Balancing risk to optimise reward
Oxford BioMedica (OXB) is a leader in lentivirus based gene technology and ongoing manufacturing deals (CTL019 with Novartis) underpin the valuation. We expect pipeline focus in the near term as OXB aims to optimise development via out-licensing or externally funded SPVs. The newly announced strategy takes into account the balance of risk versus reward for stakeholders (against the backdrop of the significant financial resources required over the next two to three years to advance OXB’s value, driving assets to the next stage). The recent net £10m equity fund-raising will extend the current cash runway beyond 2017 due to reduced R&D expenditure; further funding and value may arise from additional manufacturing or IP licensing deals. We value OXB at £173m.Oxford BioMedica is a producer of gene and cell therapy in lentiviral vector and cell therapy research, development and production. Gene and cell therapy is the treatment of disease by the delivery of therapeutic deoxyribonucleic acid into a patient's cells. This can be achieved either in vivo (referred to as gene therapy) or ex vivo (referred to as cell therapy), the latter being where patients' cells are genetically modified cells outside the body before being re-infused. Co.'s products include: OXB-102, which targets Parkinson's disease; OXB-202, which targets corneal graft rejection; and OXB-302 (CAR-T 5T4), which targets targets a range of cancers.
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