinary Shares at 7.95pence per share. The new shares rank pari
passu in all respects with Oxford BioMedica’s existing Ordinary Shares.
Application will today be made to the UK Listing Authority and to the London
Stock Exchange for the new shares to be admitted to the Official List. Admission
is expected to become effective and dealings in the new shares are expected to
commence on 10 February 2009.
Commenting on the news, Oxford BioMedica’s Chief Executive, John Dawson said:
"We are delighted to have the continued support of the Foundation Fighting
Blindness for the development of StarGen in Stargardt disease. Since there are
no available treatments for this disease of juvenile onset, StarGen is
addressing an important medical need. It also has potential to treat cone-rod
dystrophy and certain types of the dry form of macular degeneration, where the
same mutant gene plays a role. These indications would significantly expand the
market opportunity for StarGen.”
-Ends-
For further information, please contact:
Oxford BioMedica plc:
John Dawson, Chief Executive Officer
Tel: +44 (0)1865 783 000
JPMorgan Cazenove Limited:
James Mitford/ Gina Gibson
Tel: +44 (0)20 7588 2828
City/Financial Enquiries:
Lisa Baderoon/ Mark Court/ Mary-Jane Johnson Buchanan Communications
Tel: +44 (0)20 7466 5000
Scientific/Trade Press Enquiries:
Katja Stout/ Holly Griffiths/ John McIntyre
College Hill Life Sciences
Tel: +44 (0)20 7457 2020
US Enquiries:
Thomas Fechtner
The Trout Group LLC
Tel: (646) 378 2900
Notes to editors
1. Oxford BioMedica
Oxford BioMedica (LSE: OXB) is a biopharmaceutical company specialising in
cancer immunotherapy and gene-based therapies. The Company was established in
1995, as a spin-out from Oxford University, and is listed on the London Stock
Exchange. The Company has a platform of gene delivery technologies, which are
based on highly engineered viral systems, and a broad development pipeline.
Oxford BioMedica’s lead product candidates are TroVax®, a therapeutic vaccine
for multiple solid cancers, in Phase III development in collaboration with
sanofi-aventis; and ProSavin®, a novel gene-based treatment for Parkinson’s
disease, in Phase I/II development. The Company is underpinned by over 80 patent
families, which represent one of the broadest patent estates in the field.
Oxford BioMedica has collaborations with sanofi-aventis, Wyeth, Sigma-Aldrich,
MolMed and Virxsys. Technology licensees include Biogen Idec, Merck & Co,
GlaxoSmithKline and Pfizer. Further information is available at
www.oxfordbiomedica.co.uk
2. StarGen™
StarGen is a novel gene-based therapy for the treatment of Stargardt disease.
The disease is caused by a mutation of the ABCR gene which leads to the
degeneration of photoreceptors in the retina. StarGen uses the Company’s
LentiVector system to deliver a corrected version of the ABCR gene. A single
administration of the product directly to the retina could provide long-term or
potentially permanent correction.
3. Stargardt disease
Stargardt disease is the most common juvenile degenerative retinal disease with
a US and EU population of approximately 50,000 cases and an incidence of
1/10,000 (600 new cases/year). Age of onset is typically 8-12 years with
severely decreased visual acuities developing within nine years of onset.
Presentation includes increased blind spots and reduced ability to adapt to dark
after sunlight exposure.
4. The Foundation Fighting Blindness
The Foundation Fighting Blindness, Inc. (FFB) is the largest source of
non-governmental funding for retinal degenerative disease research in the world.
The urgent mission of FFB is to drive the research that will provide
preventions, treatments and cures for people affected by retinitis pigmentosa,
macular degeneration, Usher syndrome, and the entire spectrum of retinal
degenerative diseases. The Foundation has funded thousands of research studies
at hundreds of prominent institutions. The Foundation funds leading-edge
research in promising areas such as genetics, gene therapy, retinal cell
transplantation, artificial retinal implants, and pharmaceutical and nutritional
therapies. Since its inception in 1971, the Foundation has raised over US$350
million. FFB is ranked as a “Top-Rated” charity by the American Institute of
Philanthropy and was named one of Worth Magazine’s “100 Best Charities.” Further
information is available at
www.fightblindness.org
5. The National Neurovision Research Institute
The mission of the National Neurovision Research Institute (NNRI) is to
accelerate the translation of laboratory based research into clinical trials for
treatments and cures of retinal degenerative diseases.
NNRI is a newly established non-profit entity, a support organization of the
Foundation Fighting Blindness (FFB). The mission of the NNRI is to accelerate
the translation of laboratory based research into clinical trials for treatments
and cures of retinal degenerative diseases. It is a medical research institute
that will obtain support from government agencies, corporations and private
foundations. It may also receive royalties or licensing fees from the drug
discovery processes and commercialization of new therapies. Further information
is available at www.nnri.info/index.htm
| |
|
