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LONDON (Alliance News) - Oxford BioDynamics PLC on Tuesday reported a narrowed first half loss on the back of increase in revenue.
The epigenetic biomarker developer recorded a pretax loss of GBP1.4 million for the six months to March-end, compared with a pretax loss of GBP2.7 million the year before. Revenue for the period rose 25% to GBP500,000 from GBP400,000 the previous year.
The increase in revenue was due to the stage of completion of the company's biomarker research projects. In a collaboration with Pfizer and the University of Glasgow, the company published a rheumatoid arthritis report in the Journal of Translational Medicine.
According to Oxford BioDynamics, it focused on increasing the number of proprietary biomarker projects undertaken and developing its intellectual property portfolio. As well as, strengthening its staff and carefully managing its resources.
Looking ahead, the company believes it is "well-placed" to develop its goal of making its EpiSwitch technology the "leading industry standard". It plans on making progress in ongoing and new biomarker projects and expanding its UK laboratory. Combined with presenting the results of its research in journals and conferences.
Chief Executive Officer Christian Hoyer Millar 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."
Shares in Oxford BioDynamics were up 0.9% at 216.00 pence each Tuesday.
