Operating loss widens at Oxford BioDynamics
Losses for the year at Oxford BioDynamics have widened, according to financial results published on Tuesday.
But the firm told investors its EpiSwitch product has received a positive response.
The Oxford-based biotechnology firm, which is focused on the discovery and development of epigenetic biomarkers, said pretax loss for financial 2022 was £7.6 million, unchanged from 2021.
Its operating loss was £8.6 million, widening from £7.5 million a year ago, which the company said was due to increased staff, general and administration costs, and depreciation.
The firm said revenue was down 33 per cent from £300,000 the year prior, while it also received grant funding of £400,000.
The company’s EipSwitch checkpoint inhibitor response test was launched in the US in February last year, and in the UK in June, as well as being granted a current procedural terminology code in the US in July.
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CEO Jon Burrows said: “During 2022, we made substantial progress with the strategy we presented to shareholders in 2020 – pivoting our business to a more commercial footing, developing proprietary tests using our EpiSwitch platform.
“The highlight of the year was the launch of the EpiSwitch CiRT Checkpoint Inhibitor Response test, which from a simple blood draw provides physicians with a fast, accurate prediction of a patient’s likelihood of responding to immune checkpoint inhibitor therapy.
“CiRT is already generating promising sales and reimbursements under our unique CPT Code in the US. The test has the potential to have a major impact in the field of liquid biopsy for precision medicine.
“We are increasingly encouraged by the positive response from oncologists, pharma and healthcare customers alike, and although early days, momentum seems to be building – particularly now CiRT has a unique reimbursement code.
“We’re focused during this new financial year on the continued sales ‘grind’ to grow adoption of EpiSwitch CiRT, and we have begun to expand our sales team to support that activity.”
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