Oxford , UK : 3 March 2004 – Oxford BioMedica (LSE:OXB) announced today its preliminary results for the year ended 31 December 2003 :

Financial Highlights:

·     Cash balance at 31 December of £31.8 million (2002: £21.0 million), strengthened by October 2003 rights issue, which raised £20.4 million net of expenses.

·     Revenue increased by 116% to £0.4 million (2002: £0.2 million).

·     Cash burn reduced by 17% to £9.6 million (2002: £11.6 million).

·     R&D expenses unchanged at £10.8 million (2002: £10.8 million). Clinical and preclinical activities boosted by increased sponsorship from charities and government agencies.

·     Loss per share reduced by 15% to 3.9p (2002: 4.6p).

 

Oncology Highlights:

·     TroVax: ongoing monitoring of Phase I/II trials in patients with colorectal cancer shows improved survival correlated with immune response.

·     TroVax: five Phase II trials started or planned. Encouraging initial data from Phase II trial in colorectal cancer alongside chemotherapy.

·     TroVax: Cancer Research UK to fund Phase II trial in colorectal cancer patients with operable liver metastases.

·     TroVax: preparations for pivotal trials underway and progress in partnership discussions.

·     Targeted Antibody Therapy: preclinical milestone achieved in cancer antibody collaboration with Wyeth.

·     MetXia: positive results from second Phase I/II trial confirm proof of principle with improved formulation.

·     MetXia: Phase I rolling into Phase II trial in patients with pancreatic cancer to start in mid 2004.

·     TroVax-Vet: option to license agreement signed with Intervet (a unit of Akzo Nobel).

 

Neurotherapy Highlights:

·     ProSavin: new preclinical data in model of Parkinson’s disease demonstrate compelling efficacy.

·     RetinoStat: vision loss product optimised with proprietary anti-angiogenesis genes.

·     RetinoStat: preclinical funding secured from the US charity Foundation Fighting Blindness.

·     Pipeline: preclinical proof of principle achieved in motor neuron disease, spinal muscular atrophy and spinal injury.

·     LentiVector: research licence for the Company’s LentiVector technology granted to Merck & Co in February 2004.

·     Intellectual property: 13 new patents granted including LentiVector US patent.

 

Board Changes:

·     Nick Rodgers, former head of Life Sciences and Joint Head of Corporate Finance at Evolution Beeson Gregory, has been appointed non-executive director.

·     Andy Allars and Doug Jolly have left the board.

 

Commenting on the results Oxford BioMedica’s Chief Executive, Prof. Alan Kingsman said “I am very pleased to report on the continued progress of the pipeline in 2003. As well as advancing our two clinical cancer products into multiple trials, we have made considerable progress with our neurotherapy portfolio. Our cancer antibody deal with Wyeth took a step forward with the achievement of a key milestone and we have expanded our corporate partnerships since the year end with the addition of Merck & Co as a licensee of the LentiVector technology. The next 12-18 months could see some significant product and commercial news flow as we reach key milestones for our pipeline candidates and seek to secure new collaborations”.

-Ends- 

Please see attached  for the full results and Chairman's and Chief Executive's report. 

Download WORD Doc

 

Notes to editors

1. Oxford BioMedica

 

Oxford BioMedica (LSE: OXB) is a biopharmaceutical company specialising in the development of novel gene-based therapeutics with a focus on the areas of oncology and neurotherapy. The pipeline is focused on the areas of oncology and neurotherapy. The Company was established in 1995 as a spin out from Oxford University , and is listed on the London Stock Exchange.

 

Oxford BioMedica’s products use genes as the mediators of a therapeutic effect and/or immune response. The Company’s gene therapy products deliver therapeutic molecules in vivo whilst its gene-based immunotherapy products deliver genes that recruit the patient’s immune system to mediate a therapeutic effect. The genes are delivered by the Company’s highly engineered viral systems.

 

In addition to its technical expertise in gene delivery, Oxford BioMedica has in-house clinical, regulatory and manufacturing know-how. The development pipeline includes two novel anti-cancer products in clinical trials; and two neurotherapy products in advanced preclinical development for Parkinson’s disease and retinopathy. The Company is underpinned by an extensive preclinical and research portfolio and about 70 patent families, which represents one of the broadest patent estates in the field.

 

The Company has a staff of ~65 split between its main facilities in Oxford and its wholly owned subsidiary, BioMedica Inc, in San Diego , California . Oxford BioMedica has corporate collaborations with Wyeth, Intervet, Merck & Co, Amersham, Arius Research and Kiadis.

 

Further information is available at http://www.oxfordbiomedica.co.uk