Oxford BioDynamics expects revenues up 150 per cent for FY23
Oxford BioDynamics has posted preliminary results for the year ended 30 September 2023 which forecast revenues of £0.5m – up from £0.2m in 2022.
The firm has worked with 57 doctors over the past year to process a record 516 precision medicine tests on its EpiSwitch 3D genomics platform.
It also held two successful funding rounds, raising total gross proceeds of £15.4m, and established a new stateside clinical laboratory in Frederick, Maryland.
CEO Jon Burrows said: “This year we again made significant, rapid progress in the transformation of Oxford BioDynamics that began with our expanded strategy in late 2020.
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“We now have two precision medicine tests on the market, each with a unique CPT-PLA code in the US.
“We established and are now running PSE tests from our own CLIA-registered clinical operations laboratory in Frederick, MD, with a UK lab scheduled to begin operation by the end of March 2024.
“We received a second prestigious PACT Award, a further sign of the growing recognition of the power of our EpiSwitch® technology to address seemingly intractable problems with non-invasive precision medicine testing.
“We’ve achieved all this thanks to the support of our investors, both longstanding and new to OBD, from whom we raised over £15m during the year.
“This year, we’re dedicated to growing sales of both EpiSwitch CiRT and EpiSwitch PSE across all our markets and channels and to pursuing opportunities to monetize assets from within our pipeline of deployable tests.”
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