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Oxford Pharmascience builds on its breakthrough year

Published: 08:15 17 Sep 2012 BST

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The first half of 2012 built on what Oxford Pharmascience (LON:OXP) chairman David Norwood described as a “breakthrough year” for the group.

He said the revenues from OXPchew, a calcium and vitamin D soft chew, were buoyant thanks to strong sales from Brazilian partner Aché and earlier than expected commencement of revenues to the Far East.

Importantly the company signed its first licensing deal for OXPchew with German drugs giant Bayer. 

“This demonstrates our ability to do commercial deals with the 'big boys' and bodes exceedingly well if this is repeated for the OXPzero and OXPtarget technologies,” Norwood added.

Co-development work has begun with Hermes Pharma for a range of ibuprofen direct to mouth granules using OXPzero, with clinical studies slated for later this year.

The financial results revealed the group made a reduced pre-tax loss of £399,000 on revenues of £314,000 for the six months to June 30. Oxford Pharma had “cash and equivalents” of £639,000 as of that date. 

“The company has continued to evolve excellent science into innovative potential products and expanded the commercial success of its existing products,” Norowood said. 

“Now the challenge is to convert these new potential products into real exciting products that industry wants and to repeat the commercial success of OXPchew by signing commercial agreements in the more attractive and higher value areas of NSAIDs and Statins. I believe that we have the team and technology to achieve this and look forward to the future with continued confidence.”

 

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