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Oxford BioDynamics

Oxford BioDynamics Plc Strong operational and commercial progress in the first half of the year

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 2019.

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

“We have made further strong operational and commercial progress in the first half of the year. Our EpiSwitch™ technology platform has been adopted by prestigious clinical trials in the US and UK; we have enhanced the senior leadership team and Board to drive the next phase of growth; and have entered into promising new collaboration agreements. We were also delighted to be awarded the prestigious Queen’s Award for Enterprise: Innovation, a great recognition of the value our EpiSwitch™ platform has generated to date.”

CORPORATE AND OPERATIONAL HIGHLIGHTS

· Signed fifth commercial collaboration in immuno-oncology, a growing area of expertise for the Company.

· Continued to invest in scaling business for future growth, with a focus on the US and Asia, including China.

· Joined Imperial College London in a trial evaluating novel methods of screening for prostate cancer.

· Expanded leading IP portfolio covering the EpiSwitch™ platform.

· Collaborated with Casa Sollievo della Sofferenza to develop a panel of epigenetic biomarkers for the diagnosis of Autistic Spectrum Disorder.

· Study published in Faculty of 1000 Research identifying epigenetic changes for monitoring disease progression in Huntington’s disease.

FINANCIAL HIGHLIGHTS

· Revenue of £0.6m (H1 2018: £0.5m).

· Operating loss of £1.7m (H1 2018: £1.3m).

· Cash and term deposits of £16.9m as at 31 March 2019 (31 March 2018: £9.6m, 30 September 2018: £18.3m).

POST-PERIOD END

· Received Queen’s Award for Enterprise: Innovation, 2019.

· Strengthened the Board with the appointments of Dr David Holbrook and Dr Peter Pack as Non-Executive Directors.

· Expanded into the US by forming subsidiary and appointing Glen Ferguson to lead OBD’s business development activities in the region.

· Joined ALS biomarker study sponsored by Mitsubishi Tanabe Pharma America.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.