10th Dec 2019 13:09
(Alliance News) - Oxford BioDynamics PLC on Tuesday reported a widened annual loss amid a rise in expenses, which included higher staff costs.
For the financial year ended September 30, the company's operating loss widened to GBP3.7 million from GBP2.6 million last year, as revenue fell to GBP907,000 from GBP1.2 million the year before.
The company, which develops epigenetic biomarkers, said during the year it focused on developing contracts with global pharmaceutical and biotechnology companies and other commercial partners. It also collaborated with research institutions, investing in internal proprietary research & development projects, strengthened its board and further developed its IP portfolio.
Annual operating expenses came in at GBP4.4 million, up 16% from GBP3.80 million in financial 2018. The company said the increase in operating expenses resulted from GBP0.43 million in additional staff costs, GBP0.34 million in additional general and other administrative costs and an increase in depreciation and amortisation.
Chief Executive Officer Christian Hoyer Millar said the company had delivered several important achievements during the year, including signing collaboration agreements for its flagship EpiSwitch product.
Epigenetics is the study of changes in the expression of genes, rather than changes in the genes themselves, and is Oxford BioDynamics' main focus. The company discovers and develops epigenetic biomarkers - signs of these epigenetic changes - which can then be used to test patients for certain conditions.
"We believe there is significant potential for EpiSwitch biomarkers to benefit a range of diseases, but we have been particularly pleased with the progress we have announced in immuno-oncology. We expect to continue to expand our commercial and senior management team over the coming months as we seek to capitalise on opportunities to commercialise the EpiSwitch platform, particularly in the US," Hoyer Millar said.
Shares in the healthcare services company were down 9.9% at 100.00 pence in London on Tuesday.
By Arvind Bhunjun; [email protected]
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