Business
Homology Medicines Announces Closing of Deal Leveraging its Internal Process Development and CMC Capabilities Through Newly Formed AAV Manufacturing Innovation Business with Oxford Biomedica
BEDFORD, Mass., March 10, 2022 (GLOBE NEWSWIRE) -- Homology Medicines, Inc. (Nasdaq: FIXX), a genetic medicines company, announced today the successful
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[{"type":"text","content":"BEDFORD, Mass., March 10, 2022 (GLOBE NEWSWIRE) -- Homology Medicines, Inc. (Nasdaq: FIXX), a genetic medicines company, announced today the successful closing of the deal with Oxford Biomedica plc (LSE: OXB) to establish an Adeno-Associated Virus (AAV) Manufacturing and Innovation Business. The new company, Oxford Biomedica Solutions LLC, incorporates Homology’s technical and manufacturing operations, team and GMP facility with OXB’s extensive know-how in viral vector manufacturing. Homology will maintain access to the capabilities that the Company built over the past four years, as well as share in potential benefits derived from future innovations as a 20% owner and preferred customer of Oxford Biomedica Solutions. “As we move our clinical programs and pipeline forward, high-quality manufacturing from an industry-leading team remains one of our most important priorities,” said Arthur Tzianabos, Ph.D., President and Chief Executive Officer of Homology Medicines. “Our stake in Oxford Biomedica Solutions provides us with continued access to experts in our AAVHSC technology platform with the added benefits that our partnership with global viral vector manufacturing leader OXB can bring. In addition, the $130 million in non-dilutive capital will be instrumental in advancing our own programs, while we work with OXB to build what we believe will be a highly successful business offering to many companies seeking high-quality AAV products that patients deserve. We look forward to our continued work with Tim Kelly, who served as Homology’s Chief Operating Officer and built our internal manufacturing capabilities, as he assumes the CEO and Board Chair positions at Oxford Biomedica Solutions.” In connection with Homology’s contribution of its AAV process development and manufacturing assets, including AAV experts, GMP operations and manufacturing facility to Oxford Biomedica Solutions, Homology received $130 million from OXB. Homology believes that this non-dilutive capital, together with a reduction in operating expenses relating to manufacturing, will extend the Company’s cash runway into the second half of 2024. Additionally, there is an opportunity for Homology to receive further non-dilutive funding at any time following the three-year anniversary of the agreement, which could result from the exercise of options related to OXB’s pot...