It’s been a tough year for Oxford BioDynamics Plc, the Oxford biotech developing and commercialising precision medical tests.
While it launched its EpiSwitch (COVID-19 Severity Test) last March, and received a major FNIH Partnership for Accelerating Cancer Therapies grant award, it reported lower revenues of £0.3 million and an operating loss of £7.5 million thanks to a planned increased R&D, staff, general and administration costs.
But this is necessary investment for a company which sees a bright future ahead.
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.”