Oxford Biodynamics raises £9.1m in placing
Biotech company Oxford BioDynamics said on Friday that it has conditionally raised around £9.1m in a placing to accelerate the commercialisation of a cancer test.
The group, which develops targeted clinical diagnostic tests for immune health based on the EpiSwitch®3D genomics platform, placed just over 45m shares at 20p each. This is a 33% premium to the closing mid-market price on 6 October.
Chief executive officer said: "It is with pleasure that we announce the conditional fundraising today. Subject of course to shareholder approval, the incoming funding will allow us to continue with the near-term commercialisation of our EpiSwitch® platform and in particular to better support our teams' activity to increase the adoption of EpiSwitch® CiRT.
“I am happy to report that the fundraise is at a significant premium to the company's recent share price: by investing at this level, placees have demonstrated their continued belief in the value of the company and its products."
The company launched its flagship product, the EpiSwitch® CiRT (Checkpoint Inhibitor Response Test) for cancer, in February 2022.
It said EpiSwitch® CiRT is a first-of-its-kind precision medicine test that predicts a cancer patient's likely response to Immune Checkpoint Inhibitors (ICIs), including anti-PD-L1 and anti-PD-1 therapies.