Biotech firm Oxford Biodynamics is “well positioned for commercial success” despite losses of £7.5 million, according to its final results, which were published this week.
The Oxford-based firm is a global biotechnology company advancing personalised healthcare by developing and commercialising precision medicine tests for life-changing diseases.
The company recorded a financial loss for the year of £7.5m from £5 million in 2020, which it said reflected planned increased R&D, staff, general and administration costs and depreciation.
Cash and term deposits stood at £4.3m as at 30 September 2021, against £11.5 million the previous year.
The company’s EpiSwitch products were launched to market in March 2021 and the firm invested in expanded UK lab and office space from April to September.
It received the prestigious FNIH Partnership for Accelerating Cancer Therapies (PACT) grant award in August.
Jon Burrows, Chief Executive Officer of Oxford BioDynamics, said: “Since embarking on transitioning the Company onto a commercial trajectory last year, 2021 has been a year of necessary fortitude for all at OBD.
“There were many challenges put before us during the year, exacerbated by the ongoing Covid-19 pandemic.
“We successfully worked through the myriad operational and logistical frustrations and the EpiSwitch CST product finally became fully available in November.
“Indeed, the global team has skilfully used these learnings to finish development and tee up our flagship CiRT (Checkpoint inhibitor Response Test) product for immuno-oncology to hit the market imminently.
“Our fundamentals as a commercial group are now primed across the pillars of Clinical Diagnostic Testing, Pharma Clinical Development and Life Sciences Research.
“I firmly believe that in 2022 we will begin to see rewards for the hard work that has been done and I look forward to updating shareholders as the year progresses.”