Director/PDMR Shareholding

RNS Number : 6646N

Oxford Biomedica PLC

15 June 2010

 



For immediate release

15 June 2010

Oxford BioMedica plc ("the Company")

Directors' Interest in Shares and Share Options

Oxford BioMedica (OXB:L): the Company today announced that the following awards under the Oxford BioMedica plc Long Term Incentive Plan (LTIP) were made to four directors.

	LTIP: number of shares awarded	Total shares over which options are held (note 1)	Percentage of issued shares under option
John Dawson	1,692,000	6,692,000	1.23%
Stuart Naylor	897,000	2,237,519	0.41%
Peter Nolan	890,000	2,808,400	0.52%
Andrew Wood	1,128,000	3,907,193 2	0.72%

Notes:

1.   The total shares over which options are held including the awards described above (share options were granted to directors up to September 2006 and LTIPs were awarded since March 2007).

2.   Includes 351,600 options held by Sharon Wood, wife of Andrew Wood, who is a former group employee. If not exercised by 30 June 2010 these options will lapse.

The share price on which the LTIP awards were calculated was 9.75p (the closing price on the day preceding the awards). The awards are nil-cost options. The LTIP awards are subject to a three year holding period, and are exercisable on the third anniversary of the award, subject to the satisfaction of a performance condition.

There are two aspects to the performance condition. The first relates to the Total Shareholder Return (TSR) of Oxford BioMedica plc compared to a comparator group made up of the following 13 quoted UK biotechnology companies:

Ark Therapeutics Group plc; Allergy Therapeutics plc; Antisoma plc; BTG plc; GW Pharmaceuticals plc; ImmuPharma plc; Phytopharm plc; Proteome Sciences plc; ReNeuron Group plc; Renovo Group plc; Silence Therapeutics plc; Vernalis plc; Verona Pharma plc.

No awards will be released at the testing date for less than median performance of Oxford BioMedica TSR compared to the comparator group. Median performance will result in release of 25% of the shares. Performance at the 75^th percentile will result in the release of 50% of the shares, with straight line release between these points. Upper quartile TSR performance (i.e. greater than 75^th percentile performance) will result in release of 100% of the shares.

For TSR above median but below the upper quartile, a second performance test, based on events that are expected to be significant drivers of value for the Company, will be applied. In these circumstances, up to a further 50% of the LTIP award will be released on the achievement of the following milestone events:

Event	% of award released
Commercial collaboration for TroVax executed	5%
Commercial collaboration for ProSavin executed	20%
RetinoStat first patient enrolled in Phase I/II trial	5%
Exercise of the development option by Sanofi-aventis for one of the collaborative ocular products	20%

There will be no re-testing of the performance conditions.  

Andrew Wood

Company Secretary, Oxford BioMedica plc

15 June 2010

 

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