LONDON (Alliance News) - Oxford BioDynamics PLC on Thursday said it has conditionally raised GBP7.1 million ahead of its listing on London's AIM market, due to take place next week.
The company makes epigenetic biomarkers designed to accelerate the drug discovery and development process. It said the outsourced biomarker and companion diagnostic markets together are estimated to be worth approximately USD6 billion and are forecast to grow at a clip of 19% per year to 2018.
Oxford BioDynamics issued 4.5 million shares at 158.00 pence per share to raise the funds for the company. Another 8.2 million existing shares were sold by existing shareholders, meaning the total gross value of the placing was GBP20.0 million. The company's market capitalisation upon admission will be around GBP136.0 million.
It expects its shares to start trading on AIM on Tuesday next week.
"By further strengthening our balance sheet, we are now ideally positioned to accelerate our growth strategy at a time where we believe that there are significant opportunities for the EpiSwitch? platform in helping the pharmaceutical industry improve R&D productivity, and the success rate of clinical trials," said Chief Executive Christian Hoyer Millar.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Oxford Biodyn (OBD)