Oxford Biomedica riasing £20m for development

Gene-based medicines and therapeutic vaccines developer Oxford Biomedica plc plans to raise up to £20m via a placing and a placing and open offer at a price of 5p a share.

CEO John Dawson said, 'Over the next 12-18 months we expect multiple value-driving events with four ocular products planned to move into clinical development, in addition to key data from our ProSavin and TroVax programmes.

'This funding will strengthen the business with a view to ensuring that Oxford BioMedica can extract the highest value from its innovative products.'

Through the enhancement of its proprietary manufacturing, Oxford would also be able to support five LentiVector technology-based clinical programmes with greater flexibility and efficiencies.

The shares were down 0.84p at 7.16p.

Story provided by StockMarketWire.com

13/12/2010