Oxford BioDynamics PLC, a biotechnology company specializing in precision medicine tests, has announced a proposed fundraising initiative. The fundraising will include a placing, subscriptions, and a retail offer via PrimaryBid, with the aim of raising gross proceeds of not less than £9 million. The company plans to offer new Ordinary Shares at a price of 9 pence per share. The fundraising is intended to provide working capital to support the ongoing commercial development of the EpiSwitch® product line, including investment in sales and marketing activities, operation of clinical, research, and reference laboratory facilities, and pursuit of partnering or out-licensing opportunities for deployable pipeline assets.
The Issue Price of 9 pence per New Ordinary Share represents a discount of 21.1% to the closing mid-market price on 12 March 2024. The fundraising is conditional upon the approval by the Shareholders of the Resolutions to be proposed at the General Meeting, which is scheduled to take place on 3 April 2024. Dr. Jon Burrows, CEO of Oxford BioDynamics PLC, expressed gratitude for the support shown to the company by existing shareholders and new investors, emphasizing the focus on growing EpiSwitch PSE and EpiSwitch CiRT, as well as pursuing partnering or out-licensing opportunities for the company's pipeline assets.
The company's goal is to advance personalized healthcare by developing and commercializing precision medicine tests for life-changing diseases, based on its 3D genomics platform, EpiSwitch®. Oxford BioDynamics currently has two flagship clinical diagnostic products on the market: the EpiSwitch® CiRT for cancer and the EpiSwitch® PSE for prostate screening. Additionally, it has a development pipeline of tests for other indications, including EpiSwitch® NST for colorectal/bowel cancer and EpiSwitch SCB for canine cancer. The company aims to utilize the proceeds from the fundraising to further advance its product line and pursue opportunities for its pipeline assets.