Oxford Biomedica PLC (LON:OXB) revealed that the UK Medicines & Healthcare products Regulatory Agency has approved a proposed manufacturing suite which will be dedicated to the manufacture of a coronavirus (COVID-19) viral vector vaccine candidate.
The facility will be built within Oxbox, the company’s new commercial manufacturing centre located near Oxford.
READ: Oxford Biomedica, AstraZeneca sign agreement to produce COVID-19 vaccine candidate
The gene and cell therapy group said the approval of this fourth suite completes a phase of expansion that more than doubles its manufacturing capacity compared to 2019, supporting further growth in revenues and partner programmes.
“This news does not affect our forecasts, but it does further highlight the significant strides OXB has taken to scale its operation over the course of 2020, which is supportive of our revenue predictions for the future,” analysts at house broker Peel Hunt pointed out in a note to clients.
Oxford Biomedica shares added 1% to 850p on Tuesday morning.