Interim Results

Oxford Biomedica PLC
16 September 2003


For immediate release

                                                               16 September 2003
For further information, please contact:
Oxford BioMedica plc

Professor Alan Kingsman, Chief Executive                Tel: [phone]
City/Financial Enquiries:

Mike Wort, James Chandler: Beattie Financial            Tel: [phone]
Scientific/Trade Press Enquiries:

Sue Charles, Katja Stout: Northbank Communications      Tel: [phone]







                      OXFORD BIOMEDICA PLC INTERIM RESULTS
                    FOR THE SIX MONTHS ENDED 30 JUNE 2003

Oxford, UK: 16 September 2003 - Oxford BioMedica announced today its interim
financial results for the six months ended 30 June 2003.

Interim results highlights:

•   Fully underwritten Rights Issue to raise approximately £20.4 million net of 
    expenses (see separate announcement issued today).

•   Cash outflow before financing reduced to £3.8 million (H1 2002: £6.2 
    million), which reflects the ongoing rationalisation of research activities 
    and the concentration of resources on later-stage development programmes.

•   Successful results were reported from a second Phase I/II study with TroVax 
    in colorectal cancer at the American Association for Cancer Research 
    meeting. An extensive Phase II trials programme has been initiated in 
    multiple cancer types and initial data are expected before the end of 2003.

•   As part of the TroVax clinical programme, it was announced that Cancer 
    Research UK would fund a Phase II trial with TroVax in colorectal cancer 
    patients with operable liver metastasis.

•   Encouraging initial results were reported from a second Phase I/II trial 
    with MetXia in breast cancer. Further results from this trial are 
    anticipated later in 2003 and the Company plans to start a clinical trial 
    with MetXia in pancreatic cancer.

•   Wyeth exercised its option to extend the collaboration on the Company's 
    anti-5T4 antibody. Preclinical studies are ongoing with an antibody-toxin 
    conjugate for the treatment of cancer.

•   Cash balance of £17.2 million as at 30 June 2003 (31 December 2002: £21.0 
    million). Pro-forma cash balance as at 30 June 2003 (including estimated 
    proceeds, net of expenses, of the Rights Issue) of £37.6 million.

Commenting on the Interim Results, Dr Peter Johnson, Chairman of Oxford
BioMedica, said:

'Oxford BioMedica has made considerable progress with its lead products, while
curtailing its spend through rationalisation of early stage research. With new
funds secured from the Rights Issue, the Company has a strong cash position and
is well positioned for future growth and success.'


                                     -Ends-


Notes to editors

Oxford BioMedica



Oxford BioMedica (LSE: OXB) is a biopharmaceutical company specialising in the
development of gene-based products for a range of unmet medical needs with an
emphasis on new cancer products, which combine novel mechanisms of action with
very low side effects, and innovative neurotherapy products, which address large
and, in several areas, untapped markets. The products are all protected by
multiple patents comprising a total intellectual property portfolio of some 69
patent families.

In addition to its technical research skill-base, Oxford BioMedica has in-house
clinical, regulatory and manufacturing know-how. The development pipeline
includes two novel anti-cancer products in clinical trials and a gene-based
treatment for Parkinson's disease, which is in late preclinical studies.

TroVax(R), Oxford BioMedica's lead cancer immunotherapy product, is in Phase II
trials for colorectal cancer. Further Phase II trials are planned for breast and
renal cancer. MetXia(R), Oxford BioMedica's lead gene-based cancer therapeutic,
is based on a highly engineered retrovirus gene delivery system expressing a
specific human cytochrome P450 gene. MetXia is being investigated in a Phase I/
II trial in breast cancer, and regulatory submissions are under review for
trials in pancreatic cancer.

Oxford BioMedica has a wholly owned subsidiary in San Diego, USA. Oxford
BioMedica has corporate collaborations with Wyeth, Intervet, Kiadis, Amersham,
Arius Research and Viragen.

Further information is available at http://www.oxfordbiomedica.co.uk


                    OXFORD BIOMEDICA PLC INTERIM REPORT 2003


Chairman's Statement

In the first half of 2003 Oxford BioMedica continued its progress, achieving key
milestones in its clinical programmes while reducing its cash burn through
research rationalisation. As a result, the development portfolio has been
focused on the Company's two core therapeutic areas of oncology and
neurotherapy.

Successful results were reported from a second Phase I/II trial with TroVax(R)
in colorectal cancer and an extensive Phase II trials programme has been
initiated. Preliminary data from a second Phase I/II trial with MetXia(R) in
breast cancer were similarly promising and a Phase I/II trial in pancreatic
cancer is on-track to start around the end of 2003.  Also in the first half of
2003, Wyeth exercised its option in the collaboration on an anti-cancer
antibody-toxin product, currently in preclinical development; and a new
collaboration was secured with Intervet for companion animal cancer vaccines.

As announced earlier in 2003 at its annual general meeting, the Company has
curtailed spending on early stage products and focused resources on its late
stage clinical and preclinical products. Overall, this has improved the cash
position without threatening the core value of the Company. During the first
half of 2003 the Company reduced the research head-count in its US facility in
San Diego, and further reductions have been made subsequently. Resources have
been focused on the clinical and late-stage preclinical pipeline, with savings
in early-stage research. The cash outflow before management of liquid resources
and financing for the six months to June 2003 (H1 2003: £3.8 million) was lower
than the same period in 2002 (H1 2002: £6.2 million), reflecting operational
efficiencies, increased grant income and higher receipts of tax credits. The
Company's cash position as at 30th June 2003 stood at £17.2 million (31st
December 2002: £21.0 million) and the Group had 74 employees at the end of the
period (31st December 2002: 81 employees).

With progress on several fronts in its clinical and preclinical pipeline, and
despite uncertainty in general market conditions, Oxford BioMedica is well
placed to advance its lead programmes through the final stages of development.
Oxford BioMedica announced a fully underwritten 27 for 50 Rights Issue, at a
price of 17p per New Ordinary Share, on 16 September 2003. The offering will
raise approximately £20.4 million net of expenses. The increased resources
enable the Company to advance its two lead anti-cancer products, TroVax and
MetXia, through Phase II trials into Phase III development. In addition, the
Company expects to commence clinical trials with its two lead neurotherapy
product candidates, ProSavin(R) for Parkinson's disease and RetinoStatTM for
vision loss. The extra funds also provide the Company with flexibility in its
ongoing collaboration discussions that span several product candidates and
enabling technologies.

TroVax(R)

Oxford BioMedica's lead cancer immunotherapeutic, TroVax, achieved further
success with follow-up data from the initial Phase I/II trial and results from a
second Phase I/II study in colorectal cancer patients. The results were
presented at two major oncology conferences in 2003, the American Society of
Clinical Oncology in May and the American Association for Cancer Research in
July. The second Phase I/II trial was a small, five-patient study to evaluate
intradermal delivery of TroVax as an alternative method of administration to
intramuscular delivery.  As with the first trial, all the primary end points of
the intradermal study were achieved, in that the product was found to be safe,
and, encouragingly, all five patients in the trial showed an anti-tumour immune
response.  Furthermore, two patients who generated high levels of anti-5T4
antibodies experienced periods of disease stabilisation and were on study for
more than one year after their first TroVax vaccination. Importantly, all five
patients treated were still alive, 6 to12 months after initiation of treatment.

These additional clinical trial data confirm the immunogenic efficacy of TroVax
that was seen in the earlier intramuscular study, and highlight the product's
therapeutic potential. Two Phase II trials are underway in the UK investigating
TroVax in combination with current standard-of-care chemotherapy. Initial
immunological results from these Phase II trials are expected before the end of
2003. Recently, in August 2003, Cancer Research UK, one of the world's leading
cancer research organisations, agreed to conduct and fund a clinical trial of
TroVax in colorectal cancer patients who have operable liver metastases. Two
further clinical trials are planned, which could be fully sponsored or co-funded
by outside organisations in the US. These trials expand the utility of TroVax to
include renal cancer and breast cancer, which markedly increase its commercial
potential. TroVax is on-track for Phase III trials in 2004 and the Company is
finalising plans for commercial-scale manufacturing during 2003 and initiating
regulatory discussions in the US and Europe on the design of suitable trials for
registration.

MetXia(R)

Oxford BioMedica's lead gene-based cancer therapeutic, MetXia, also reported
encouraging clinical progress. Initial results from the second Phase I/II trial
in breast cancer patients using an enhanced form of MetXia were announced in
July 2003 and showed that all end points had been reached. Data from the first
cohort of patients indicated that delivery of the therapeutic gene to tumour
cells is more than 10-fold better than in the previous trial and also that
patients are mounting anti-tumour immune responses. If this high level of
response to MetXia is maintained, there may be no need to recruit all 12
patients and the study could be terminated early. Furthermore, if the systemic
anti-tumour effect is a reproducible feature of MetXia as the trial continues,
then the product could be considered for treatment of disseminated metastatic
disease, which would greatly enhance its commercial potential.

The Company is proceeding with its plans to take MetXia into a Phase I/II study
in pancreatic cancer and is awaiting approval to start the trial from the UK
Gene Therapy Advisory Committee (GTAC).

ProSavin(R)

The Company's lead gene-based neurotherapy product, ProSavin for Parkinson's
disease, is progressing towards clinical trials in 2004. Having demonstrated
proof-of-efficacy in a recognised preclinical model for Parkinson's disease in
2002, the Company has accelerated its preclinical programme in 2003 and is
discussing the design of Phase I/II trials with clinicians and regulatory
authorities in the US and UK. Further preclinical data on safety, toxicity and
efficacy are expected before the end of 2003 and the Company is on-track for its
first regulatory submission for the commencement of clinical trials around the
end of 2003.

Oxford BioMedica announced details of its novel manufacturing process for
ProSavin and other LentiVector-based products at the BIO 2003 Annual Convention
in Washington DC in June 2003. The establishment of an effective manufacturing
process represents a key milestone on the path to clinical development for
ProSavin. The new manufacturing process has the capacity to satisfy all of the
Company's requirements up to Phase II clinical trials and the team is currently
working on a refinement of the process to scale-up for Phase III trials and
commercial production.

RetinoStatTM

RetinoStat is Oxford BioMedica's novel gene-based treatment for vision loss
caused by aberrant blood vessel growth in the retina of the eye. In 2002, Oxford
BioMedica entered into a research collaboration for RetinoStat with the
Institute of Ophthalmology, London, UK. In May 2003, the first results from the
collaboration were reported in a presentation at the Annual Meeting of the
Association for Research in Vision and Ophthalmology, held in Florida. This was
the world's biggest forum for eye research, attended by all principal commercial
and scientific players in the field, a total of around 8,000 attendees. The
preclinical data confirmed RetinoStat's ability to target accurately the retina
using the Company's LentiVector system. In addition, the Company's Hypoxia
Response Element technology was shown to focus gene expression in those parts of
the retina that are local to the pathological changes associated with
age-related macular degeneration and diabetic retinopathy, two of the major
causes of vision-loss in the developed world. These encouraging preclinical
results mean that the RetinoStat programme is on track to enter clinical
development in 2004. In September 2003 Oxford BioMedica entered into an
agreement with EntreMed Inc. under which it received exclusive rights to
EntreMed's proprietary anti-angiogenic genes angiostatin and endostatin for
ocular diseases.

Other preclinical programmes

In the neurotherapy field, the Company has three other in-house preclinical
programmes. These have all advanced over the first half of 2003, and are
expected to report further preclinical results in the next 12 months. Financial
support for the product candidates, MoNuDin(R) for motor neuron disease and
SMN-1G for spinal muscular atrophy, continues through grants awarded by two US
charitable organisations, the US ALS Association and Andrew's Buddies. Innurex
TM, the Company's nerve repair product for spinal cord injury is being assessed
in well-established preclinical efficacy models, with initial results expected
before the end of 2003.

Collaborations

During the first half of 2003, the Company progressed its existing
collaborations and secured new deals on its product candidates and enabling
technologies. Discussions are ongoing with potential partners on Oxford
BioMedica's lead products and several of its preclinical candidates, which could
lead to a number of major alliances over the next 12 months.

In February 2003, a key milestone was reached in the Company's flagship
corporate partnership with Wyeth which was signed in 2001, under which Wyeth has
licensed rights to the anti-5T4 antibody (5T4 being the tumour antigen utilised
in TroVax) in a collaboration valued at $24 million in upfront and milestone
payments, subject to the successful achievement of clinical and regulatory
goals. Wyeth exercised its option to extend the collaboration and is proceeding
with preclinical development of an antibody-toxin conjugate for the treatment of
cancer.

In January 2003, the Company announced a collaboration with Intervet for the
development of TroVax-VET, a companion animal version of the cancer vaccine
TroVax. The deal superseded an earlier alliance with Virbac S.A. and triggered
the award of a £0.6 million EUREKA grant to Oxford BioMedica.

Also in January 2003, a research collaboration was signed with Kiadis BV to
discover small molecule product candidates against a novel enzyme that was
identified using Oxford BioMedica's Focused Target Identification platform. The
enzyme is central to the control of blood vessel growth, which is likely to be
of value in several disease conditions with particular emphasis in
cardiovascular indications.  Wound healing will be the initial focus because
this provides a clear route to clinical trials within a short period.

In March 2003, the Company signed an option agreement with the US biotechnology
company Viragen Inc that may lead to a licence for the use of Oxford BioMedica's
LentiVector gene transfer technology for the production of therapeutic proteins
from the eggs of transgenic chickens.

Patents

The intellectual property portfolio continues to underpin the Group's
fundamental value. One new filing was made in the first six months of this year
and ten patents were granted. Of particular note was the grant in August 2003 of
a patent covering the LentiVector technology. This additional patent compliments
the Group's earlier US patent issued in November 2001 and gives coverage of
broad composition of matter claims and methods of production claims for
lentiviral vector gene delivery systems of both human and non-human origin.

Financial

Oxford BioMedica has continued to manage its finances prudently. The re-focusing
of resources in the UK operation that was implemented in 2002 has delivered cost
savings in the first half of 2003. Restructuring of the US operation began in
April 2003 and is continuing in the second half of 2003, to concentrate
resources on later-stage development programmes and to conserve cash. The impact
of these changes, together with reduced capital expenditure and higher tax
credit receipts has reduced the net cash outflow before management of liquid
resources and financing (the 'cash burn') to £3.8 million (H1 2002: £6.2
million). The £20.4 million proceeds net of costs of the fully underwritten
rights issue announced on 16 September 2003 will significantly strengthen the
balance sheet, and will enable the Company to maintain its investment in the
clinical development of its candidate products. It also provides the Company
with flexibility in its ongoing collaboration discussions that span several
product candidates and enabling technologies.

Revenue of £110,000 in the first half of 2003 included an initial payment from
Wyeth on the exercise of their option in connection with the antibody-toxin
conjugate collaboration, and also revenues from the collaboration with Viragen.
The revenue in the first half of 2002 all arose from the Wyeth collaboration.

Net operating expenses of £6.5 million for the first half of 2003 were lower
than the previous year (H1 2002: £6.7 million). There was increased investment
in external preclinical and clinical development of candidate products as a
result of increased activity in this area, and in-house research and development
costs in the US were higher as a result of growth in the US that took place
during 2002. In contrast, in-house research and development expenditure in the
UK, and administration costs, were lower as a result of cost saving measures.
Grant income of £0.4 million (H1 2002: £19,000) included a new EUREKA grant
linked to the TroVax programme and a grant from the US charity Andrew's Buddies
linked to SMN-1G.

Interest receivable in the first half of 2003 was lower than the first half of
2002 as a result of lower cash balances and lower prevailing interest rates. The
tax credit, which is linked to the amount of payroll taxes paid in the UK, was
lower in 2003 as a result of the reduced payroll. However, due to the timing of
receipts, the cash received for tax credits in 2003 was higher than the first
half of 2002 (£1.3 million vs. £0.4 million), contributing to the reduced cash
burn. As a consequence of reduced interest and tax credits for the period, the
retained loss for the first half of 2003 was slightly higher than in the first
half of 2002 at £5.6 million (H1 2002: £5.3 million).

Capital expenditure was £35,000 compared to £0.9 million in the first half of
2002. The issue of shares on the exercise of share options generated cash of
£90,000 (H1 2002: £79,000).

Conclusion

2003 sees Oxford BioMedica complete its transformation from a research biased
company to a company almost exclusively focussed on clinical development of its
products. As the products pass down the development pathway, the scope to form
corporate partnerships increases substantially and the Company will continue to
pursue deals that reflect the value of its products.

The Company continues to be strong with sound technology and intellectual
property, an innovative product portfolio, success in all of the current
clinical programmes and a balance sheet that allows us to pursue our goals
aggressively. We thank our staff, our collaborators and our shareholders for
their contributions to this success.

Dr Peter Johnson
Chairman


Oxford BioMedica plc
Consolidated profit and loss account
for the six months ended 30 June 2003

                                                     Notes  Six months     Six months   Year ended
                                                            ended          ended        31 December
                                                            30 June 2003   30 June 2002 2002
                                                            (unaudited)   (unaudited) (audited)
                                                            £'000         £'000         £'000
Turnover                                               2    110           172           173

Research and development costs                              (5,420)       (5,088)       (10,833)
Administrative expenses                                     (1,528)       (1,619)       (3,420)
Operating expenses                                          (6,948)       (6,707)       (14,253)
Other operating income: government grants                   432           19            63
receivable
Net operating expenses                                      (6,516)       (6,688)       (14,190)

Operating loss                                              (6,406)       (6,516)       (14,017)
Interest receivable                                         322           612           1,094
Loss on ordinary activities before taxation            2    (6,084)       (5,904)       (12,923)
Tax credit on loss on ordinary activities                   532           614           1,263
Loss for the period                                         (5,552)       (5,290)       (11,660)
Basic loss and diluted loss per ordinary share         3    (2.3p)        (2.2p)        (4.9p)

The results for the periods above are derived entirely from continuing
operations.

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


Statement of group total recognised gains and losses

                                                     Notes  Six months     Six months   Year ended
                                                            ended          ended        31 December
                                                            30 June 2003   30 June 2002 2002
                                                            (unaudited)   (unaudited)  (audited)
                                                            £'000         £'000         £'000
Loss for the financial period                               (5,552)       (5,290)       (11,660)

Currency translation differences on foreign            7    (52)          (150)         (395)
currency net investments
Total recognised losses for the period                      (5,604)       (5,440)       (12,055)



Oxford BioMedica plc
Consolidated balance sheet
at 30 June 2003

                                                     Notes  30 June       30 June       31 December
                                                            2003          2002          2002
                                                            (unaudited)   (unaudited)   (audited)
                                                            £'000         £'000         £'000
Fixed assets
Intangible assets                                           160           209           185
Tangible assets                                        4    2,919         3,936         3,394
Investments                                                 26            26            26
                                                            3,105         4,171         3,605
Current assets
Debtors                                                5    1,571         3,069         2,223
Cash at bank and in hand                                    17,235        26,446        20,964
                                                            18,806        29,515        23,187
Creditors: amounts falling due within one year         6    (1,876)       (1,539)       (1,254)
Net current assets                                          16,930        27,976        21,933
Total assets less current liabilities                       20,035        32,147        25,538
Provisions for liabilities and charges                      (17)          -             (6)
Net assets                                                  20,018        32,147        25,532

Capital and reserves
Called-up share capital                                     2,397         2,388         2,388
Share premium account                                       58,843        58,762        58,762
Other reserve                                               711           711           711
Profit and loss account (deficit)                           (41,933)      (29,714)      (36,329)
Equity shareholders' funds                             7    20,018        32,147        25,532



Oxford BioMedica plc
Consolidated cash flow statement
for the six months ended 30 June 2003

                                                    Notes  Six months      Six months    Year ended
                                                           ended           ended         31 December
                                                           30 June 2003    30 June 2002  2002
                                                           (unaudited)     (unaudited)   (audited)
                                                           £'000           £'000         £'000
Operating activities
Net cash outflow from continuing operating            a    (5,485)         (6,513)       (13,390)
activities
Returns on investments and servicing of finance
Interest received                                          343             772           1,550
Taxation
Tax credit received                                        1,260           394           1,553
Overseas tax paid                                          -               -             (9)
                                                           1,260           394           1,544
Capital expenditure
Purchase of tangible fixed assets                          (2)             (855)         (1,349)
Capital expenditure refund                                 59              -             -
                                                           57              (855)         (1,349)

Net cash outflow before management of liquid               (3,825)         (6,202)       (11,645)
resources and financing

Management of liquid resources
Transfer to deposit accounts                               (5)             (6)           (6)
Transfer to current accounts                               4,179           6,984         11,741
                                                           4,174           6,978         11,735
Financing
Issue of ordinary shares                                   90              79            79
Increase in cash in the period                        b    439             855           169


Oxford BioMedica plc
Notes to the consolidated cash flow statement
for the six months ended 30 June 2003

(a) Reconciliation of operating loss to net cash outflow     Six months     Six months   Year ended
from operating activities                                    ended          ended        31 December
                                                             30 June 2003   30 June 2002 2002
                                                             (unaudited)   (unaudited)   (audited)
                                                             £'000         £'000         £'000
Continuing activities
Operating loss                                               (6,406)       (6,516)       (14,017)
Amortisation of intangible fixed assets                      25            25            49
Depreciation of tangible fixed assets                        481           577           1,166
Loss on disposal of fixed assets                             -             -             138
Increase in debtors due after more than one year             -             (330)         (329)
Increase in trade debtors                                    (33)          -             -
(Increase)/decrease in other debtors and other tax           (137)         34            90
receivable
Decrease/(increase) in prepayments and accrued income        21            (2)           (11)
Increase/(decrease) in trade creditors                       236           (210)         (230)
Decrease in other taxation and social security               (72)          (85)          (17)
Increase/(decrease) in accruals and deferred income          425           2             (88)
Exchange rate differences                                    (25)          (8)           (141)
Net cash outflow from continuing operating activities        (5,485)       (6,513)       (13,390)




(b) Reconciliation of net cash flow to movement in net funds Six months     Six months   Year ended
                                                             ended          ended        31 December
                                                             30 June 2003   30 June 2002 2002
                                                             (unaudited)   (unaudited)   (audited)

                                                             £'000         £'000         £'000
Net funds at 1 January                                       20,964        32,645        32,645
Increase in cash                                             439           855           169
Decrease in deposit accounts                                 (4,174)       (6,978)       (11,735)
Exchange movements                                           6             (76)          (115)
Net funds at 30 June/31 December                             17,235        26,446        20,964




(c) Analysis of net funds                                                Exchange    At 30 June
                                         At 1 January                   movements          2003
                                                 2003     Cash flow         £'000         £'000
                                                £'000         £'000                       
                                                    
Cash                                        303           439           6             748
Liquid resources                            20,661        (4,174)       -             16,487
Net funds/cash at bank and in hand          20,964        (3,735)       6             17,235

Liquid resources relate to bank deposits which are not immediately accessible within 24 hours
without financial penalty.


Oxford BioMedica plc
Notes to accounts

1          Basis of preparation

The interim financial information has been prepared in accordance with the
accounting policies set out in the Group's Report and Accounts for the year
ended 31 December 2002.

These interim financial statements do not constitute statutory financial
statements within the meaning of s240 of the Companies Act 1985. Results for the
six month periods ended 30 June 2003 and 30 June 2002 have not been audited. The
financial information for the year ended 31 December 2002 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified.

Copies of the interim results for the six months ended 30 June 2003 are being
sent to all shareholders. Details can also be found on the Company's website at
www.oxfordbiomedica.co.uk. Further copies of the interim results and copies of
the full report and accounts for the year ended 31 December 2002 can be obtained
by writing to the Company Secretary, Oxford BioMedica plc, Medawar Centre,
Oxford Science Park, Oxford, OX4 4GA.

This announcement was approved by the Board of Oxford BioMedica plc on 15
September 2003.

2. Turnover and loss on ordinary activities before taxation

The Group's turnover and loss on ordinary activities before taxation are derived
entirely from its principal activity.


                                     Six months ended        Six months ended            Year ended
                                       30 June 2003            30 June 2002           31 December 2002
                                        (unaudited)             (unaudited)              (audited)
                                           £'000                   £'000                   £'000

Turnover                           Turnover by   Turnover  Turnover by   Turnover Turnover by  Turnover by
                                   destination  by origin  destination  by origin destination  origin
Geographical analysis             £'000        £'000      £'000             £'000 £'000        £'000
United Kingdom                    28           110        -            172        1            173
North America                     82           -          172          -          172          -
                                  110          110        172          172        173          173


Loss on ordinary activities before taxation                        Six months     Six months   Year ended
                                                                   ended          ended        31 December
                                                                   30 June 2003   30 June 2002 2002
                                                                   (unaudited)   (unaudited)   (audited)

                                                                   £'000         £'000         £'000
Geographical analysis
United Kingdom                                                     4,077         4,727         9,541
North America                                                      2,007         1,177         3,382
                                                                   6,084         5,904         12,923



Oxford BioMedica plc
Notes to accounts continued


Net assets                                                             30 June       30 June     31 December
                                                                          2003          2002            2002
                                                                   (unaudited)   (unaudited)       (audited)
                                                                         £'000         £'000           £'000
Geographical analysis
United Kingdom                                                   1,551         4,554         3,020
North America                                                    1,232         1,147         1,548
Net operating assets                                             2,783         5,701         4,568
Cash at bank and in hand                                         17,235        26,446        20,964
                                                                 20,018        32,147        25,532


3          Basic loss and diluted loss per ordinary share

The basic loss per share has been calculated by dividing the loss for the period
by the weighted average number of shares of 238,985,085 in issue during the six
months ended 30 June 2003 (six months ended 30 June 2002: 238,525,915; year
ended 31 December 2002: 238,670,615).

The Company had no dilutive potential ordinary shares in either period which
would serve to increase the loss per ordinary share. There is therefore no
difference between the loss per ordinary share and the diluted loss per ordinary
share.

4          Tangible fixed assets
                                     Short            Office         Computer      Laboratory   Total
                                     leasehold        equipment,      equipment    equipment
                                     improvements     fixtures
                                                      and fittings
                                     £'000            £'000          £'000         £'000        £'000
Cost
At 1 January 2003                    2,288            243            379           3,059        5,969
Additions                            (4)              -              (1)           40           35
Exchange differences                 (11)             (2)            (2)           (23)         (38)
At 30 June 2003                      2,273            241            376           3,076        5,966
Depreciation
At 1 January 2003                    875              133            200           1,367        2,575
Charge for the period                164              15             57            245          481
Exchange differences                 (1)              (1)            (1)           (6)          (9)
At 30 June 2003                      1,038            147            256           1,606        3,047
Net book amount at 30 June 2003      1,235            94             120           1,470        2,919
Net book amount at 31 December 2002  1,413            110            179           1,692        3,394


Oxford BioMedica plc
Notes to accounts continued

5          Debtors
                                                                         30 June       30 June   31 December
                                                                            2003          2002          2002
                                                                     (unaudited)   (unaudited)     (audited)
                                                                           £'000         £'000         £'000
Amounts falling due after more than one year
Other debtors - rent deposit                                       284           308           291
Amounts falling due within one year
Trade debtors                                                      33            -             -
Other debtors                                                      148           412           123
Corporation tax receivable                                         546           1,804         1,262
Other tax receivable                                               151           117           115
Prepayments and accrued income                                     409           428           432
                                                                   1,287         2,761         1,932
Total debtors                                                      1,571         3,069         2,223


6                    Creditors: amounts falling due within one year

                                                                       30 June       30 June   31 December
                                                                          2003          2002          2002
                                                                   (unaudited)   (unaudited)     (audited)
                                                                         £'000         £'000         £'000
Trade creditors                                                  653           456           379
Overseas taxation                                                -             35            -
Other taxation and social security                               92            96            164
Accruals and deferred income                                     1,131         952           711
                                                                 1,876         1,539         1,254


7          Reconciliation of movements in Group shareholders' funds

                                                                 Six months     Six months   Year ended
                                                                 ended          ended        31 December
                                                                 30 June 2003   30 June 2002 2002
                                                                 (unaudited)   (unaudited)   (audited)
                                                                 £'000         £'000         £'000
Loss for the year                                                (5,552)       (5,290)       (11,660)
New share capital issued                                         90            79            79
Exchange differences                                             (52)          (150)         (395)
Net movement in shareholders' funds                              (5,514)       (5,361)       (11,976)
Opening shareholders' funds                                      25,532        37,508        37,508
Closing shareholders' funds                                      20,018        32,147        25,532



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