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Oxford BioDynamics PLC on Tuesday said its operating loss widened and revenue remained insubstantial in the financial year that ended September 30, but it said its EpiSwitch product has received a positive response.
The Oxford-based biotechnology firm focused on discovery and development of epigenetic biomarkers said pretax loss for financial 2022 was £7.6 million, unchanged from 2021.
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.
Oxford Bio said revenue was £200,000, down 33% 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.
The company said EpiSwitch CiRT was also the subject of presentations at the European Society of Medical Oncology congress and the American Society of Clinical Oncology annual meeting.
Oxford Bio noted its successful share placing after the year-end, raising £9.3 million in October, having also raised £3.6 million in October 2021.
Chief Executive Officer Jon Burrows said: ‘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 payors alike, and although early days, momentum seems to be building - particularly now CiRT has a unique reimbursement code.’
Oxford BioDynamics shares were down 4.9% trading at 14.53 pence per share on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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