pro savin press release
 

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prosavin press release

Oxford BioMedica Plc Interim Management Statement - 19/05/2010
Oxford, UK 19 May 2010: Oxford BioMedica (LSE: OXB), a leading gene therapy company, today publishes its interim management statement for the period from 1 January to 18 May 2010.

Pipeline update



. ProSavin(R): gene therapy for the treatment of Parkinsons disease

• Third cohort of Phase I/II trial with enhanced surgical procedure initiated . Recent patient assessments suggest sustained benefit at 24 months from first dose cohort
  • 24 month (first dose) and 12 month (second dose) data to be presented at scientific meeting in June 2010

. Ocular therapies: gene-based treatments targeting debilitating vision loss

• • StarGen awarded Orphan Drug Designation by US Food and Drug Administration UshStat awarded Orphan Drug Designation by European Medicines Agency
  • RetinoStat(R) and StarGen on track for clinical development in H2 2010

. TroVax(R): therapeutic cancer vaccine

• • Preparations for Phase II trial in prostate cancer on track, trial expected to commence H2 2010

Financial review
The Companys net cash1 balance at 31 December 2009 was #25.3 million, and as a result of decisive steps taken to focus resources and reduce underlying operating cash burn, can support its operations through to the beginning of 2012. At 31 March 2010 the Company had a net cash1 balance of #21.3 million. Expenditure and net cash outflow in the subsequent period to 18 May 2010 have been in line with this budget. The Company maintains financial flexibility and continues to be diligent in allocating resources to achieve key milestones within its current cash runway.

Outlook
The Company looks forward to reporting the results from the 12 and 24 month studies of ProSavin at a scientific meeting in June 2010, the initiation of clinical development of RetinoStat(R) and StarGen and the initiation of the Phase II trial for TroVax in prostate cancer later this year. Partnership discussions are ongoing regarding the late stage development of ProSavin and TroVax.

Oxford BioMedicas Chief Executive Officer, John Dawson, commented: Our gene-based treatments have the potential to change the face of healthcare, but success depends on our ability to manage the dynamic challenges and opportunities of commercialising such innovation. We have set clear development priorities for our in-house programmes that aim to maximise the return from our R&D investment. Collaborations remain a key element of our strategy and we are focused on securing the right transactions with the right partners for our lead programmes. The successful and timely execution of these goals will further enhance the value of Oxford BioMedica and bring us closer to achieving sustainable profitability.

1. Cash, cash equivalents and current financial assets
Notes to editors
Oxford BioMedica plc
Oxford BioMedica (LSE: OXB) is a biopharmaceutical company developing innovative gene-based medicines and therapeutic vaccines that aim to improve the lives of patients with high unmet medical needs. The Companys technology platform includes a highly efficient gene delivery system (LentiVector(R)), which has specific advantages for targeting diseases of the central nervous system and the eye; and a unique tumour antigen (5T4), which is an ideal target for anti-cancer therapy. Through in-house and collaborative research, Oxford BioMedica has a broad pipeline. Partners include sanofi-aventis, Sigma-Aldrich and Wyeth. Technology licensees include Biogen-Idec, GlaxoSmithKline, Merck & Co and Pfizer. Further information is available at www.oxfordbiomedica.co.uk

For further information please contact:Oxford BioMedica plc
John Dawson, Chief Executive OfficerTel: +44 (0)1865 783 000
JPMorgan Cazenove Limited
James Mitford/Gina GibsonTel: +44 (0)20 7588 2828
Media/Financial Enquiries
Emma Thompson/ Rob Newman/ Ben Simons
M: CommunicationsTel: +44 (0)20 7920 2345

US Enquiries
Thomas Fechtner
The Trout Group LLCTel: +1 646 378 2900


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