19th Mar 2020 10:59
(Alliance News) - Oxford Biomedica PLC said Wednesday that Lorenzo Tallarigo will step down as chair after four years in the role once a replacement can be found.
The gene and cell therapy company also said it has signed a new licence and clinical supply agreement with Juno Therapeutics Inc, part of Bristol-Myers Squibb Co. The deal grants Juno a non-exclusive license to Oxford Biomedica's LentiVector platform for its application in oncology programmes.
Oxford Biometrics will receive a USD10 million upfront payment in cash and potentially up to USD86 million more upon development and regulatory milestones being achieved. It also will receive up to USD131 million in sales-based milestone payments and a royalty on net sales of products sold by Juno using the LentiVector platform.
Oxford Biometrics said 2019 revenue is expected to have been USD65 million, slightly down on 2018, while operating earnings before interest, tax, depreciation and amortisation are expected to have shown a low single-digit loss for the second half of 2019, after a GBP1.4 million Ebitda loss in the first half.
The company said operating cash outflow during 2019 was GBP7 million, and it ended the year with GBP16 million in cash. Since then it strengthen its balance sheet with a GBP53.5 million equity investment by Novo Holdings AS, which now has a 10% stake.
Oxford Biomedica said doesn't expect to experience significant supply issues due to the Covid-19 pandemic.
It will announce its full 2019 results on April 23.
The stock was up 2.6% on Thursday in London at 433.94 pence. However it is down 36% so far in 2020.
By Tom Waite; [email protected]
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