Oxford BioDynamics in search for new funding amid sales growth
Oxford BioDynamics has published an update for the fiscal year ending 30 September 2024, hailing rising sales for its clinical tests though warning of hurdles to come.
The firm saw orders grow 25 per cent for its CiRT clinical tests and 86 per cent for PSE tests in the second half of the year.
It’s also hoping to restructure its US business in the new year – but will require additional funding to do so.
Shares in Oxford BioDynamics fell 37 per cent following the announcement that senior staff would substitute a portion of their pay for newly issued shares as the biotech continues to cut costs.
“The board acknowledges that access to capital in the UK market is limited and the burn rate of the company has been high in order to get to its current position,” the update read.
“In this context, [we] recognise the need to maximise the company’s cash runway.
“The board has therefore launched a comprehensive review of the strategic options open to the company.
“In addition to exploring available funding options, the review will consider a range of potential actions, including but not limited to a licensing or sale of company assets.”