Oxford Biomedica Loss Widens, Sees Progress in 2017

By Philip Waller

LONDON--Gene and cell therapy group Oxford Biomedica PLC (OXB.LN) Thursday posted a wider 2016 loss, though it forecasted progress with core technology and new partnerships in 2017.

Oxford said its loss in the year to Dec. 31 rose to 20.3 million pounds ($24.9 million) from GBP16.9 million a year earlier despite higher revenue of GBP27.8 million, up from GBP15.9 million.

The company attributed the wider loss to higher depreciation, amortization and share-option charges as well as interest charges inflated by the weakness of sterling against the dollar.

The company said its oss before interest, taxes, depreciation and amortization fell to GBP7.1 million from GBP12.1 million.

Oxford said its work with Switzerland's Novartis was progressing well, with potential blockbuster cancer treatment CTL019 close to market.

Chief Executive John Dawson said: "Beyond Novartis, we have added new revenue-generating partnerships and collaborations during 2016 which are progressing well and are confident we can add further relationships during 2017."

-Write to Philip Waller at [e-mail]

(END) Dow Jones Newswires

March 16, 2017 03:43 ET (07:43 GMT)

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