28th Apr 2016 08:37
LONDON (Alliance News) - Oxford Biomedica PLC on Thursday said its pretax loss widened in 2015 despite revenue growing as it ramped up research and hiring spend.
The gene and cell therapy research and development business said its pretax loss for the year to the end of December was GBP17.0 million, compared to a GBP10.8 million loss made a year earlier.
Revenue grew to GBP15.9 million from GBP13.6 million, but this was offset by higher R&D spending and higher administrative costs as it expanded its workforce to 231 from 134.
Oxford Biomedica said it has seen continued progress from its LentiVector gene delivery system platform. It also broadened partnerships with drugmakers Novartis AG and GlaxoSmithKline PLC over the course of the year, with Glaxo acquiring an intellectual property licence for two rare disease products in October.
"The outlook for the business is excellent, and I look forward to further success in 2016 as we advance our focused in-house pipeline, look forward to progress with our partners' programmes, and secure further partnerships," said Chief Executive John Dawson.
Shares in Oxford Biomedica were down 1.0% to 5.99 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Oxford Biomedica