Interim Results

OXFORD BIOMEDICA PLC
17 August 1999


For further information, please contact:

Oxford BioMedica plc
Professor Alan Kingsman, Chief Executive            Tel: [phone]

City/Financial Enquiries:                                   
Mike Wort, Mexal Communications                     Tel: [phone]

Scientific/Trade Press Enquiries:                           
Emma  Johnson/Michaela Mahon, HCC.De Facto Group    Tel:  [phone]

                               
                  OXFORD BIOMEDICA ANNOUNCES
             INTERIM RESULTS FOR THE SIX MONTHS TO
                         30 JUNE 1999
                               
Oxford, UK ..  Oxford BioMedica, the UK's leading gene therapy
company,  reports  on  a successful first  half  of  1999  and
announces its interim results for the six months ended 30 June
1999.

Highlights

    Collaboration with Rhone-Poulenc Rorer expanded

    New  joint  venture established to develop gene  therapy
    products in Korea

    Collaboration  established  with  Modex  SA  to  develop
    diabetes therapy

    Clinical programme BC1 on target
     
    MetXia-P450T  to be trialled in ovarian  cancer  in  OC1
    programme

    TroVaxT cancer vaccine programme moves closer to clinic

    1 for 5 Rights Issue raising £3.2 million in March 1999

    Revenue  of  £0.2  million for H1 1999;  net  loss  £2.1
    million

    Two new Non Executive Directors join the Board


Commercial Interactions
The Company's collaboration with Rhone-Poulenc Rorer (RPR)  to
develop   gene  therapies  to  treat  cardiovascular  disease,
announced in December 1998, has started well. In addition, the
LentiVectorT programme with RPR that commenced in January 1998
has  been  expanded.  This development  is  seen  as  a  clear
endorsement of Oxford BioMedica's technological expertise by a
company well respected for its own gene therapy research.

Oxford BioMedica has established collaborative programmes with
two  biotechnology  companies to jointly  create  new  product
opportunities.  The  first of these is a 50:50  joint  venture
with  the  Korean  company  ViroMed to  develop  gene  therapy
products based on the Company's LentiVectorT systems  for  the
treatment  of cancer and other diseases in the Far  East.  The
second  is  a collaboration with Modex S.A. of Switzerland  to
develop  encapsulated  cell  therapies,  initially  to   treat
insulin-dependent diabetes. This creative approach to  product
development is not intended to generate significant  immediate
cash,  but  it  establishes potentially valuable opportunities
for the future.

Oxford BioMedica's innovative technology continues to generate
significant  scientific  and  commercial  interest,  and   the
Company is in discussions with several potential partners from
the pharmaceutical and biotechnology industries.

Research and Development
Excellent  progress  has been made in  the  clinical  and  R&D
pipelines.  In particular, promising results from the  TroVaxT
cancer vaccine programme have led to substantial interest from
potential  partners, and regulatory submissions  for  clinical
trials  of TroVaxT are expected to be made before the  end  of
the year.

The  BC1  programme  testing BioMedica's  anti-cancer  therapy
MetXia-P450T  in late-stage breast cancer is  on  course,  and
regulatory submissions for a trial of MetXia-P450T in  ovarian
cancer, the OC1 programme, have been made.

Other   programmes,  including  LentiVectorT   gene   delivery
systems,  ImmStatT  gene therapy to treat  HIV  infection  and
AIDS,   the  oxygen-sensitive  gene  switch  Hypoxia  Response
Element and the cell-based therapy MacroGenT continue to  make
exciting  progress. The Company's scientific  data  have  been
presented at several international scientific conferences this
year and a number of scientific papers are in preparation.

Financial
Turnover  of £0.2 million in the first half of 1999 came  from
the  Company's  two  collaborations  with  RPR.  Research  and
development expenditure was £1.9 million and the net loss  was
£2.1 million.

The  1-for-5  Rights Issue in March 1999 raised  £3.2  million
before costs. At 30 June 1999 the Company had cash reserves of
£5  million. The net cash outflow before financing (the  'cash
burn') was £1.8 million.

Board Changes
The  Board  has  been strengthened by the appointment  of  two
further non-executive directors. Mark Berninger, formerly Vice
President of Business Development at Gene Therapy Inc.  joined
the  Board in February, and Dr Peter Johnson, former  Chairman
and  Managing  Director  of Smith Kline  and  French  Research
Limited  and  former Director of Pharmaceutical  Research  and
Development of Fisons plc was appointed in July. They bring to
the  Board  invaluable  experience  in  business  development,
intellectual  property  management and pharmaceutical  product
development   from   both  a  North  American   and   European
perspective.

Prof.  Alan  Kingsman,  Chief Executive  of  Oxford  BioMedica
commented 'I am delighted to be able to report on another very
productive period with many achievements, particularly on  the
commercial  side.  I  thank all who have contributed  to  this
success, and in particular I thank our shareholders for  their
continued  support. I also welcome as Non Executive  Directors
Mark Berninger and Peter Johnson.'

Oxford BioMedica plc                                              
Consolidated Profit & Loss Account
                                                                  
                                      6 months    6 months            Year
                                         ended       ended           ended
                                       30 June     30 June     31 December
                                          1999        1998            1998
                                   (unaudited)    (unaudited)     (audited)
                                             £              £            £
                                                                  
Turnover                               194,494          5,002        50,002
                                                                  
Research and development            (1,908,471)    (1,321,844)   (2,981,726)  
Administrative expenses               (688,631)      (665,168)   (1,194,813)
                                                                              
                                                                  
Operating expenses                  (2,597,102)    (1,987,012)   (4,176,539)
Other operating income: government     180,955         34,846       181,895
grants receivable
                                                
Net operating expenses             (2,416,147)     (1,952,166)   (3,994,644)
                                                                  
Operating loss                     (2,221,653)     (1,947,164)   (3,944,642)
                                                                  
Interest receivable                   118,747         116,179       263,384
Interest payable                          (26)            (53)          (54)
                                                                  
Loss on ordinary activities before (2,102,932)     (1,831,038)   (3,681,312)
taxation                             
                                                                  
Tax on loss on ordinary activities          -               -             -
                                                                  
Loss for the period                (2,102,932)     (1,831,038)   (3,681,312)
                                                                  
Loss per ordinary share                 (1.6p)          (2.0p)        (3.4p)
Diluted loss per ordinary share         (1.6p)          (2.0p)        (3.4p)
                                                                  
                                                                  
The  results  for  the  above periods are  derived  entirely  from
continuing operations

The  Group has no recognised gains and losses other than the above
results,  and therefore no separate statement of total  recognised
gains and losses has been presented.

There  is  no  difference between the loss on ordinary  activities
before taxation for the periods stated above, and their historical
cost equivalents.

Oxford BioMedica plc                                              
Consolidated Balance Sheet
                                        As at          As at          As at
                                      30 June        30 June    31 December   
                                         1999           1998           1998
                                   (unaudited)    (unaudited)      (audited)
                                            £              £              £
Fixed assets                                                      
Intangible assets                     356,862         406,085       381,473
Tangible assets                       843,915         957,778       935,976
                                                                  
                                    1,200,777       1,363,863     1,317,449
                         
Current assets                                                    
Debtors:   amounts   falling   due    497,320         266,853      357,524
within one year
Cash at bank and in hand            4,976,906       5,079,284    3,566,074
                                                                  
                                    5,474,226       5,346,137    3,923,598
                                 
Creditors:  amounts  falling   due    788,125         383,657      480,111
within one year
                                                                  
Net current assets                  4,686,101       4,962,480    3,443,487
                                         
Net assets                          5,886,878       6,326,343    4,760,936
                                         
Capital and reserves                                              
Called-up share capital             1,422,430        1,170,286   1,185,358
Share premium account              12,548,722        9,287,125   9,556,920    
 Other reserves                       710,952          710,952     710,952
Profit and loss account (deficit)  (8,795,226)      (4,842,020) (6,692,294)
                                    

Equity shareholders' funds          5,886,878        6,326,343   4,760,936
                                      
                                                                  
Oxford BioMedica plc                                              
Consolidated Cash Flow Statement
                                                                  
                                     6 months        6 months          Year
                                        ended           ended         ended
                                      30 June         30 June   31 December
                                         1999            1999          1998
                                   (unaudited)     (unaudited)     (audited)
                                            £               £             £
Operating activities                                              
Net  cash  outflow from continuing                                
operating activities
(reconciliation to operating  loss 
below)                             (1,861,270)      (1,772,772)   (3,635,847) 
                         
                                                                  
Returns    on   investments    and                                
servicing of finance
Interest received                     101,965           92,169      263,652
Interest paid                             (26)             (53)         (54)
                                                                  
                                      101,939           92,116      263,598
                                                                  
Capital  expenditure and financial                                
investment
Purchase of tangible fixed assets     (46,960)        (148,584)    (266,819)
                                        
Net cash outflow before management                                
of liquid resources and financing   (1,806,291)      (1,829,240) (3,639,068)
                                      

Management of liquid resources                                    
Transfer to deposit accounts       (6,291,000)    (5,200,000)   (5,200,000)
Transfer to current accounts        1,371,000       500,0000     5,200,000
                                                                  
                                   (4,920,000)    (4,700,000)            -
                                       
Financing                                                         
Issue of ordinary shares            3,556,074      6,000,000     6,301,459
Expenses of share issue              (338,951)      (603,604)     (608,445)
                                  
                                    3,217,123      5,396,369     5,693,014
                                      
(Decrease)/increase in cash in the 
period                             (3,509,168)    (1,132,844)    2,053,946    
                            
                                                              
Oxford BioMedica plc                                              
Reconciliation  of operating  loss
to net
cash    outflow   from   operating                                
activities
                                                                  
                                     6 months       6 months          Year
                                        ended          ended         ended
                                      30 June        30 June   31 December
                                         1999           1998          1998
                                   (unaudited)    (unaudited)     (audited)
                                            £              £             £
Continuing activities                                             
Operating loss                     (2,221,653)    (1,947,164)   (3,944,642)
                                        
Amortisation  on intangible  fixed     
assets                                 24,611         24,611        49,223
Depreciation  on  tangible   fixed    
assets                                144,304        128,062       264,512
Loss on disposal of tangible fixed      
assets                                    693              -           910
Increase in trade debtors             (44,881)             -             -
Increase  in  other  debtors   and 
other tax receivable                  (20,376)        (4,973)     (132,325)  
Increase   in   prepayments    and 
accrued income                        (57,757)       (12,888)         (485)
Increase/(decrease)    in    trade  
creditors                              209,296        (4,564)       18,870
Increase  in  other  taxation  and    
social security                          8,452         7,379         4,777
Increase  in accruals and deferred   
income                                  96,041        36,765       103,313
                                                                  
                                                                  
Net cash outflow from continuing                                  
operating activities                (1,861,270)   (1,772,772)   (3,635,847)
                                      
                                                                  
Notes

1.     Copies  of  this  statement  are  being  sent  to   all
       shareholders.  Copies are also available at  the  registered
       office of the Company, Medawar Centre, Oxford Science  Park,
       Oxford OX4 4GA

2.     On  26  March  1999  the Company issued  23,707,169  new
       ordinary shares of 1p each in a 1 for 5 rights issue at  15p
       per  share,  raising  cash  proceeds  of  £3,556,074  before
       expenses.

3.     The  interim results are unaudited and do not constitute
       statutory accounts within the meaning of section 240 of  the
       Companies  Act  1985. The interim results  are  prepared  in
       accordance with the accounting policies set out in the Report
       and Accounts for the year ended 31 December 1998 but have not
       been  reviewed  by  the auditors. The financial  information
       relating to the year ended 31 December 1998 has been extracted
       from the full report and accounts for that period which have
       been filed with the Registrar of Companies. The report of the
       auditors on those accounts was unqualified.

4.     The basic loss per share has been calculated by dividing
       the net loss for the period by the weighted average number of
       132,956,799 shares in issue during the six months  ended  30
       June  1999 (six months ended 30 June 1998: 93,075,702,  year
       ended 31 December 1998: 106,853,160). The number of shares in
       issue prior to the rights issue in March 1999, including the
       number  of  shares  in issue during prior periods  has  been
       adjusted in accordance with FRS 14.

       The  Company  had no dilutive potential ordinary  shares  in
       either  period, and there is therefore no difference between
       the  loss  per  ordinary  share and  the  diluted  loss  per
       ordinary share.

Notes to Editors

1.   Oxford BioMedica: Established in 1995, specialises in the
     development and application of gene-based therapeutics using
     advanced  gene delivery technologies for the treatment  of
     disease   in  the  areas  of  Oncology,  Viral  Infection,
     Neurobiology and Genetic Deficiency. Oxford BioMedica plc was
     floated on the UK Alternative Investment Market of the London
     Stock Exchange in December 1996.

2.   This release is also available on the World Wide Web at:
     http://www.oxfordbiomedica.co.uk