Oxford BioDynamics Plc has released its interim results for the six-month period ending on 31 March 2024. The company, focused on developing precision medicine tests based on the EpiSwitch® 3D genomics platform, reported sustained growth in orders of its EpiSwitch PSE test and strengthened its commercial team to support the commercialization of EpiSwitch CiRT and EpiSwitch PSE. The company also achieved a US reimbursement code for EpiSwitch PSE and secured an agreement with Bupa UK to cover EpiSwitch CiRT for customers.
Financially, the company reported a revenue of £327k, an operating loss of £5.99m, and cash and term deposits at £1.2m as of 31 March 2024. Additionally, the company announced an equity placing, subscription, and retail offer to raise gross proceeds of £9.9m in March 2024.
Post-period end highlights include the establishment of seven commercial agreements to provide EpiSwitch PSE on a cash-pay basis in the US and UK, the opening of an ISO15189 UK clinical laboratory, and the completion of the development of EpiSwitch SCB diagnostic test for multiple canine cancers.
Dr. Jon Burrows, Chief Executive Officer of Oxford BioDynamics, expressed satisfaction with the early award of a unique CPT code for reimbursement of the EpiSwitch PSE test in the US and the company's continued pursuit of growth in adoption of the CiRT test. He also highlighted the company's fundraise in March 2024 to enable funding of the Group's near-term activities.
The company's management will conduct a presentation to investors via the Yellowstone Advisory webinar platform at 2pm BST on 18 June 2024. Oxford BioDynamics Plc is a global biotechnology company, advancing personalized healthcare by developing and commercializing precision medicine tests for life-changing diseases, with two commercially available products: the EpiSwitch PSE and EpiSwitch CiRT blood tests.