Oxford BioMed's 2008 loss narrows 61%

UK gene therapy firm Oxford BioMedica says that full-year 2008 revenue totaled GBP18.4 million ($25.3 million), up more than double on last  year's GBP7.2 million, thanks to two large milestones from partner  Sanofi-Aventis, as its net loss narrowed to GBP5.5 million versus GBP15.0  million.

R&D costs amounted to GBP22.5 million vs GBP22.1 million, as net deficit  after exceptional items reached GBP10.0 million vs GBP15.3 million. During  2008, the firm saw a cash burn of GBP16.9 million, while the year before  it generated GBP5.9 million. As of December 21, 2008, it had net cash of  GBP21.9 million vs GBP38.1 million at year-end 2007.

Last year, the firm discontinued the Phase III evaluation of its lead  product candidate TroVax vaccine in renal cancer, after the trial's  independent data safety monitoring board warned it would not meet its  primary efficacy endpoint (Marketletter July 21, 2008).