3rd Nov 2014 08:28
LONDON (Alliance News) - Oxford Biomedica PLC said Monday that revenue from its recent agreement with Novartis International AG could allow it to become operationally cash positive in the next three years, and will allow it to take its pipeline of gene and cell therapy candidates forward.
In an interim management statement for the three months to end-October, the company said that its contracts with Novartis, worth up to USD90 million, are "transformational."
Over the next few months it will begin expanding capacity to ensure it can deliver demand over the initial three year contract, continue the development of its pipeline, and continue to seek out further contracts from licensing its technology or providing process development and manufacturing services to third parties.
The company plans to finalise the follow-up and analysis of its phase I study of neovascular wet age-related macular degeneration treatment RetinoStat to determine a path for the product in the first half of 2015. The phase I study met its primary end points of safety and tolerability at 6 months after surgery.
It has begun a pre-clinical research programme to establish proof-of-concept for a cancer therapy, using its 5T4 antigen with its Lentivector gene delivery platform.
It will continue preparations ahead of studies for its gene-based treatment for corneal graft rejection EncorStat and Parkinson's disease treatment OXB-102, and said it will continue to look for new product development ideas.
Oxford Biomedica also announced a shuffle of its management structure. In addition to the previously-announced appointment of Paul Blake as chief development officer, Senior Vice President of Commercial Development Peter Nolan's role has been broadened to chief business officer. Head of Research Kyriacos Mitrophanous has moved into the role of chief scientific officer, and Head of Manufacturing Development James Miskin becomes chief technology officer.
Shares in Oxford Biomedica are trading up 1.3% at 4.08 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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