Business
Half-year Report
Half-year Report.
About this update from Oxford Biodynamics Plc
[{"type":"text","content":"\n\n\n \nOxford BioDynamics Plc\n(\"OBD\" or the \"Company\" and, together with its subsidiaries, the \"Group\")\n \nINTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 31 MARCH 2024\nContinued focus on commercialization, funding securing near-term plans\n \n18 June 2024 - Oxford BioDynamics Plc (AIM: OBD), a biotechnology company developing precision medicine tests based on the EpiSwitch® 3D genomics platform, today announces its interim results for the six-month period to 31 March 2024.\n\nCORPORATE AND OPERATIONAL HIGHLIGHTS\n\n\n\n\n•\n\n\nSustained growth in orders of EpiSwitch PSE test through the period\n\n\n\n\n•\n\n\nStrengthening of commercial team to support commercialization of EpiSwitch CiRT and EpiSwitch PSE\n\n\n\n\n•\n\n\nUS reimbursement code for EpiSwitch PSE\n\n\n\n\n•\n\n\nAgreement with Bupa UK to cover EpiSwitch CiRT for customers\n\n\n\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\n\n•\n\n\nRevenue of £327k (H1 2023: £220k)\n\n\n\n\n•\n\n\nOperating loss £5.99m (H1 2023: £4.76m)\n\n\n\n\n•\n\n\nCash and term deposits at 31 March 2024 of £1.2m (31 March 2023: £3.6m)\n\n\n\n\n•\n\n\nAnnouncement of equity placing, subscription and retail offer, to raise gross proceeds of\n£9.9m (March 2024)\n\n\n\n\n\nPOST-PERIOD END HIGHLIGHTS\n\n\n\n\n•\n\n\nSeven commercial agreements now in place to provide EpiSwitch PSE on cash-pay basis in US and UK\n\n\n\n\n•\n\n\nOpening of ISO15189 UK clinical laboratory in existing Oxford facility (April 2024)\n\n\n\n\n•\n\n\nClinical registry opened, for prospective observational study in multiple regional US health systems, to grow adoption of EpiSwitch CiRT (May 2024)\n\n\n\n\n•\n\n\nThe London Clinic to use EpiSwitch CiRT and EpiSwitch PSE tests (May 2024)\n\n\n\n\n•\n\n\nAgreement with Goodbody Clinic to offer UK nationwide access to EpiSwitch PSE (May 2024)\n\n\n\n\n•\n\n\nEpiSwitch PSE to be used in prestigious NCI/NIH-sponsored prospective study (June 2024)\n\n\n\n\n•\n\n\n1,019 EpiSwitch CiRT test orders since launch in February 2022 (June 2024)\n\n\n\n\n•\n\n\n454 EpiSwitch PSE test orders since launch in September 2023 (June 2024)\n\n\n\n\n•\n\n\nCompleted development of EpiSwitch SCB diagnostic test for multiple canine cancers (June 2024)\n\n\n\n\n \nCommenting on the results, Dr Jon Burrows, Chief Executive Officer of Oxford BioDynamics, said:\n\"Following t...