Half-year revenues up 48 per cent at Oxford BioDynamics

Oxford BioDynamics, a biotech firm developing precision medicine tests based on the EpiSwitch 3D genomics platform, has shared strong interim results for the six-month period to 31 March 2024.

The company saw revenues of £327,000 this past half-year, up 48.6 per cent from £220,000 in H1 2023.

It’s seen ‘sustained growth’ in test orders for its Prostate Screening EpiSwitch (PSE), with seven commercial agreements now in place to provide PSE on a cash-pay basis in the US and UK.

The commercial team has also grown to support commercialisation of the EpiSwitch Checkpoint inhibitor Response Test (CiRT) and PSE moving forward.

Dr Jon Burrows, CEO of Oxford BioDynamics, said: “Following the launch of our EpiSwitch PSE test at the end of last year, we were pleased with the early award of a unique Current Procedural Terminology (CPT) code for reimbursement of the test in the US.

“It’s still early days post-launch, but we believe we have set the right foundations and followed a careful approach to building the market for PSE.

“We’ve continued to pursue growth in adoption of our CiRT test. The work done by a refreshed and expanded team is now bringing the test to more US oncologists through our engagement with CMOs at regional hospital groups.”

Oxford BioDynamics also held a £9.9 million raise this March, issuing 89.2 million new placing shares at 9p each.

“We were pleased to announce our fundraise against a backdrop of difficult market conditions to enable us to fund the group’s near-term activities”, added Dr Burrows.

“As a board, our aim is to generate value for the company’s shareholders, at the same time as advancing personalized healthcare and building the market for 3D genomics.

“Our immediate focus in achieving these aims is twofold – judiciously using available resources to grow sales of both of our commercial tests and actively pursuing opportunities for non-dilutive transactions to fund the group’s activities over the short-to-medium term.”