Yahoo Finance Gene therapy darling Oxford BioMedica pares losses
A darling British biotech that is working on the development of the world’s leading gene therapy for cancer has posted reduced losses and a leap in sales.
Oxford BioMedica signed a deal worth up to $100m (£77m) with Swiss drugs giant Novartis last month to supply cell material for its potential blockbuster treatment, known as CTL019, for a type of leukaemia.
The ‘living drug’ was recommended for approval by US regulators in June, with a final determination expected this autumn.
It would be the first gene therapy for cancer and if approved is expected to generate a spike in revenues for Oxford BioMedica, with the potential for further tie-ups on other cancer treatments.
Oxford BioMedica is also trialling its lentiviral vectors, which help manipulate genes, in potential treatments for Parkinson’s Disease and an eye condition.
In half-year results today, Oxford BioMedica pared back losses to £2.2m, compared to £6.9m in the red the previous year. Revenues jumped 26pc to £15.7m.
