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Oxford BioDynamics

Oxford Biodynamics PLC Interim Results for the Period Ended 31 March 2018

Oxford Biodynamics PLC (LON:OBD), a biotechnology company focused on the discovery and development of epigenetic biomarkers based on regulatory genome architecture, for use within the pharmaceutical and biotechnology industry, today announced its interim results for the six-month period to 31 March 2018.

 

CORPORATE AND OPERATIONAL HIGHLIGHTS

·      Immuno-oncology data presented at Foundation for National Institutes of Health (FNIH) Biomarker Consortium Cancer Steering Committee Annual Symposium.

·      Rheumatoid arthritis collaboration with Pfizer and the University of Glasgow published.

·      Partnership with Holos Life Sciences to investigate sports-related concussions with EpiSwitch™. 

·      Grants of patents in the US and India covering Company’s core technology.

·      Planned expansion of UK-based laboratory facilities to support increased demand.

·      Significant improvements in the efficiency and capacity of internal R&D processes and increased investment in automated robotic processes.

·      Continued commercial and scientific progress leading to new biomarker projects.

FINANCIAL HIGHLIGHTS

·      Revenue of £0.5m (H1 2017: £0.4m).

·      Operating loss of £1.3m (H1 2017: £2.8m) and adjusted operating loss of £1.3m (H1 2017: £1.3m before one-off IPO costs).

·      Cash of £9.6m as at 31 March 2018 (31 March 2017: £11.5m).

·      Net assets of £10.8m as at 31 March 2018 (31 March 2017: £12.6m, 30 September 2017: £11.6m).

 

Commenting on the results, Christian Hoyer Millar, Chief Executive Officer of Oxford BioDynamics, said:

“We are pleased that our investment in business development activities and participation on advisory boards has driven an increase in collaborations in the period. Additionally, we have taken further steps to increase and expand our robust IP position. We were delighted to enter into our second collaboration with a major US biopharmaceutical company, in which we are developing predictive biomarkers for checkpoint inhibitor therapies. This was the fourth agreement we have entered into in the fast-moving field of immunotherapy.

We have presented data on our EpiSwitch™ technology in a wide variety of indications: ALS, rheumatoid arthritis, breast, prostate and pancreatic cancers, and diabetes; demonstrating the versatility of the platform. We look forward to reporting progress on our ongoing and new biomarker projects and to continue to publish and present our proprietary biomarker research through prestigious journals and conferences.”

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.  Upon the publication of this announcement, this inside information is now considered to be in the public domain.