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Oxford BioMedica cuts operating loss

17 August 2017 07:43

Oxford BioMedica made an operating loss of £2.2 million in the first half of 2017, compared with a loss of £6.9 million the year before.

Revenue increased by 26% to £15.7 million.

Cash outflow before financing activities reduced to £2.2 million.

At 31 July 2017 the cash balance was £22.1 million following the receipt of $10 million upfront payment from Novartis and 2016 R&D tax credit.

John Dawson, Oxford BioMedica's chief executive officer, said the company has made significant progress in the past six months, highlighted by the success of its collaboration with Novartis and their CTL019 product.

"The anticipated approval of the first lentiviral vector-based product, and imminent filing in a second major indication, validates our position as a world leader in the gene and cell therapy field. Our strengthened position has not only boosted our partnering discussions but also provides the group with the financial flexibility to progress our key in-house programmes whilst continuing discussions with suitable collaborators. We are now ideally positioned and intend to build on our technological leadership that makes Oxford BioMedica a world leading gene and cell therapy business," he said.

Story provided by StockMarketWire.com

Related Company: OXB

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