13th May 2014 12:49
LONDON (Alliance News) - Oxford BioMedica PLC Tuesday said that it has enough cash to sufficiently fund the current level of activities into the third quarter, but it is currently exploring a range of options to strengthen its financial position.
The biopharmaceutical company specialising in the development and commercialisation of innovative gene-based medicines, said that its efforts over the next few months will be focused on building and extending its relationship with Novartis International AG in support of its CTL019 therapy, preparing for the clinical studies for EncorStat and OXB-102, and determining the optimal course for RetinoStat to treat age-related macular degeneration.
Earlier this year, Oxford BioMedica concluded the terms of the development and commercialisation licence agreement with its partner Sanofi to develop the novel gene-based medicines for the treatment of ocular diseases, StarGen and UshStat. As part of the licence, Sanofi was granted broadened global rights across all ocular disease indications for StarGen and UshStat and, in return, Oxford BioMedica regained the worldwide rights to EncorStat, a treatment for corneal graft rejection.
The company signed deals with both Novartis International AG and GlaxoSmithKline PLC last year for its LentiVector gene delivery technology platform.
"Oxford BioMedica is now in its strongest ever operational position. This is due to its leading LentiVector development pipeline and specialist LentiVector manufacturing capabilities, in addition to the strength of its intellectual property in the rapidly expanding Lentivector environment," said Chief Executive John Dawson in a statement.
"We look forward to rectifying the cash position and I am confident that we will go on to build a substantial and sustainable gene and cell therapy business," said Dawson.
Oxford BioMedica shares were trading 2.4% lower Tuesday afternoon, at 2.03 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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