Oxford BioDynamics PLC – OBD – Final Results

Oxford BioDynamics PLC – OBD – Final Results

Oxford BioDynamics Plc (AIM: OBD), a global biotechnology company advancing personalized healthcare by developing and commercializing precision medicine tests for life-changing diseases, today announces its final results for the year ended 30 September 2021.

Highlights

Corporate and operational highlights

§ Initial launch of EpiSwitch® CST (COVID-19 Severity Test) (March 2021)

§ Launch of EpiSwitch® Explorer Array Kit allowing researchers to access OBD's EpiSwitch® technology platform (March 2021)

§ Lease and fitout of expanded UK lab and office space (April - September 2021)

§ Receipt of prestigious FNIH Partnership for Accelerating Cancer Therapies (PACT) grant award (August 2021)

§ Expansion of strategic focus to include development and commercialization of laboratory tests in addition to existing projects with pharma partners (December 2020)

§ Strengthening of Senior Management Team and Board, including the appointment of Matthew Wakefield as Non-Executive Chairman (December 2020)

Financial highlights

§ Revenue of £0.3m (FY20: £0.5m)

§ Operating loss of £7.5m (FY20: £5.0m), reflecting planned increased R&D, staff, general and administration costs and depreciation.

§ Cash and term deposits of £4.3m as at 30 September 2021 (FY20: £11.5m).

Post-year end highlights

§ EpiSwitch® CST (COVID severity test) fully available on market in US (November 2021)

§ Raising of £3.6m ($5m) by way of subscription from leading US-based healthcare fund, Armistice Capital Master Fund Ltd (October 2021)

§ Opening of US offices in Gaithersburg, Maryland (October 2021)

 

Commenting on the results, Jon Burrows, Chief Executive Officer of Oxford BioDynamics, said: 

"Since embarking on transitioning the Company onto a commercial trajectory last year, 2021 has been a year of necessary fortitude for all at OBD. There were many challenges put before us during the year, exacerbated by the ongoing COVID-19 pandemic. We successfully worked through the myriad operational and logistical frustrations and the EpiSwitch® CST product finally became fully available in November. Indeed, the global team has skilfully used these learnings to finish development and tee up our flagship CiRT (Checkpoint inhibitor Response Test) product for immuno-oncology to hit the market imminently. Our fundamentals as a commercial group are now primed across the pillars of Clinical Diagnostic Testing, Pharma Clinical Development and Life Sciences Research. I firmly believe that in 2022 we will begin to see rewards for the hard work that has been done and I look forward to updating shareholders as the year progresses."

 

Read the Full Results: https://www.londonstockexchange.com/news-article/OBD/final-results/15300331

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