Oxford BioDynamics reported that losses increased in the year-end, 30 September. This resulted in shares falling 4.8% and 14.5p respectively.
Operating losses decreased to £8.6mln from £7.5mln one year ago. This was due to increased staff costs, general and administrative costs, and depreciation.
Although it received a £400,000 funding grant, its revenue fell to £200,000 from £300,000.
Oxford Biodynamics, a global biotechnology company, stated that it specializes in personalized healthcare. It develops and commercializes precision medicine tests to treat life-altering diseases.
Oxford BioDynamics participated in over 40 partnerships with major pharma companies and top institutions, including Genentech, EMD Serono, and Pfizer.
Chief executive Jon Burrows stated that “we made substantial progress in 2022 with the strategy we presented shareholders in 2020 – pivoting to a more profitable footing, and developing proprietary tests using EpiSwitch platform,”