Directorate Change, Funding Update & Joint Broker
Oxford BioDynamics
("OBD" or the "Company" and, together with its subsidiaries, the "Group")
Board Changes
Update on Funding
Appointment of Joint Broker
Oxford, UK - 16 December 2024 - Oxford BioDynamics, Plc (AIM: OBD, the Company), a precision clinical diagnostics company bringing specific and sensitive tests to the practice of medicine based on its EpiSwitch® 3D genomics platform announces that Dr Jon Burrows, Chief Executive Officer, has resigned from his Board and officer positions with the Company and its affiliates with immediate effect.
Iain Ross has agreed to join the Company with immediate effect and will be appointed to the Board as Executive Chairman in January, subject to the successful completion of an equity fundraise and the completion of normal regulatory due diligence by the Company's Nomad.
Iain has over 40 years' experience in the international life sciences and technology sectors and has held significant roles in multi-national companies including Sandoz, Hoffman La Roche, and Celltech Group plc. He has completed multiple financing transactions and turnarounds and has over 30 years' experience in cross-border management as a chairman and CEO. He has led and participated in eight Initial Public Offerings (IPOs) and has direct experience of M&A transactions in Europe, the USA and the Pacific Rim. Iain led the turnaround and re-structuring of several biotech companies including Ark Therapeutics, Redx Pharma, Silence Therapeutics and more recently, ReNeuron.
Iain currently serves as Chairman of Silence Therapeutics and ReNeuron Group and is a non-executive director of Tern plc and AdAlta Limited. He is a qualified Chartered Director and former Vice Chairman of the Council of Royal Holloway, London University.
On the date of Iain's appointment to the Board, Matthew Wakefield will move to Deputy Chairman. In order to ensure an orderly transition, Matthew will take on some executive responsibilities with immediate effect.
The Company is continuing to explore a number of different options to bring additional near-term funding into the business. In particular, the Company is exploring a potential equity fundraise of £4m (the "Potential Equity Raise") and has appointed Oak Securities (a trading name of Merlin Partners LLP) as joint broker to the Company and sole broker on the Potential Equity Raise. Oak Securities have agreed to make a cornerstone investment of £400,000 as part of, and subject to successful completion of, the Potential Equity Raise. There is no guarantee of a successful conclusion and as previously announced the Company requires additional cash resources by early Q1 of 2025. The Board will provide further updates as appropriate.
Matthew Wakefield, Chairman of Oxford BioDynamics said: "On behalf of the Board, I would like to thank Jon for his contribution to the Company over the last four years. In that time, Jon has led the Company from being predominantly R&D focused to a position where we now have two tests on the market. We thank him for his hard work and his assistance with the current transition and wish him well for the future."
-Ends-
For more information:
|
Oxford BioDynamics Plc Matthew Wakefield, Chairman |
+44 (0)1865 518910 |
|
Shore Capital |
+44 (0)20 7408 4090 |
|
WG Partners |
+44 (0)20 3705 9330 |
|
Oak Securities |
+44 (0)20 3973 3678
|
|
Vigo Consulting |
+44 (0)20 7390 0230
|
Notes for Editors
About Oxford BioDynamics Plc
Oxford BioDynamics Plc (AIM: OBD) is an international biotechnology company, advancing personalized healthcare by developing and commercializing precision clinical diagnostic tests for life-changing diseases.
Currently OBD has two commercially available products: the EpiSwitch® PSE (EpiSwitch Prostate Screening test) and EpiSwitch® CiRT (Checkpoint Inhibitor Response Test) blood tests. PSE boosts the predictive accuracy of a PSA test from 55% to 94% when testing the presence or absence of prostate cancer. CiRT is a highly accurate (85%) predictive response test to immuno-oncology checkpoint inhibitor treatments.
The tests are based on OBD's proprietary 3D genomic biomarker platform, EpiSwitch® which enables screening, evaluation, validation and monitoring of biomarkers to diagnose patients or determine how individuals might respond to a disease or treatment.
OBD's clinical smart tests have the potential to be used across a broader range of indications, and new tests are being developed in the areas of oncology, neurology, inflammation, hepatology and animal health.
The Group's headquarters and UK laboratories are in Oxford, UK. Its US operations and clinical laboratory are in Maryland, USA, along with a reference laboratory in Penang, Malaysia.
OBD is listed on the London Stock Exchange's AIM (LSE: OBD). For more information, please visit the Company's website, www.oxfordbiodynamics.com, X (@OxBioDynamics) or LinkedIn.
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