Biotech company Oxford BioDynamics Plc, has announced its final results for the year ended 30 September 2020. Revenues dropped to £0.5 million (down from £0.9 million the previous year), and operating losses grew to £5 million from £3.7 million in 2019.
However, the company developed a Covid-19 severity test in under six months and Oxford BioDynamics is launching this, its first proprietary test, into the US market this year.
Jon Burrows, who was appointed as Chief Executive Officer of Oxford BioDynamics last March, said: “2020 was a year of transition and development for Oxford BioDynamics. We have focused on readying the company for the near-term commercialisation of its 3D genomics technology platform, EpiSwitch™.
“As we announced during the year, our R&D project revenues were affected by the COVID-19 pandemic, but we were pleased to continue working with several partners throughout the year and to plan for the expansion of our strategic focus, which we announced in December.
“We developed a pipeline of molecular diagnostic tests developed using our EpiSwitch™ technology platform, ready to be deployed behind it. We look forward to sharing more progress over the rest of the year.”