Oxford BioDynamics Webinar: CiRT sales growing strongly
Following the full year results on 24th January, CEO Jon Burrows and Chair Matthew Wakefield, gave an update on corporate performance, the company strategy and prospects for the current year. A recording of the webinar is available here.
Oxford Biodynamics has made significant progress in 2022 commercialising 3D gene regulation for precision medicine with their EpiswitchTM technology. This technology looks at the 3D architecture of the whole genome and interprets the information with respect to phenotypes, particularly clinical outcomes. OBD has mapped the 3D genome, compiled a 3D genomic knowledge base and has built and deployed a series of clinical assays that address a number of questions in precision medicine that were previously intractable.
2022 was a busy year for OBD with progress made along many fronts but with a focus on clinical diagnostic testing. The flagship commercial product, the Checkpoint inhibitor Response Test (CiRT) was launched at the end of February and this test has obtained its own unique payor (CPT) code within 4 months, which is a very early validation of the test. The initial build out of the US commercial team was begun and deliberately included only one field salesperson to launch CiRT in Florida and learn how to sell the test in the first instance. The company also raised $10m at a premium in October 2022. At the same time product development in the UK lab have provided a product portfolio of tests that can be deployed going forward in the following areas: Prostate cancer, colorectal cancer, veterinary medicine, Rheumatoid arthritis and ALS.
The CiRT is the only predictive blood test that tells a patients likely response to Checkpoint Inhibitor treatment. It does this from a simple blood test, is fast and accurate and is a real step forward for doctors, enabling them to identify patients likely to respond to treatment. The test was launched in February 2022 and the strategy was to target early adopter doctors to educate them and learn how they will use the test. The idea being that these doctors will try the test and tell other doctors and their network about their experience. Good early traction in CiRT sales suggest that this strategy is working. From March until September the focus was on the Florida market where there are a lot of potential patients and in October a second salesperson was…
