LONDON (ShareCast) - - Losses widen in challenging year
- Clinical trials suspended for five months
- Making solid progress throughout pipeline

Shares in Oxford BioMedica plunged after it said full-year losses widened while revenue slipped after what it described as a 'challenging year.'

Loss for the year of widened to £12.8m for the year ended December 31st from a loss of £10.5m the year before. Revenue slipped to £5.4m from £7.8m while Research & development costs reduced to £13.8m from £14m in 2012.

Chief Executive Officer John Dawson said: "2013 was a challenging year but Oxford BioMedica operationally is now in its strongest position ever. The company made solid progress throughout the pipeline, notwithstanding the challenge we faced when we voluntarily suspended our clinical studies for five months. Our platform is now truly unique comprising LentiVector gene delivery technology know-how, IP and manufacturing and it underpins our own product candidate programmes.

"The growing income from our development and manufacturing activities alongside our in-house development pipeline development provides us with a leading position in the delivery of gene therapy solutions. Building upon the deals signed with GSK and Novartis in 2013, we plan to make significant strides towards developing our emerging revenue."

Oxford BioMedica said the current buoyancy in its sector provides it with confidence for future progress.

Net cash fell to £2.2m from £14.1m previously.

Oxford BioMedica's shares fell 14.14% to 2.08p at 11:15 in London.


CJ

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