10th Apr 2014 11:13
LONDON (Alliance News) - Oxford Biomedica PLC Thursday posted a widened pretax loss for 2013, as revenue wound down from its long-term collaboration with Sanofi S.A, although the company expressed confidence for 2014 as it looks to shift towards a more self-sustaining model.
Oxford Biomedica posted a pretax loss of GBP12.8 million, widened from a pretax loss of GBP10.3 million, as revenue declined to GBP5.4 million from GBP7.8 million but sales costs increased.
Revenue was hit by the company's product collaboration with Sanofi coming to an end. However, the company signed deals with both Novartis International AG and GlaxoSmithKline PLC during the year for its LentiVector gene delivery technology platform.
The company is looking to shift towards being financially self-sustaining, using its LentiVector platform to drive revenue. It plans to establish a high-margin development and manufacturing service which will allow it to reduce its cash burn significantly over time, it said.
This also meant that sales costs increased as the company shifted its focus, although research and developments costs were lower.
Additionally, the company voluntarily suspended its clinical studies for five months in June as a precautionary measure whilst it investigated a potential impurity. These have since resumed.
Oxford BioMedica continued to make progress across its portfolio, saving it currently has seven named product candidates at various stages of development. It has completed recruitment for patients in its Phase I study for RetinoStat to treat age related macular degeneration. If Sanofi exercises its option over RetinoStat this would bring in additional revenues, the company said.
The company said it expects is gene therapy products to make progress in 2014, in particular it expects results from the Phase I study of RetinoStat to become available toward the end of the year.
Shares in Oxford were trading down 12% at 2.14 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Oxford Biomedica