CTL019 and product out-licensing to drive 2017
We expect Oxford BioMedica’s (OXB’s) strategic vision to come to further fruition through 2017/18 with both the potential approval of Novartis’s CTL019 in the US by year end and the possible spin-out/out-licensing of its priority development pipeline assets (OXB-102, OXB-202, and OXB-302). Full year 2016 results revealed robust growth in partnering revenues and 2017 will benefit from lower R&D expenses; we forecast a narrowing of EBITDA loss for the year. The net £17.5m equity fundraising and the Oberland debt facility has extended the current cash runway to 2019, aided by the reduction in near-term R&D; further funding and value may arise from additional manufacturing or IP licensing deals. Our revised valuation for OXB is £208.5m (6.75p/share).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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