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(Correcting headline to show loss widened, revenue rose)
(Alliance News) - Oxford BioDynamics PLC on Wednesday said its full-year loss widened, but saw its revenue jump on contracts for EpiSwitch.
Shares in Oxford BioDynamics fell 25% to 25.60 pence each in London on Wednesday morning.
The biotechnology company developing precision medicine tests based on the EpiSwitch 3D genomics platform said pretax loss for the year ended September 30 widened to GBP11.4 million from GBP7.6 million a year ago.
This was partly driven by staff costs growing by 20% to GBP5.4 million from GBP4.5 million the year before, as well as a 36% increase in general and other administrative costs to GBP3.4 million from GBP2.5 million.
Revenue, on the other hand, more than tripled to GBP510,00 from GBP154,000 in financial 2022, which the company attributed to "the first significant amounts from the group's proprietary tests as we began to receive reimbursements from US payors for EpiSwitch CiRT, alongside revenues from projects for pharma and other customers."
Looking ahead, Oxford BioDynamics Chief Executive Officer Jon Burrows said: "This year, we are 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."
He added: "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.
By Sabrina Penty, Alliance News reporter
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