17th Sep 2020 10:43
(Alliance News) - Oxford Biomedica PLC on Thursday said its earnings improved in the first-half, a period labelled as the "busiest" in the company's history and saw it team with AstraZeneca PLC in the drug maker's bid to develop a Covid-19 vaccine.
In the six months to June 30, revenue was 5.9% higher at GBP34.0 million from GBP32.1 million. The gene and cell therapy group's pretax loss slimmed to GBP6.1 million from GBP12.1 million a year earlier.
Chief Executive Officer John Dawson said: "The first six months of the year, continuing into the second half of 2020, have probably been the busiest I have known in my time at Oxford Biomedica, set against the backdrop of one of the most unusual times in our working history. I am incredibly proud of all of the team for truly excelling in these challenging times.
"Oxford Biomedica's position as a world leading Lentiviral vector company continues to grow and since the onset of the Covid-19 pandemic, not only have we signed seven partner/collaboration agreements including a major new agreement with Juno Therapeutics, but we have also grown the underlying bioprocessing and commercial development revenues by 24% and signed two agreements with AstraZeneca for manufacture of their potential Covid-19 vaccine."
In September, the company said AstraZeneca will part with GBP15 million upfront as part of an 18-month supply agreement with Oxford Biomedica.
The deal is part of a three-year master supply and development for Astra's Covid-19 vaccine candidate AZD1222, which the drugmaker is developing alongside Oxford University.
The deal covers the large-scale commercial manufacture of AZD1222, Oxford Biomedica said, and the two may extend the supply period by a further 18 months into 2022 and 2023 should they agree to.
Looking ahead, Oxford Biomedica expects its employee numbers to grow to 650 by the end of the year, from 584 at the end of the first half, bucking the trend of UK companies slashing their headcounts in a bid to save costs amid Covid-19.
Shares in the company were 1.0% higher at 843.00 pence each in London on Thursday morning. They are up 31% so far in 2020.
By Eric Cunha; [email protected]
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