Oxford Pharmascience Group Plc | Medicines made better

 

News

10 March 2017

Final Results for the year ended 31 December 2016

Oxford Pharmascience Group plc (AIM: OXP), the speciality pharmaceutical company that redevelops medicines to make them better, safer and easier to take, today announces its results for the year ended 31 December 2016.

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The Company also gives notice of its annual general meeting (the "AGM") to be held on 19 June 2017 at 10 a.m. at the offices of Fladgate LLP, Ninth Floor, 16 Great Queen Street, London, WC2B 5DG. The Report and Accounts incorporating the Notice of AGM will be posted to shareholders today and will be available to download at the Company's website at www.oxfordpharmascience.com.

HIGHLIGHTS

  • Completion of technical programme to improve release properties and successful in vivo demonstration that the technology modifications can make OXPzero Ibuprofen™ bioequivalent to the reference product and also potentially faster acting
  • Pre-IND meeting packages submitted to the FDA for both the OXPzero Ibuprofen™ over-the-counter ("OTC") and prescription ("Rx") programmes. FDA feedback expected during the first quarter of 2017
  • IP portfolio strengthened by filing a new patent on control of release properties in addition to the in-licensing of two further patent families that provide protection on specific aspects of the manufacture of the OXPzero™ materials
  • The Group continues to hold discussions with prospective partners for OTC as well as prescription pain products with a view to agreeing a commercial partnership agreement for its OXPzero™ assets
  • Cash, cash equivalents and short-term investments at 31 December 2016 of £21.9m (2015: £23.1m), affording flexibility to take selected products through to registration if deemed more likely to create greater shareholder value
  • Loss before tax £1.9m (2015: £3.9m), reflecting lower number of clinical trials performed in the year, offset by a second year of growth in revenue from calcium chew sales and the Group continues to explore further business development opportunities

Marcelo Bravo, Chief Executive Officer of Oxford Pharmascience Group plc, commented:

"The Group remains focused on activities that support the progression to market for OXPzero NSAIDs. We were particularly pleased to confirm in the clinic earlier this year the outcome of the technical programme conducted throughout 2016 to modify the OXPzero™ technology, demonstrating we can achieve faster absorption and bioequivalence against standard ibuprofen.

We continue with ongoing partnering discussions with OTC drug companies both in North America and Europe as well as outreach to companies operating in pain management to advance our prescription product strategy, initially with a focus on the US market.

The Group remains well-funded to complete this next stage of work and looks forward to providing further updates."

 

Contacts:

Oxford Pharmascience Group Plc  
Marcelo Bravo, Chief Executive Officer +44 20 7554 5875
   
N+1 Singer  
Aubrey Powell
Lauren Kettle
+44 20 7496 3000

 

About Oxford Pharmascience Group Plc

Oxford Pharmascience Group Plc uses a range of proprietary technology platforms to re-develop existing medicines to make them better, safer or easier to take. The Company does not manufacture or sell its own pharmaceutical products direct to consumers, but instead seeks to license its technologies and dossiers to a network of partners, mainly leading pharmaceutical companies with Rx (prescription) and OTC (over the counter) branded portfolios.

Oxford Pharmascience Group Plc focuses on existing medicines that are proven to be safe and effective but nevertheless still have associated issues and side effects often affecting compliance. By working with such medicines, the Company is able to develop new innovative products for a fraction of the cost, in much quicker timescales and without the high risk of failure associated with developing new drugs.

 

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