Oxford Biomedica Stocks Drop Following Test Results For New Drug

PUBLISHED: 15 Dec 2011 @ 21:31 | Comments (4) | More info about Lou Gutheil

Oxford BioMedica (LSE:OXB) shares dropped 30.53% today to 3.30 per share, a 52 week low, on a volume of 15,141,626 shares following publishing of test results for its new drug ProSavin.

Test Results

While previous clinical trials of ProSavin, the company’s anti-Parkinsons treatment, had indicated the potential for significant improvement in patients receiving higher doses of the drug, 6 months of additional testing failed to produce the anticipated results. Rather, there was very little difference between patients receiving the higher dosage than those receiving the low dose administration.

Analyst Shawn Manning said:

“Sadly, at six months the higher (5x) ProSavin dose failed to demonstrate a higher mean improvement (measured by Unified Parkinson’s Disease Rating Scale) versus lower dose”

Company Plans

Although the test results seem somewhat disappointing to investors, as evidenced by the PPS decline, the company plans to continue testing an improved version of the drug at even higher dosage levels. John Dawson, CEO, said:

“We believe that (the) data set supports exploration of a higher dose as part of a Phase II programme to ensure the greatest chance of success in randomised studies.” Oxford now expects the introduction of ProSavin to be delayed from its originally proposed launch in 2017 until 2019.

Company Spotlight

Oxford BioMedica is a biopharmaceutical company focused on the development of gene-based medicines. The company has a broad pipeline of gene-based product in development for the treatment of age-related or inherited neurodegenerative and ocular diseases as well as vaccines to treat various forms of cancer. The company was founded in 1995 by Professors Alan and Susan Kingsman from the University of Oxford’s Department of Biochemistry. The Company listed on the AIM in December 1996 and moved to the Main Market of the London Stock Exchange in April 2001.

References
↑ Company website

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.