Oxford BioMedica's 2007 loss down 6%

UK-based gene therapy company Oxford BioMedica reported an operating loss of L19.8 million ($40.0 million), a reduction of 6.2% from the shortfall it recorded in 2006. The firm said that this was despite a 20% hike to L26.8 million in operating expenses associated with its acquisition of Oxxon Therapeutics (Marketletter March 19, 2007). The UK firm added that costs related to its patent portfolio, which grew in 2007, would be lower this year following its recently-reached settlement with Open Biosystems.

Oxford BioMedica's revenue for the year was L7.2 million, up from L760,000. The firm explained that the increase was due to L25.8 million it received from French drug major Sanofi-Aventis under the firms' TroVax accord, although L18.8 million of this is classified as deferred income. In contrast, the contribution from its technology licensing activities fell some L600,000 to L200,000.

Analysts at KBC Peel Hunt said that completion of the Phase III TRIST TroVax study can be seen as a further indication of the product's potential because US regulators had not requested an expansion of the program.