13th Mar 2015 10:02
LONDON (Alliance News) - Oxford Biomedica PLC on Friday posted a narrowed loss for 2014 as its revenue was boosted by payments received from Swiss drugmaker Novartis AG and from higher manufacturing revenue.
The pharmaceutical company said its pretax loss for the year was GBP10.8 million, compared to a GBP12.8 million loss a year earlier.
Revenue increased to GBP13.6 million from GBP5.4 million, with licensing revenue surging up to GBP5.1 million from GBP1 million, primarily from the GBP4.8 million in upfront payments received from Swiss drugmaker Novartis AG on the LentiVector gene delivery system platform.
Manufacturing revenue also rose, up to GBP7.7 million from GBP2.6 million, on the back of the provision of manufacturing and process development services to third parties, the company said.
Research and development costs increased to GBP17 million from GBP13.8 million in the year. The company currently has four clinical programmes in active development, with two other products being prepared for phase two and three trials.
"2014 was a transformational year for the group due largely to the signature of our major contract with Novartis. This second contract with Novartis further validated the strength of our lentivector IP and our associated manufacturing expertise. The deal also gave us a significantly strengthened financial position and so now the group has a highly promising future," said Chief Executive John Dawson.
Shares in Oxford Biomedica were up 4.2% to 10.24 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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