Oxford BioDynamics plc reported an annual loss on Tuesday morning. This is as a result of its increased spending on R&D and staff.
Pre-tax loss for the financial year to September was reported at £2.4 million. Additionally, revenue remained flat at roughly £1.2 million.
The company also announced its “strategic” partnership in China with GL Capital Group. The leading Chinese Healthcare Investment group invested £9.75 million for a 5% stake in the company. Moreover, it announced that it successfully completed the UK grant-funded ALS project.
Oxford BioDynamics is a biotechnology company focused on the discovery and development of epigenetic biomarkers based on regulatory genome architecture.
These are designed to be used within the pharmaceutical and biotechnology industry.
In November, Oxford BioDynamics signed a deal to develop ASD biomarkers.
Chief Executive Officer of Oxford BioDynamics, Christian Hoyer Millar, commented on the results:
“In 2018 we have continued to build on the strong foundations established in 2017 following our successful IPO. Investment in our commercial infrastructure has allowed us to further our customer and geographical reach, with our EpiSwitch™ technology increasingly becoming the leading industry standard for identifying epigenetic biomarkers. We have signed multiple commercial development partnerships, in Europe, the US and China in new and challenging clinical indications. Our EpiSwitch™ platform is fast becoming internationally recognised as an effective and novel platform to improve therapeutic options.”
“We were delighted to sign a strategic partnership with GL earlier this year, not only strengthening our cash position but also further establishing our position in the rapidly growing Chinese market. We look forward to reporting progress on the multiple projects currently underway.”
Other biotechnology sector news includes Biome Technologies being awarded additional grant funding to develop the production of a novel bioplastic building block.
Elsewhere on Tuesday, Jadestone Energy announced its Montara Facility will resume production.
At 13:28 GMT yesterday, shares in Oxford Biodynamics plc (LON:OBD) were trading at +1.45%.