Oxford BioDynamics raises £7m to advance EpiSwitch product development
Oxford BioDynamics said it had brought in gross proceeds of £7 million (m) from a placing and direct subscriptions - at 0.5p a share.
The biotech is developing precision medicine tests based on the EpiSwitch 3D genomics platform and, in a statement, said that the net proceeds would provide additional working capital and cash runway to support its continued commercial development of the EpiSwitch product line.
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Following the placing and subscriptions 1.4bn new shares will be issued.
The AIM-listed company added that eligible existing retail shareholders were also able to participate via the Winterflood Retail Access Platform (WRAP) platform. That offer remains open and further details on the results will be announced separately, it said.
On January 14, the company said the WRAP offer was to raise up to £500,000 through issuing 100m new shares at 0.5p each.
The firm also said that it expected that following a "comprehensive review" of the business led by incoming executive chairman Iain Ross, there would be a greater emphasis on establishing partnerships, collaborations and licensing deals as a way of accelerating sales and a sustainable increase in shareholder value.
"As a result of this review the directors anticipate there will be a need to re-structure the business such that the new funds coupled with increased revenue from third party collaborations will maximise the company's cash runway," it added.
OAK Securities acted as sole broker and bookrunner in connection with the placing.
