18th Jun 2024 16:58
(Alliance News) - Oxford BioDynamics PLC on Tuesday reported strong revenue growth on the back of the increased commercialisation of its EpiSwitch genomics platform.
The Oxford, England-based biotechnology company has two blood testing products on market, the PSE prostate cancer screening test and the CiRT checkpoint inhibitor response test.
Oxford BioDynamics shares were down 15% to 6.26 pence each in London on Tuesday at close.
In the six months that ended March 31, pretax loss widened to GBP4.9 million from GBP4.8 million the previous year.
Revenue increased 49% to GBP327,000 from GBP220,000.
Over the period, research and development costs excluding staff increased 14% to GBP325,000 from GBP284,000.
Oxford BioDynamics holds cash and equivalents worth GBP1.2 million, largely unchanged year-on-year.
In March, a successful equity fundraise brought in GBP9.9 million before fees, and the company continues to expand commercial agreements for its products across the US and UK markets.
Chief Executive Officer Jon Burrows said: "As a board, our aim is to generate value for the company's shareholders, at the same time as advancing personalized healthcare and building the market for 3D genomics.
"Our immediate focus in achieving these aims is twofold: judiciously using available resources to grow sales of both of our commercial tests and actively pursuing opportunities for non-dilutive transactions to fund the group's activities over the short-to-medium term."
By Elijah Dale, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.