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Oxford Biomedica widens H1 loss, notes fundraise

13 September 2016 07:46

Oxford Biomedica has booked a wider H1 pretax loss of £11.9m, from a loss of £8.6m. It also announced a fundraise of £11.5m, or £10m net of expenses.

Of the interim results, revenue was £12.5m, from £4.4m.

"The Board is pleased with the Group's performance to date and the Group continues to trade in-line with management expectations," the company said in a statement.

"Bioprocessing activity in the second half of 2016 is likely to be slightly higher than in the first six months as the second GMP suite in Harrow House comes on line and starts to produce bioreactor batches.

"To support this, and future expected activity, headcount has reached 252 at 30 June 2016, with only modest further growth expected in the next six months.

"Overall the Group expects to continue to grow revenues in the second half of 2016, compared to the equivalent period in 2015, from a mix of bioprocessing and process development activities, and further performance incentives from Novartis and another customer.

"Second half gross income is therefore likely to be similar to or slightly greater than for the first six months.

"Having completed the capacity expansion programme, capital expenditure should be minimal in the next six months. The Group now expects to enter further partnering contracts over the next few months which would increase the utilisation of the facilities."

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Related Company: OXB

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