aegian
29 May 2018
AGM and GM OXB has suffered a hacking incident. JD could not give details because the Police are still investigating but OXB is now going to enforce cyber safety.The theme of the meeting could be said to be that OXB has now moved on from the old days of cancer vaccines, since most of them fail, as did Trovax, because there are over 100 different types of cancers. They do not have the funding to run such trials again. Someone asked about Trovax and the entire Board almost to a man groaned, as if the memory is still painful. Peter Nolan said shareholders would not approve spending £30-40mill on such a trial again with its many imponderables.The gene and cell therapy sector are rapidly changing thanks to technology and competition. Co-operation with Novartis showed an 84% remission rate in children and young adults, so by providing the lentivector to Novartis OXB is well placed, since both the FDA and MHRA have approved Kymriah. OXB estimates that by 2026 just producing lentivector will bring in £800mill. Patient cells are sent to be modified in Germany and then returned to the patient so there are two vital steps in the process. OXB have collaborations with third parties such as Orchard will bring in royalties [link] with Bioverativ to help build haemophilia gene therapies [link] to which end OXB has raised £20mill to lease a building in Oxford in which steel vats will be placed to produce the lentivector. The new space will be more than enough to get a big percentage of the lentivector market. Many companies now find themselves behind in this area and are desperate to catch up with OXB. Bioverativ finds that it is hard to predict the number of patients they might treat but the number will only grow since this area is so commercially sensitive. This is a new frontier trying to deliver a complex biological delivery system to a high standard. Haemophilia A and B products will double the royalties to 6.7bn by 2026. OXB paid £5mill up front and expect £100 mill to come from the collaboration because Bioverativ is the only company in the world who have FDA and MHRA approval in haeomophilia gene therapy.Ophthalmology spin-offs were £14.3mill in 2016 and will only expand. OXB expect to hear about Parkinsons results in H2 2018.Somebody asked if gene therapies are tailored to the individual and so are exorbitantly costly. Everyone with the disease has the same fault, so gene therapy is not patient specific. It is the same gene for everyone and as time goes by OXB will refine their delivery systems. JD said that this has been a learning curve but even mistakes have added to OXB’s IP and know how. The new building will give OXB future capacity to provide quality systems, thanks to their collaboration with Novartis.JD said it has been a very good 12 months and OXB is now a leading lentivector producing company as well as having a pipeline of future products.People asked why OXB has not made a profit either under the Kingsmans or more recently but we were reassured that the future will change this. JD replied that it was the Kingsmans who gave this company their IP start and who built it up so nothing would have been achieved without them. Peter Nolan even admitted to me that perhaps in the distant future OXB might pay a dividend.This was an exciting AGM. The shareholders seemed far happier than in previous years. Some hoped OXB will float on NASDAQ. Finances are improving and OXB’s position seems assured. More collaborations in the future with Glaxo Smith Kline and other such prestigious companies seems assured.The consolidation was voted for by something like 98% and so will proceed.
aegian
29 May 2018
Re: £7.50 per share after 50-1 consoli... Hello Dave and John,I attended today and asked specifically if this consolidation is to ease a future buyout in something like 2 year's time. John Dawson and all the board shook their heads and said this was not what was behind the consolidation.JD said that if a future offer should be made they would have to consider it but they do not foresee any such being made.They also said categorically that there are not going to be any rights issues. They have secured the right to sell 5% of the company's capitalisation to institutions or whoever will buy them without offering them to us small share-holders. This would be to invest in more plants or acquisitions, not just to make money. The company is in profit for the first time. They do have debts. However OXB is now in the enviable position of being unique in producing lentivector which is a world leader.OXB reckon they have 30% of the world market which is fast growing. They are very excited about selling lentivector to Novartis and await royalty payments. They see this year as leading to new openings and acquisitions and expect the situation to change dramatically for the better. This is the most optimistic AGM I have ever attended.I intend to write more on what was said at the AGM as soon as time allows.The AGM was well attended - about 50+ attendees, perhaps fewer. There were so many that copies of the report ran out and I didn't obtain one, sadly. There were no negative questions as there used to be and there was a real buzz of excitement. I spoke to Martin Diggle and he felt that all the hard graft of the past will begin to pay off.Personally I am happy with how things are going.
d gaser
29 May 2018
£7.50 per share after 50-1 consolidation ? As every one knows I dislike consolidations, to me consolidations are done in order to help the company not the share holder ,and this one to me seems to me, to be no different, especially when you look at other companies' share price in this sector. Tomorrow OXB share price is going up by 50 times 15p, that equates to a new share price of £7.50 per share, and reduces the shares in circulation to around 350million shares , and a turn over of just £37.59m and a 50m debt facility. But when you compare OXB value and share price with several other Bio/pharmaceutical companies' such as V.E.C ,or BTG you can see it seems a bit out of sink . VEC for instance have a turn over of £148m, plus £100m in cash, and has 660m shares in circulation, and no debt and their share price is just 85p. While B.T.G has a turn over of £620m ,plus £150m in cash, and again no debt, yet their share price is just £6.50 per share .I fear OXB are looking at another big cash call in order to pay of their debt, and to help them meet the day to day costs of growing the company,as OXB are at present spending around £10m P.A more than they earn and their cash burn exceeds this , that figure in my opinion can only increase over the next two years ,as OXB gear up production to meet the extra demand created by the new contracts it has signed so how can they pay for that ?as we all know recently they had a cash call off £20M to cover the cost of another production facility in oxford ,and they want to fit it out by 2020, but as we all know, building costs are never set in stone and new equipment isn't cheap, nor is the labour they will need, prior to it being commissioned ,.OXB could of course meet that cost by increasing their mark up , or by improving production technics ,but I don't think Novartis or any other company who have signed an agreement with OXB would agree to that ,so to me, that only leaves a new cash call at some time to cover the cost.Obviously had they not consolidated,then they would not have been able to attract the new cash to do this by increasing OXB stock to over 5 billion share's at say 15-25P a share , but they can at £7.50 a share in fact it would be done easerly, especially if they could show OXB could increase their sales by say 100% over that time ,and improve margins by some 5-7.50% of two years , and at the same time save some £20m from loan interest.Obviously this is only my take on this consolidation ,plus the fact ,it will also help should the big holders want to sell down their holdings over the next few years , as it can be done at £7.50 per share in a far more structured way ,then at 15p as there will be fare less shares sold ,and there fore it would not impact OXB share price as much, had they done it with billions of shares flooding the market .Obviously this is just my take on this consolidation, hence I took some profits this morning .BE HAPPYDAVE
John of Groats
29 May 2018
AGM and GM The AGM started at 11am today and the GM at around 11.30. No news yet. Does that mean there is no news of any significance other than a huge rise in the share price?
warmfront
23 May 2018
FDA makes path to market less arduous for haemophilia treatments [link] From February and[link] encouraging; the path to market for haemophilia treatments is being made less arduous . Must be good news for oxb and Bioverativ
riverside red
15 May 2018
Almost got my head above water. Hurrah.Along with PMO shows that patience is a virtue.
MaX ProfOrdiS
10 May 2018
Re: 50-1 Share Capital Consolidation Roger, you've completely missed the point of what I was saying. Yes, there are bid/offer prices being offered by non-market makers within the market makers' spreads but they are gaming the price and, with a 1.4p minimum spread being offered by the market makers, they are being given plenty of opportunity to do so; QED the volatility. E.g. despite the share price touching a high of 15.5p and a low of 13.96p today, the market makers' bid/offers have hardly been touched! The Board hopes that by consolidating the shares they can dampen that share price volatility and encourage longer term mainstream investors.
Roger Baron
10 May 2018
Re: 50-1 Share Capital Consolidation Actual spread far tighter than that. Dummy trades at same time on Barclays shows spread only 0.0522p a few minutes ago.
MaX ProfOrdiS
10 May 2018
Re: 50-1 Share Capital Consolidation If you look at today's spreads, the market makers are offering anywhere between 1.4p (JPMS) and 3p (CFEP). It does leave an awful lot of room for volatility. I can't imagine them offering spreads of between 70p and £1.50 after consolidation. Personally, I'm neutral; consolidation should tighten the spreads and, potentially, reduce the amount of volatility but, beyond that, is of little benefit IMHO.
Frankers70
10 May 2018
Re: 50-1 Share Capital Consolidation Taylor Wimpey have 3.5bn shares in circulation and it hasn't done them any harm. In fact, at one stage they were trading at around the same level at Oxford are now! Just saying...
Dhanna
10 May 2018
Re: 50-1 Share Capital Consolidation Would you rather have 3 billion shares or 60 million? I prefer latter.
Roger Baron
10 May 2018
Re: 50-1 Share Capital Consolidation Yes, maybe sensible but I am still regretting banking some of my profits yesterday morning!
Frankers70
09 May 2018
Re: 50-1 Share Capital Consolidation I agree with your comments DG. I've held shares with companies that have done similar and the share price just kept drifting lower. It's tempting to sell half and see how it pans out. One good point is that my shares held are exactly divisable by 50 
GLA that continue to hold, banking some profits is never a bad thing to do...
raptor66
05 May 2018
Re: 50-1 Share Capital Consolidation A very steep consolidation, 25:1 would be a more reasonable proposition imo.Perhaps OXB wants to list on Nasdaq if not already,and possibly raise more money??
d gaser
04 May 2018
50-1 Share Capital Consolidation Personally I'm not happy with this consolidation, as my experience of consolidation is not a good one , in fact, every one I have been involved in over the past 25 years ,has quickly turned into a night mare ,and none of the companies were still around 2 years later .I just hope this isn't a device to allow our benefactor Martin Dingle to sell down his stake in OXB ,yes he and his company do deserve a big fat profit, but I had hoped, he would sell out slowly, or sell to another institution via a undisclosed trade .It was not that long ago, our board said they would not be consolidating OXB share's as it would not bring the company any benefits, so what has changed ? I'm also worried, this consolidation could make it easier for a take over by an American or European pharmaceutical conglomerate. BE HAPPYDAVE Oxford Biomedica04 May 2018 07
07Oxford Biomedica PLCRNS Number : 1047NOxford Biomedica PLC04 May 2018 Oxford BioMedica plc ("Oxford BioMedica" or the "Company"
Proposed Share Capital Consolidation and Notice of General Meeting London, UK - 4 May 2018: Oxford BioMedica plc ("Oxford BioMedica", "the Company" or "the Group" (LSE:OXB), a leading gene and cell therapy group, today announces a proposed share capital Consolidation of the existing ordinary share capital of the Company.The effect of the proposed Consolidation will be to reduce the number of issued ordinary shares in the Company by a factor of 50 whilst increasing the trading price of each Existing Ordinary Share. The Board considers the Consolidation to be in the best interests of the Company and its Shareholders. It believes that the effect of the Consolidation will be to improve market liquidity by reducing the volatility and spread of trading activity in the Company's New Consolidated Ordinary Shares and make trading in the Company's shares more attractive to a broader range of institutional investors and other members of the investing public, both overseas and in the UK.As it is proposed that all existing ordinary shareholdings in the Company be consolidated, the proportion of the issued ordinary share capital of the Company held by each Shareholder immediately before and after the Consolidation will remain relatively unchanged, other than for small changes that may arise from the rounding for fractional entitlements.Implementation of the Consolidation requires the approval of Shareholders. A General Meeting will be held at 11.30 a.m. (or, if later, immediately following the conclusion of the Company's Annual General Meeting) on 29 May 2018 at the offices of Covington & Burling LLP, 265 Strand, London WC2R 1BH at which the Resolution necessary to give effect to the Consolidation will be put to Shareholders.A Circular, which provides details of the Consolidation and includes a Notice of General Meeting and Form of Proxy, is today being sent to Shareholders and has been submitted to the UK Listing Authority for publication through the National Storage Mechanism and will shortly be available for inspection at [link] The Circular is also being made available at the Company's website, www.oxfordbiomedica.com. Capitalised terms not otherwise defined herein shall have the same meaning given to such terms in the Circular.The Consolidation and Sale of Fractional EntitlementsAs at 1 May 2018, the Company had 3,284,306,843 Existing Ordinary Shares in issue, having a mid-market price per Existing Ordinary Share at the close of business on such date of 12.04 pence. This is a significant number of shares for a Company with a market capitalisation of approximately £395 million (as at 1 May 2018) and the Board considers the Consolidation to be in the best interests of the Company and its Shareholders, as it believes that the effect of the Consolidation will be to improve market liquidity by reducing the volatility and spread of the Company's New Consolidat
