9th May 2008 07:00
Oxford Biomedica PLC09 May 2008 For immediate release 9 MAY 2008 OXFORD BIOMEDICA INTERIM MANAGEMENT STATEMENT Oxford, UK - 9 May 2008: Oxford BioMedica (LSE: OXB), a leading gene therapycompany, is today issuing its Interim Management Statement (IMS) for the period1 January 2008 to 8 May 2008. The IMS provides a financial review for thisperiod and an update on the Company's operations since the publication on 10March 2008 of its preliminary results for the full year to 31 December 2007. The overall performance of the business during the period has been in line withthe Board's expectations. The Company has achieved or made good progress towardsachieving several of its key objectives for 2008, which were defined in the 2007Annual Report and Accounts and include advancing key development programmes andeffectively managing cash resources. Operational highlights: TroVax(R): cancer • Patient enrolment was completed in the Phase III TRIST study of TroVaxin renal cancer in March 2008. A total of 733 patients have been enrolled atover 100 sites in the USA, European Union and Eastern Europe. The trial startedin November 2006, recruitment has been completed on schedule and final resultsfrom the study are anticipated in the first half of 2009. • Encouraging results were reported from a Phase II trial of TroVax in27 patients with prostate cancer in March 2008. All evaluable patients mountedan anti-cancer immune response and 83% experienced disease stabilisation.Importantly, the immune response induced by TroVax was associated with astatistically significant improvement in time to disease progression. ProSavin(R): Parkinson's disease • To date, two patients have been treated in the Phase I/II trial ofProSavin in Parkinson's disease. The trial is designed to evaluate safety andefficacy. There have been no serious adverse events following the surgicaladministration of ProSavin. The third and final patient in the first-dose cohortis scheduled for treatment imminently and the trial is on track to reportinitial data in Q3 2008. Financial highlights: • Cash, cash equivalents and short-term deposits remain sufficient tosupport ongoing operations to the end of 2009, based on planned expenditure andwithout anticipating further milestone revenue from the TroVax collaborationwith sanofi-aventis. • Net expenditure and cash flow for the period ended 8 May 2008 werein line with the Company's expectations. The cash position during the period wasaugmented by the receipt of €10 million from sanofi-aventis, which was triggeredby the achievement of a milestone in the TroVax collaboration. • Revenue for the full year, comprising milestone payments receivedand release of deferred income is expected to be in the range of £16-19 million,which is an increase of approximately 140% over 2007. Board changes: • Changes to the Board were announced on 15 April 2008, which reflectOxford BioMedica's stage of growth and are aligned with the Company's strategicfocus on clinical development and commercialisation of its lead drug candidates.These changes will become effective on 1 July 2008: • Professor Alan Kingsman will be appointed as Chairman; Dr Peter Johnson will retire as Non-Executive Chairman. • Dr Mike McDonald, currently Chief Medical Officer, will be appointed Chief Executive Officer. • Dr Stuart Naylor, currently Senior Vice President, Research & Development, will be appointed Chief Scientific Officer and will join the Board. Professor Susan Kingsman will continue to serve the Company on an exclusive basis as Senior Scientific Consultant. • Nick Rodgers, the Company's Senior Independent Director, will assume the role of Deputy Chairman. • The Board has been strengthened by the appointment of Dr Alex Lewis as Non-Executive Director and the Company is seeking to make another Non-Executive appointment. Oxford BioMedica's Chief Executive Officer, Professor Alan Kingsman, commented:"We have made excellent progress in the first few months of 2008, completingenrolment for TRIST, starting the ProSavin phase I/II trial and meeting therequirement for a further milestone payment from our partner sanofi-aventis.Oxford BioMedica has established itself as a leader in the field of gene-basedmedicines and intends to deliver shareholder value through a combination ofoutlicensing to partners and developing its own sale and marketing capabilityfor selected products. The recently announced Board changes reflect ourincreasing emphasis on clinical development and commercialisation. The Companyis well positioned to deliver on its objectives for the year and its strategy ofcreating a profitable biopharmaceutical company. In particular, we look forwardto reporting key clinical results from the ongoing trials of our leadcandidates, TroVax and ProSavin, over the next 12 months." Oxford BioMedica will be holding its Annual General Meeting today, Friday, 9 May2008, 11.00am, at the offices of Morrison & Foerster MNP, CityPoint, OneRopemaker Street, London EC2Y 9AW. A notice of the 2008 Annual General Meetingwas sent to shareholders on 3 April 2008. -Ends- For further information, please contact:Oxford BioMedica plc: Professor Alan Kingsman, Chief Executive Tel: +44 (0)1865 783 000JPMorgan Cazenove Limited: James Mitford/ Gina Gibson Tel: +44 (0)20 7588 2828City/Financial Enquiries: Lisa Baderoon/ Mark Court/ Mary-Jane Johnson Buchanan Tel: +44 (0)20 7466 5000CommunicationsScientific/Trade Press Enquiries: Holly Griffiths/ Katja Stout/ Claire Mosley Tel: +44 (0)20 7457 2020 College Hill Life SciencesUS Enquiries: Thomas Fechtner Tel: (646) 378 2900The Trout Group LLC Notes to editors 1. Oxford BioMedica Oxford BioMedica (LSE: OXB) is a biopharmaceutical company specialising incancer immunotherapy and gene-based therapies. The Company was established in1995, as a spin-out from Oxford University, and is listed on the London StockExchange. The Company has a platform of gene delivery technologies, which are based onhighly engineered viral systems. Oxford BioMedica also has in-house clinical,regulatory and manufacturing know-how. The lead product candidate is TroVax(R),a therapeutic vaccine for multiple solid cancers, which is licensed tosanofi-aventis for global development and commercialisation. TroVax is in PhaseIII development. Oxford BioMedica has three other products in clinicaldevelopment, including ProSavin(R), a novel gene-based treatment for Parkinson'sdisease, in a Phase I/II trial. The Company is underpinned by over 80 patentfamilies, which represent one of the broadest patent estates in the field. TheCompany has a staff of approximately 85. Oxford BioMedica has collaborationswith sanofi-aventis, Wyeth, Sigma-Aldrich, MolMed and Virxsys. Technologylicensees include Biogen Idec, Merck & Co, GlaxoSmithKline and Pfizer. Further information is available at www.oxfordbiomedica.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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