Roger, you've completely missed the point of what I was saying. Yes, there are bid/offer prices being offered by non-market makers within the market makers' spreads but they are gaming the price and, with a 1.4p minimum spread being offered by the market makers, they are being given plenty of opportunity to do so; QED the volatility. E.g. despite the share price touching a high of 15.5p and a low of 13.96p today, the market makers' bid/offers have hardly been touched! The Board hopes that by consolidating the shares they can dampen that share price volatility and encourage longer term mainstream investors.
If you look at today's spreads, the market makers are offering anywhere between 1.4p (JPMS) and 3p (CFEP). It does leave an awful lot of room for volatility. I can't imagine them offering spreads of between 70p and £1.50 after consolidation. Personally, I'm neutral; consolidation should tighten the spreads and, potentially, reduce the amount of volatility but, beyond that, is of little benefit IMHO.
I agree with your comments DG. I've held shares with companies that have done similar and the share price just kept drifting lower. It's tempting to sell half and see how it pans out. One good point is that my shares held are exactly divisable by 50 :-) GLA that continue to hold, banking some profits is never a bad thing to do...
Personally I'm not happy with this consolidation, as my experience of consolidation is not a good one , in fact, every one I have been involved in over the past 25 years ,has quickly turned into a night mare ,and none of the companies were still around 2 years later .
I just hope this isn't a device to allow our benefactor Martin Dingle to sell down his stake in OXB ,yes he and his company do deserve a big fat profit, but I had hoped, he would sell out slowly, or sell to another institution via a undisclosed trade .
It was not that long ago, our board said they would not be consolidating OXB share's as it would not bring the company any benefits, so what has changed ? I'm also worried, this consolidation could make it easier for a take over by an American or European pharmaceutical conglomerate.
04 May 2018 07:00:07
Oxford Biomedica PLC
RNS Number : 1047N
Oxford Biomedica PLC
04 May 2018
Oxford BioMedica plc ("Oxford BioMedica" or the "Company")
Proposed Share Capital Consolidation and Notice of General Meeting
London, UK - 4 May 2018: Oxford BioMedica plc ("Oxford BioMedica", "the Company" or "the Group") (LSE:OXB), a leading gene and cell therapy group, today announces a proposed share capital Consolidation of the existing ordinary share capital of the Company.
The effect of the proposed Consolidation will be to reduce the number of issued ordinary shares in the Company by a factor of 50 whilst increasing the trading price of each Existing Ordinary Share.
The Board considers the Consolidation to be in the best interests of the Company and its Shareholders. It believes that the effect of the Consolidation will be to improve market liquidity by reducing the volatility and spread of trading activity in the Company's New Consolidated Ordinary Shares and make trading in the Company's shares more attractive to a broader range of institutional investors and other members of the investing public, both overseas and in the UK.
As it is proposed that all existing ordinary shareholdings in the Company be consolidated, the proportion of the issued ordinary share capital of the Company held by each Shareholder immediately before and after the Consolidation will remain relatively unchanged, other than for small changes that may arise from the rounding for fractional entitlements.
Implementation of the Consolidation requires the approval of Shareholders. A General Meeting will be held at 11.30 a.m. (or, if later, immediately following the conclusion of the Company's Annual General Meeting) on 29 May 2018 at the offices of Covington & Burling LLP, 265 Strand, London WC2R 1BH at which the Resolution necessary to give effect to the Consolidation will be put to Shareholders.
A Circular, which provides details of the Consolidation and includes a Notice of General Meeting and Form of Proxy, is today being sent to Shareholders and has been submitted to the UK Listing Authority for publication through the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM. The Circular is also being made available at the Company's website, www.oxfordbiomedica.com. Capitalised terms not otherwise deﬁned herein shall have the same meaning given to such terms in the Circular.
The Consolidation and Sale of Fractional Entitlements
As at 1 May 2018, the Company had 3,284,306,843 Existing Ordinary Shares in issue, having a mid-market price per Existing Ordinary Share at the close of business on such date of 12.04 pence. This is a significant number of shares for a Company with a market capitalisation of approximately £395 million (as at 1 May 2018) and the Board considers the Consolidation to be in the best interests of the Company and its Shareholders, as it believes that the effect of the Consolidation will be to improve market liquidity by reducing the volatility and spread of the Company's New Consolidated
It shouldn't make any difference to investors unless they have a very small holding and it isn't divisible by 50. The most anyone can lose is £4.99.
In theory the day of the change you will have 1/50th of the number of shares and they will be each worth 50 times as much. No change.
In my view therefore this is just window dressing.
They have given the reasons for doing it so I won't repeat them. Downside is that there will be a cost to the company for implementation, advisers fees etc. I have had shares in a few companies over the years that have done this and I think in every case the company and share price has gone down afterwards! I hope that this is just coincidence and that this will break (my personal) trend. I wonder if anyone has done a study of all companies that have done this?
Yours, slightly concerned.
Read this RNS with interest but I'm not sure the implications are clear, seems on the face of it very positive. But I'm not sure it 'makes the shares more attractive to investors'. Surely that is performance and progress in the technology?
Received todays Barclays investment note to find this .
Wed 2 May 2018
(Sharecast News) - Gene and cell therapy group Oxford BioMedica has seen Norvatis' chimeric antigen receptor T cell therapy, Kymriah, gain approval from the US Food and Drug Administration for intravenous infusion for its second indication, providing it with a significant boost.
Oxford BioMedica, which has been the sole manufacturer of the lentiviral vector that encodes Kymriah since signing an exclusive agreement with Novartis over the commercial and clinical supply of the product back in July 2017, could potentially receive as much as $100m from the deal over the next three years.
Kymriah, the first CAR-T therapy available in the US for two distinct indications in non-Hodgkin lymphoma, had not yeat been looked at for its potential second indicator - the treatment of adult patients with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy.
As of 1050 BST, Oxford Biomedica shares had gained 1.74% to 12.25p.
Today Novartis have released a RNS regarding suspension for intravenous infusion for its second indication - this is for the treatment of adult patients with relapsed or refractory (r/r) large B-cell lymphoma
. Basel, May 1, 2018 - Novartis today announced the US Food and Drug Administration (FDA) has approved Kymriah® (tisagenlecleucel) suspension for intravenous infusion for its second indication - the treatment of adult patients with relapsed or refractory (r/r) large B-cell lymphoma after two or more lines of systemic therapy including diffuse large B-cell lymphoma (DLBCL), high grade B-cell lymphoma and DLBCL arising from follicular lymphoma. Kymriah is not indicated for the treatment of patients with primary central nervous system lymphoma. Kymriah, developed in collaboration with the University of Pennsylvania, became the first chimeric antigen receptor T cell (CAR-T) therapy to receive regulatory approval in August 2017 for the treatment of patients up to 25 years of age with B-cell precursor acute lymphoblastic leukemia (ALL) that is refractory or in second or later relapse. Kymriah is now the only CAR-T cell therapy to receive FDA approval for two distinct indications in non-Hodgkin lymphoma (NHL) and B-cell ALL.
"Today's FDA approval of Kymriah provides another opportunity for Novartis to build on its leadership in CAR-T development, delivering a potentially transformative therapy with durable and sustained response rates and a well-characterized safety profile to help patients in dire need of new treatment options," said Liz Barrett, CEO, Novartis Oncology. "We look forward to leveraging all of our learnings and new capabilities from the initial launch of Kymriah in pediatric and young adult B-cell ALL for this larger group of patients."
DLBCL is the most common form of NHL,. For patients who relapse or don't respond to initial therapy, there are limited treatment options that provide durable responses, and median life expectancy is approximately six months,.
"The goal of Kymriah is to provide physicians with a therapy that has demonstrated durable response rates in relapsed or refractory DLBCL patients, a patient population that has endured multiple rounds of chemotherapy with many having experienced unsuccessful stem cell transplants," said Stephen J. Schuster, MD, the Robert and Margarita Louis-Dreyfus Professor in Chronic Lymphocytic Leukemia and Lymphoma Clinical Care and Research in Penn's Perelman School of Medicine and director of the Lymphoma Program at the Abramson Cancer Center. "With this approval, physicians now have a meaningful therapeutic option that can achieve and maintain a sustained response without stem cell transplant along with a consistent safety profile."
Kymriah is an innovative immunocellular therapy that is a one-time treatment manufactured individually for each patient using the patient's own T cells. Kymriah uses the 4-1BB costimulatory domain in its chimeric antigen receptor to enhance cellular expansion and persistence. In 2012, Novartis and Penn entered into a global collaboration to further research, develop and commercialize CAR-T cell therapies, including Kymriah, for the investigational treatment of cancers.
As part of the Novartis commitment to ensure eligible patients have access to Kymriah, the company continues to collaborate with the Centers for Medicare and Medicaid Services (CMS) on the creation of an appropriate value-based pricing approach. Novartis continues to be an innovator and leader in value and innovative-based pricing options, and is proud to work with CMS and other stakeholders across the healthcare spectrum on creating a sustainable and modern healthcare payment system.
To ensure all hospitals and their associated clinics are aware of how to manage the risks of cytokine release syndrome (CRS) and neurological toxicities, Kymriah is available through a Risk Evaluation and Mitigation Strategy (REMS) progra
Hard on the heals of the successful treatment of PG's wife there is an RNS from Novartis to confirm FDA acceptance of Kymriah for usage in a large B-cell lymphoma. It is now the only CAR-T therapy approved for two distinct indications in non-Hodgkin lymphoma (NHL) and B-cell ALL. There may well be an OXB RNS in the morning to confirm.
Good news from a human interest perspective in that PG' s wife has made a remarkable recovery from an aggressive form of non-hodgins lymphoma but also thanks to the use of CAR T-cell therapy. Once again this puts OXB on the map in terms of its ability to programme the T cell with its lentivirus vector (and of course companies like Novartis)
Obviously I'm very pleased to see another director buying shares on the open market ,(that's 3 now ) as it shows they have confidence in OXB future,this combined show of confidence in OXB future will hopefully see the S/P move north again, it could also be the prelude to some thing very big.
.Director Dealings / Market Share Purchase
Oxford, UK - 11 April 2018: Oxford BioMedica plc ("Oxford BioMedica" or "the Group") (LSE: OXB), a leading gene and cell therapy group, today announces that Vulpes Testudo Fund, a person closely associated with Martin Diggle, Non-Executive Director, has purchased 1,000,000 ordinary shares of 1p each ("Ordinary Shares") in the Company on 10 April 2018 on the London Stock Exchange at a price of 11.0p per share. Following this purchase Vulpes Testudo/Vulpes Life Sciences Fund holds 582,008,434 ordinary shares representing 17.7% of the Company.
The below notification, made in accordance with the requirements of the EU Market Abuse Regulation, gives further detail of the number of Ordinary Shares purchased.
I wonder if there is good news on the way? as this is the second director to buy on shares on the open market in less than a week
Keeping my fingers crossed .
Oxford, UK - 09 April 2018: Oxford BioMedica plc ("Oxford BioMedica" or "the Group") (LSE: OXB), a leading gene and cell therapy group, today announces that Stuart Paynter, Chief Financial Officer has purchased 87,626 ordinary shares of 1p each ("Ordinary Shares") in the Company on 09 April 2018 on the London Stock Exchange at a price of 11.2p per share. Following this purchase Stuart Paynter holds 87,626 ordinary shares representing 0.003% of the Company.
It's nice to see directors buying on the open market like this .
DAVE Oxford, UK - 05 April 2018: Oxford BioMedica plc ("Oxford BioMedica" or "the Group") (LSE: OXB), a leading gene and cell therapy group, was informed that on 05 April 2018 Peter Nolan, Chief Business Officer acquired ordinary shares of 1p each ("Ordinary Shares") in the Company for his wife and himself as follows:
Director / PDMR
Title Chief Business Officer
Price per share (p)10.8p
Number of Ordinary Shares acquired 371,450
Number of Ordinary Shares owned 2,289,771
Interest after purchase 0.07%% of total issued share capital
Yesterdays results look good, it's just a pity they couldn't make that maiden profit. At least OXB income is moving in the right direction, and costs seem to be under control ,but that will change next year ,as R/D will climb again as the Phase I/II clinical study for OXB-102 Parkinson's disease program moves forward .I have one question asI'm not quite sure what they mean by Partnering discussions are ongoing for OXB's in-house priority development programmes, with a planned spin-out legal structure to be established for ocular products, are they planning to start another limited company, and if so ,who will own it and control it ?
15 Mar 2018 07:01:09
Oxford Biomedica PLC
RNS Number : 8065H
Oxford Biomedica PLC
15 March 2018
OXFORD BIOMEDICA PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017
Oxford, UK - 15 March 2018: Oxford BioMedica plc ("OXB" or "the Group"; LSE: OXB), a leading gene and cell therapy group, today announces preliminary results for the 12 months ended 31 December 2017 and a post-period update.
FINANCIAL HIGHLIGHTS (INCLUDING POST PERIOD END)
- Gross Income1 increased by 28% to £39.4 million (2016: £30.8 million)
- Operating expenses excluding depreciation and amortisation and share based payments decreased by 12% to £22.9 million (2016: £26.1 million)
- EBITDA loss significantly reduced to £1.9 million (2016: £7.1 million)
- EBIDA (EBITDA adjusted by the R&D tax credit) profit of £0.8 million (2016: £3.4 million loss)
- Operating loss for the period reduced 50% to £5.7 million (2016: £11.3 million)
- Cash outflow before financing activities reduced by £9.2 million to an inflow of £1.0 million (2016: £8.3 million outflow)
- Capital expenditure reduced to £2 million (2016: £6.4 million)
- Debt refinanced on significantly improved terms with $55 million Oaktree Capital facility
- A charge of £3.9 million (2016: Nil) was incurred upon the termination of the Oberland loan facility
- Cash at 31 December 2017 of £14.3 million2 (2016: £15.3 million)
- Successful £20.5 million (gross) equity Placing to fund further bioprocessing capacity to service anticipated increased demand
(1) Gross Income is the aggregate of revenue (£37.6 million) and other operating income (£1.8 million) (2016: £27.8 million and £3.0 million respectively)
(2) Includes $5m ring fenced under Oaktree agreement
Leading LentiVector® delivery platform for gene and cell therapy partnerships
- Major commercial supply agreement signed with Novartis for the lentiviral vector to produce CTL019 (tisagenlecleucel, brand name Kymriah) and additional CAR-T products; over $100 million revenue potential over three years
- $105 million collaboration and licence agreement completed with Bioverativ to access OXB's LentiVector® platform and manufacturing technologies for haemophilia gene therapies
- Lentiviral vector demand is increasing and the Group is in several discussions regarding a range of additional collaborations
Novartis' product Kymriah
- First ever LentiVector-Enabled product approval for the Novartis product Kymriah (tisagenlecleucel) in children and young adults with r/r B-cell acute lymphoblastic leukaemia (ALL) in the US
- Kymriah sBLA submitted in the USA by Novartis in r/r diffuse large B-cell lymphoma (DLBCL) in adults; product undergoing expedited review under breakthrough designation
- CTL019 European Marketing Authorisation (EMA) Application filed by Novartis for r/r B-cell ALL in children and young adults and for r/r DLBCL in adults
- Primary analysis of results from the pivotal JULIET trial demonstrating that Kymriah (tisagenlecleucel) sustained complete responses at six months in adults with r/r DLBCL, a difficult-to-treat cancer
- US FDA Priority Review for Kymriah for adults with r/r DLBCL and EMA accelerated assessment for childr
Hi Mole 42 it's been awhile since we last spoke .
As you know Mole I have all ways supported OXB as a company ,and have all ways defended its technology, I must admit though ,that over the years there have been a few challenging times, but for some reason it's product stood out above the rest for me , and new one day it would come good, and it has .
I like many others here could see a good future for OXB, and for my investment, so thanks Mole for your kind words, lets hope OXB continues to prove it's doubters wrong .
Hi Mole 42 it's been awhile since we last spoke .
As you know OXB I have all ways been a supporter of this technology and OXB inarticulate, over the years there have been quite a few challenging times, but for some reason it's product stood out above the rest, so I just new it would come good one day , just as many others have , and I like many others ,I could see a good future for the company eventually and for my investment, so thanks Mole for your kind words, lets hope OXB continues to prove it's doubters wrong .
Fantastic news ; very positive on future manufacturing deals and in-house
The Company expects OXB-102 (Parkinson's disease) to advance into clinical development in H1 2018. The Board expects to spin out / out-license at least one of the Group's in-house product candidates before the end of 2018
Well I'm not surprised at this placing ,and for once ,I'm quite pleased a placing is to be made ,This placing will enable OXB to continue it's accelerated growth over the next few years, with confidence. The future is ours at last, I just wish they could have purchased the facility rather than lease it .
The Company is proposing to raise approximately £20.5 million through the issue of up to 174,346,817 new ordinary shares at a price of 11.75 pence per Placing Share.
The Placing is being conducted through an accelerated bookbuild process (the "Bookbuild") which will commence immediately following this announcement. Peel Hunt and WG Partners are acting as joint bookrunners in respect of the Placing.
The timing of the closing of the Bookbuild and allocations are at the discretion of the Joint Bookrunners, in consultation with the Company, and will be decided at the close of the Bookbuild. Details of the outcome of the Bookbuild will be announced as soon as practicable after close of the Bookbuild.
The Placing is not underwritten. The Placing Shares are not being made available to the public and none of the Placing Shares are being offered or sold in any jurisdiction where it would be unlawful to do so.
The Placing is subject to the terms and conditions set out in the appendix (the "Appendix") to this announcement (which forms part of this announcement, such announcement and the Appendix together being, this "Announcement").
The Placing is conditional upon, inter alia, the placing agreement entered into between the Company, Peel Hunt and WG Partners becoming unconditional in accordance with its terms and not having been terminated prior to Admission.
Application has been made by the Company to the UK Listing Authority and the London Stock Exchange for up to 174,346,817 ordinary shares of 1 pence each in the Company to be admitted to the premium listing segment of the Official List of the UK Listing Authority and to be traded on the Main Market of the London Stock Exchange. The shares will be issued fully paid and will rank pari passu in all respects with the existing issued ordinary shares of 1 pence each of the Company. It is expected that admission of the shares will become effective at 8.00 a.m. on 14 March 2018, and that dealings will commence at that time.
Background to the Placing
The growing multi-billion dollar gene and cell therapy market has seen three therapies approved in the last six months, including Novartis' Kymriah, with Oxford BioMedica having the potential to receive in excess of $100 million over the next three years for supply of vector to Novartis in relation to Kymriah. There are potentially seven more therapies to be approved in the next few years.
Oxford BioMedica is the first and only commercial supplier of lentiviral vectors to the gene and cell therapy market. The Company estimates that the lentiviral vector bioprocessing market was worth approximately $200 million in 2017 and is expected to grow at a 15.4 per cent. compound annual growth rate from $158 million in 2015 to $800 million by 2026. These estimates exclude milestones and royalties from partnerships which may be earned by companies operating in this space.
In recent months Oxford BioMedica has been experiencing a step change in business development enquiries for its expertise across the LentiVector enabled platform and Oxford BioMedica has a strong IP position, know-how and expertise across that platform. The Company has successfully developed a new 200 litre manufacturing process with significant productivity improvements to address current and future demand across the main indications. Oxford BioMedica believes a new affordable full service site will meet expected long-term demand, create dual source manufacturing for partners and significantly increase capacity to a level competitive with other market participants.
The Placing will provide funds to exploit the current mark
An Oxford University spin-off that specialises in gene therapy applications has won a $100 million contract from Bioverativ, an American company specialising in treatments for haemophilia.
Shares in Oxford Biomedica rose 11.7 per cent to 12p after it announced the deal, under which it will receive $5 million immediately and milestone payments worth up to $100 million.
It is the second major deal in seven months for the company, which was spun off from Oxford University in 1995, early in the gene therapy revolution. It floated on the Alternative Investment Market in 1996, moving to the official list of the London Stock Exchange in 2001.
Last July it signed a three-year deal that could be worth more than $100 million with the Swiss drugmaker Novartis to supply material for a new treatment for leukaemia.
In both deals Oxford Biomedica will supply lentivectors, which are used to insert genes into human cells. Oxford Biomedica is also in line to receive royalties on sales of the companys haemophilia products.
Analysts at Peel Hunt said yesterdays deal cemented their view that Oxford Biomedicas technology was at the forefront of the gene and cell therapy revolution.
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