Oxford Genetics secure further £3m investment as it reports revenues doubling
Life sciences company Oxgene has more than doubled its annual revenue in the financial year just closed, in the third consecutive year of 100% year on year revenue growth. The company uses its expertise in mammalian cell engineering across gene therapy, gene editing and antibody therapeutics to develop novel technology platforms that facilitate the discovery, development and manufacture of new biologics.
The synthetic biology market in which Oxgene operates is estimated to grow from $5.3billion in 2019 to $18.9billion by 2024. (Source: BCC Research).
Oxgene combines precision engineering, biology, robotics and bioinformatics to accelerate the design, discovery and manufacture of new biologics. Working across the fields of gene therapy, gene editing and antibody therapeutics, and has worked with global partners including Abcam plc for the delivery of over 1,000 CRISPR engineered cell lines, Artios Pharma, who are developing breakthrough cancer treatments, and The Native Antigen Company (also backed by Mercia Asset Management) to accelerate the production of COVID‐19 antigens.
Law firm Royds Withy King helped Oxford Science Park-based life sciences company Oxgene with a further £3m syndicated investment committed by Mercia Asset Management and Canaccord Genuity Wealth Management.
Oxgene has also signed eight separate licence agreements providing access to its technology and recently announced a strategic partnership with FUJIFILM Diosynth Biotechnologies, a world leading cGMP contract development and manufacturing organisation, to support its partners in the development and production of biologics, vaccines and gene therapies.
Jo Bath, Chief Operations Officer of Oxgene, said: "Over the course of this financial year, Oxgene has once again more than doubled its revenue, with less than a 50 per cent increase in headcount. This is testament not only to the hard work and effective management of our team, but also to the strength of our automation platform, and our focused approach to business and technology development.
Iain Butler, Corporate Partner, who led the Royds Withy King team on the deal said: “We are very proud to continue to support the fantastic work done by Oxford based businesses in the life sciences community who are working like OXGENE™ ‘at the edge of impossible’ to bring innovative technologies to market.”
Mark Payton, Chief Executive Officer of Mercia, commented: "Oxgene is now being repeatedly recognised by some of the world's largest pharmaceutical brands which see the considerable value of its proprietary technology. The company is rapidly addressing global healthcare challenges and this latest investment round demonstrates the confidence that Mercia has in the business and its management team to deliver medium to long-term value."
