Business
Oxford Biomedica Interim Results
Oxford Biomedica Interim Results.
About this update from Oxford Biomedica Plc
[{"type":"text","content":"\n \nRNS Number : 1186L Oxford Biomedica PLC 04 September 2019 \n\n \n \n \n \n \n \nOXFORD BIOMEDICA PLC\nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019\n \n \nOxford, UK - 4 September 2019: Oxford Biomedica plc (\"Oxford Biomedica\" or \"the Group\") (LSE: OXB), a leading gene and cell therapy group, today announces interim results for the six months ended 30 June 2019.\n \nFINANCIAL HIGHLIGHTS\n- Revenues were £32.1 million, a decrease of 9% (H1 2018: £35.3 million) reflecting the significant licence income received in H1 2018. However, bioprocessing and commercial development revenues increased 23% over H1 2018\n- Operating EBITDA1 loss and operating loss of £1.4 million and £6.1 million respectively (H1 2018: £11.9 million and £9.4 million profit) were incurred due to lower revenues and increased expenditure to strengthen the Group's operational and strategic capacity in preparation for further volume growth in bioprocessing volumes\n- £11.5 million ($15 million) Axovant milestone achieved in H1 2019 with the dosing of the first patient in the second cohort of the AXO-Lenti-PD Parkinson's disease clinical trial\n- Novo Holdings A/S invested £53.5 million in the Group, representing 10.1% of the outstanding shares after the capital increase. The proceeds from the transaction were used to fully repay the debt facility of £43.6 million ($55 million) with Oaktree Capital Management in addition to providing funding to further develop Oxford Biomedica's platform and product portfolio. This leaves the Group with a simplified, stronger balance sheet and removed the lien over the Group's assets\n- Cash generated from operations was £1.3 million compared to £18.3 million in H1 2018 reflecting the Axovant and Sanofi (Bioverativ) licence fees received in H1 2018\n- Cash at 30 June 2019 was £26.1 million (31 December 2018: £32.2 million), reflecting expenditure in relation to the ongoing build and fit out of the new OxBox bioprocessing facility and the net cash inflow from the investment by Novo Holdings A/S after the loan facility repayment\n- OxBox bioprocessing facility construction is progressing as planned with the Group's capital expenditure incr...