Oxford Biodynamics first-half losses widen
Oxford BioDynamics reported revenue of £0.22m in its first half on Tuesday, up from £0.09m in the same period a year earlier.
The AIM-traded company’s gross profit also saw a positive upswing in the six months ended 31 March, reaching £0.14m, from £0.09m in the first half of 2022.
Despite those gains, however, the company incurred a loss before tax of £4.76m, widening from £4.12m year-on-year.
Oxford BioDynamics successfully completed an equity placing, open offer, and subscription in the period that generated gross proceeds of £9.3m in October.
As at 31 March, the firm’s cash and term deposits stood at £3.6m, down from £4.6m on the same date the previous year.
The company said it experienced sustained growth in orders of its ‘EpiSwitch’ CiRT test, while it also accelerated the development of the Prostate Screening EpiSwitch (PSE) blood test.
Additionally, Oxford BioDynamics revealed initial results of EpiSwitch prognostic stratification in ALS.
After the reporting period, Oxford was granted its second ‘FNIH PACT’, or Foundation for the National Institutes of Health Public-Private Partnership Awards for Precompetitive Translational Research in Biomarkers, award worth $0.96m in May.
Additionally, in April the firm secured a lease to establish a clinical laboratory in Frederick, Maryland, in a move aimed to bolster its presence in the US market and further enhance its capabilities in delivering precision medicine tests.
Finally, Oxford reached a significant milestone by receiving 300 orders for its EpiSwitch CiRT test in May.
“The first half of our financial year saw excellent progress across the business,” said chief executive officer Dr Jon Burrows.
“There was sustained growth in orders of EpiSwitch CiRT tests, which has continued post-period end.”
Dr Burrows said “overwhelming” demand for the PSE blood test after the announcement of its high accuracy performance had led the company to accelerate its development.
“We continue to focus commercially on growing CiRT sales and establishing the revenue engine while working diligently to launch the PSE clinical test before the end of 2023.”
At 1156 BST, shares in Oxford BioDynamics were down 17.13% at 13.34p.
Reporting by Josh White for Sharecast.com.