Oxford BioDynamics Plc, the biotechnology company focused on the discovery and development of epigenetic biomarkers (the screening and early detection of various diseases), has reported a drop in revenue from £0.6 million in the first half of 2019 to £0.2 million in the second half. The company also saw an operating loss of £2.4 million.
In March, the company announced a board restructuring to support future growth worldwide, with a special focus on the US, with the appointment of Dr Jon Burrows as Global Chief Executive Officer.
Other highlights over the year included presentation of significant results of the utility of OBD’s EpiSwitch™ offering significant commercial potential and signing a master services agreement with top US pharmaceutical company last December.
Dr Burrows said: “By reducing to practice and presenting the utility of our IO non-response EpiSwitch™ classifier at SITC in November 2019 followed by the commercially validating execution of an MSA with one of the industry’s leading pharma companies in December 2019 to use the EpiSwitch™ platform for biomarker development, it is clear that OBD is beginning to put itself firmly on the map as an innovative value adding technology company to partner with for pharma drug development and precision medicine.
“The completion and publication of our work in DLBCL [Diffuse large B-cell lymphoma – DLBCL – is the most common type of non-Hodgkin lymphoma] with Roche and Genentech and our participation in the REFINE-ALS clinical trial with Mitsubishi Tanabe Pharma America are further evidence of our early reach into the commercial space.
“Finally, the turn in a commercially dedicated direction has been completed by the appointments of a commercially seasoned Global CEO and Chairman to lead the Company through the effects of COVID-19 and into the commercial opportunities of 2021. We look forward to updating the market on our future progress.”