Oxford Biodynamics plc raises £5.6m
Biotech company Oxford Biodynamics plc has successfully raised £5.6 million on the London Stock Exchange.
These funds will be used by the company to support the commercial development of its EpiSwitch CiRT, a blood test that allows patients to assess the probability of therapeutic success of checkpoint inhibitor therapy for various types of cancer.
Funds will also be spent to complete the validation, launch and initial sales/marketing support of the Prostate Screening EpiSwitch (PSE), another of the company's products.
Placing Shares and Subscription Shares represent approximately 25.7 per cent of the Company's issued ordinary share capital. These funds are conditional upon, according to the company, the approval by the Shareholders of the resolutions that will be proposed at a General Meeting on August 18.
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In May, Oxford Biodynamics reported revenues of £220,000, up from £85,000 in the first half of last year. The company also saw growth in orders of the EpiSwitch CiRT test and accelerated development of its Prostate Screening EpiSwitch (PSE) blood test.
OBD was spun out from Oxford University in 2007 with the aim of translating fundamental scientific advances in 3D Genomics into a new generation of commercialized blood tests for life-changing diseases. OBD is making good on this aim, delivering both EpiSwitch CiRT and EpiSwitch CST into the hands of doctors.
Today, OBD’s 24,000 sq ft headquarters in Oxford, UK, houses offices and state-of-the-art laboratory facilities. OBD’s commercial team has an office in Gaithersburg, MD, USA, and the company has an ISO-certified laboratory in Penang, Malaysia.
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