Oxford Biomedica, a prominent gene therapy company, is undergoing significant leadership changes.
- Colin Bond, a seasoned pharmaceutical executive, is set to join the board in January 2025.
- Leone Patterson resigns from the board to focus on her role at Zymeworks.
- Oxford Biomedica faced substantial financial losses in the past year with a significant drop in revenue.
- The company’s share prices reflect these developments in the market.
Oxford Biomedica, a gene therapy company listed on the London Stock Exchange, is seeing notable changes in its board composition. As of January 2025, Colin Bond, an experienced pharmaceutical executive, will join the board. Bond began his career as a pharmacist and has held significant positions at renowned companies such as Procter & Gamble, Sandoz, Vifor Pharma, and Evotec.
Leone Patterson has announced her resignation from the board to concentrate on her new role as Chief Financial Officer and Chief Business Officer at Zymeworks. Oxford Biomedica’s chair, Roch Doliveux, expressed gratitude for Patterson’s analytical insights and contributions during her tenure, wishing her success in her future endeavors.
Founded in 1995, Oxford Biomedica specialises in developing and manufacturing gene and cell therapies. It became a public entity in 1996. Financial challenges have marked the recent period for the company. For the year ending December 2023, it reported an operating loss of £184.2 million, an increase from £30.2 million in 2022. Revenues also decreased by over a third to £89.5 million.
The company’s financial situation has influenced its stock market performance. As of November 18th, 2024, the share price stood at 410.43p. Colin Bond’s appointment is seen as a strategic move to support the company’s mission of advancing life-changing therapies despite the financial setbacks.
Bond remarked on Oxford Biomedica’s leadership in cell and gene therapy manufacturing, highlighting its innovative strategies and client relationships as compelling opportunities. “I am excited to join the board at this important time and look forward to working with the team to support Oxford Biomedica’s continued growth,” Bond stated.
These changes at Oxford Biomedica signal a forward-looking strategic shift, aiming to strengthen its leadership and overcome recent financial challenges.
