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Gene and cell therapy group Oxford Biomedica swung to a full-year loss, owing to a rise in expenses and fall in revenue.
Pre-tax losses for the year through December amounted to £20.9m, compared to a profit of £5.0m on-year.
Revenue fell 4% to £64.1m, due to lower milestone and licensing revenue.
Operating expenses increased by 57%, which the company said reflected investment in bioprocessing operations and people in preparation for its Oxbox bioprocessing facility coming online in 2020.
'Oxford Biomedica made good progress during 2019, extending our commercial supply agreement with Novartis for another five years, establishing a new partnership with Santen and delivering our new facilities expansion on target,' chief executive John Dawson said.
'Beyond the period end we also signed a new major new agreement with Juno Therapeutics / Bristol Myers Squibb.'
'The cell and gene therapy sector continues to grow rapidly and we remain at the forefront of its innovation.'
'Our new collaboration with Microsoft is harnessing the power of artificial intelligence to further boost the efficiency of our world-leading LentiVector delivery platform, as we continue the process to industrialise lentiviral vector development and manufacture.'
'We are building an exciting business, and with the significant investment by Novo Holdings in 2019, our simplified statement of financial position places us in a stronger position to realise the potential of our world-leading technology.'
At 9:20am: (LON:OXB) Oxford BioMedica PLC share price was -56p at 671p