Oxford Pharmascience Group Plc | Medicines made better

 

News

07 September 2016

Interim results for the six months to 30 June 2016

Oxford Pharmascience Group Plc (AIM: OXP) is pleased to announce its unaudited interim results for the six months to 30 June 2016.

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HIGHLIGHTS

  • Substantive progress in commercialisation discussions regarding the Company's lead NSAID1 assets, OXPzero™ Ibuprofen and OXPzero™ Naproxen
  • Feedback has identified the key precursors to successful partnership outcomes, including:
    • additional platform development
    • clarity on regulatory pathway for over the counter (OTC) and Prescription (Rx) product approval
  • Significant progress advancing the OXPzero™ technology platform:
    • improvement of drug release in vitro
    • scale-up and optimisation of the manufacturing process
    • strengthening of the intellectual property (IP) portfolio
  • Loss before tax to 30 June 2016 of £1.0 million (2015: £2.2 million) reflecting lower R&D activity in the first half compared to the comparative period
  • Well-funded with period-end cash, cash equivalent and deposit balances of £22.1 million (2015: £24.1million)
  • Planning to conduct small-scale exploratory pharmacokinetic (PK) trials to validate the in vivo performance of formulation improvements, with details to be announced separately in due course
  • Ongoing dialogue including the initiation of broader outreach to include the Rx market
  • Proceeding to seek pre-IND meetings with the US FDA to clarify US regulatory pathway

Marcelo Bravo, Chief Executive Officer, commented:

"During the period we have made good progress in commercialisation discussions regarding our lead assets, OXPzero™ Ibuprofen and OXPzero Naproxen™, and our continuing focus remains to progress these to market. We are making significant progress advancing the OXPzero™ technology through the improvement of the drug release characteristics, scale-up and optimization of the manufacturing process and through additional patent applications to strengthen the IP.

"We plan to clarify the regulatory pathway for product approval in the US and alongside this we have expanded our business development efforts, with a focus on the Rx market and on the taste-masking applications of our technology in the OTC market where we are in ongoing partnership discussions. While it is now clear that a major licensing deal will take longer to generate, our OXPzero™ NSAIDs have the potential to offer meaningful advantages versus standard ibuprofen and naproxen, both in terms of the improved gastrointestinal (GI) safety profile and taste-masking, and we continue to believe there are significant, disruptive and valuable opportunities in the $12bn global NSAIDs market.

"We will update shareholders in due course on our commercial discussions and wider development plans."

1- Non-steroidal anti-inflammatory drugs

This announcement contains inside information.

 

For further information:

Oxford Pharmascience Group Plc  
Marcelo Bravo, Chief Executive +44 207 554 5875
   
N+1 Singer  
Aubrey Powell/Jen Boorer +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.

About OXPzero™ NSAIDs

Specifically, by comparison with generic NSAIDs, OXPzero™ Ibuprofen and OXPzero™ Naproxen are milder in the GI tract, delivering major reduction in severe GI mucosal damage, significantly mask the bitter taste/burn associated with NSAIDs, and deliver an attractive pharmacokinetic profile with adaptable drug release properties.