28th Aug 2014 09:34
LONDON (Alliance News) - Oxford Biomedica PLC said Thursday narrowed its pretax loss in the half year to end-June, as it continued to move towards begin a more commercially-oriented business.
The company posted a pretax loss of GBP5.6 million, narrowed from GBP6.7 million, as revenue rose to GBP4.7 million from GBP2.1 million, although this was offset by higher cost of sales. Of the revenue, GBP3.6 million came from its collaboration with Switzerland's Novartis AG, and a further GBP900,000 from its collaboration with France's Sanofi SA.
Oxford Biomedica raised GBP2.1 million in June, and said it also has drawn down GBP1.0 million of the GBP5.3 million available to it under the UK government's Advanced Manufacturing Supply Chain Initiative, and GBP1.5 million of the GBP5 million loan facility from the Vulpes Life Sciences Fund.
This GBP1.5 million was fully repaid following the fund raise, and the loan facility was cancelled.
Oxford Biomedica said that, having strengthened its balance sheet, it is aiming to build on its relationship with Novartis in the second half, and continue to grow revenues from its manufacturing and process development services to offset cash burn.
It also plans to accelerate its Advanced Manufacturing Supply Chain Initiative programme, which it said will lead to a "significant increase" to its manufacturing capabilities over the next 18 to 24 months.
"Our strategy is to use our model to reach cash-flow break even, and we are very well-placed to deliver significant near-term value creation for shareholders," said Chief Executive John Dawson in a statement.
Shares in Oxford Biomedica were trading down 4.00% at 3.60 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Oxford Biomedica