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Oxford Biomedica revenue rose 78% to £66.8m, operating EBITDA £13.4m

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Oxford Biomedica
Oxford Biomedica   Adjusted operating expenses were 38% higher at £31.7m

Oxford Biomedica reported a 72% increase in gross income in its preliminary results for the year ended 31 December on Thursday, to £67.9m.

Oxford Biomedica said its revenue rose 78% to £66.8m, while adjusted operating expenses were 38% higher at £31.7m.

Oxford Biomedica's Operating EBITDA stood at £13.4m for the year, swinging from an operating EBITDA loss of £1.9m in 2017.

Licence income stood at £18.3m, which the board said was due to the Axovant Sciences and Bioverativ deals, which was segmented by product at £10.2m and platform at £8.1m.

A £6m gain was recognised on revaluation of investment in Orchard Therapeutics, the board noted.

Oxford Biomedica's cash inflow before financing activities rose to £2.8m from £1.0m, with cash as at 31 December standing at £32.2m, up from £14.3m year-on-year, which the directors said reflected "significantly improved" trading performance and the placing to raise gross proceeds of £20.5m.

That was raised from new and existing investors through a placing to fund the proposed expansion and fit-out of the additional bioprocessing facilities at a new facility in Oxford, with capital expenditure increasing to £10.8m from £2.0m.

A total of £5m in capital expenditure grants was received from Innovate UK during the year, to support the UK's efforts to produce viral vectors and ensure adequate supply to service expected demand.

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