25 September 2017
Interim results for the six months to 30 June 2017
Oxford Pharmascience Group Plc (AIM: OXP) is pleased to announce its unaudited interim results for the six months to 30 June 2017.
- Recent clinical work confirmed improved drug release properties and additional market research amongst clinicians in the US and the UK confirmed that the adaptable properties of OXPzero™ NSAIDs could drive an important prescription switch even without the gastrointestinal (GI) safety claim
- Commercial out-reach restarted on this basis in June 2017 along with exploration of the utility of the technology in Animal Health
- Now at initial stages of contact with new prospective partners across the world in relation to these opportunities
- Provisional MHRA feedback identified further risk in UK OTC regulatory pathway (details to be announced following receipt of MHRA formal written response)
- Seeking further feedback on OTC opportunities from other regulatory agencies, specifically an agency in Europe and the US FDA
- While the Company believes it has a strong body of clinical data and market research supporting the commercial potential of its assets, regulatory requirements mean that value creation will take further time and investment
- Development activities suspended pending conclusion of a strategic review
- Focus of review on optimal value realisation strategies at the current stage of development and/or how to best obtain better value from these assets over time
- Findings to be communicated to shareholders in the coming weeks
- Revenue (calcium chew business) of £425k (2016: £370k), consistent with delivery of market expectations for the full year
- Loss before tax of £1.4m (2016 loss: £1.0m) reflecting higher levels of clinical and regulatory activity in the period
- Cash, cash equivalents and money held on deposits of £21.0m versus £22.1m at 30 June 2016
- Cash management and tight cost control continue to be priorities
This announcement contains inside information.
For further information:
|Oxford Pharmascience Group Plc
|Marcelo Bravo, Chief Executive
||+44 207 554 5875
|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.