1st Feb 2022 08:51
(Alliance News) - Oxford Biomedica PLC on Tuesday said that Sio Gene Therapies intends to cease work on their gene therapy programme deal for Parkinson's disease.
The Oxford, England-based gene and cell therapy company explained that New York-based Sio plans to return the global rights for AXO-Lenti-PD.
Furthermore, the New York-based pharmaceutical company intends to cease work on the gene therapy programme in Parkinson's disease.
This follows the firm's announcement from yesterday about the resignation of its chief executive, Oxford Biomedica explained.
In the announcement, Sio also stated a "constraint on resource requirements", which have caused it to deprioritise the programme.
Oxford Biomedica anticipates the impact on revenue to be "negligible" over the coming 24 months at least, as no financial milestones were expected in the short and medium-term.
For this reason, the company does not plan to invest in the development of this "non-core" asset and will out-license it again "in due course."
The asset will be passed on to a suitable partner with resource capabilities and funding to further develop, it continued.
"Following our announcement on Friday, Oxford Biomedica's goal is to become an innovative global viral vector leader that provides solutions to cell and gene therapy for their process development and manufacturing needs across key viral vectors. The Parkinson's programme is non-core to our strategy," Interim Chief Executive Roch Doliveux said.
Shares in Oxford Biomedica were up 2.6% at 865.74 pence each on Monday morning in London.
By Abby Amoakuh; [email protected]
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