We were delighted that Jon Burrows, CEO of Oxford Biodynamics and Matthew Wakefield, Chair, were able to update on the progress the company has made over the last six months at a Yellowstone Advisory webinar. A recording of the event is available here.
Oxford Biodynamics has spent the last 15 years developing a 3D genomic biomarker platform, Episwitch, which can diagnose disease, predict the likely cause of a patient’s condition and determine a patient’s response to treatment – all using a simple blood test.
The flagship product is the Episwitch CiRT (Checkpoint Inhibitor Response Test) which determines a patient’s likely response to checkpoint inhibitor treatments. The CiRT was launched in February 2022 and the early response from pharma companies, hospital groups and oncologists have been encouraging. The majority of the webinar focussed on this Test and its revenue potential.
The key is raising the awareness of what the CiRT can do. When OBD asks oncologists if they know which of their patients will respond positively to Checkpoint Inhibitor treatment the response is NO. When OBD tells them that the CiRT can give them this information before they start a treatment program the response is very positive and is the start of the process of engaging oncologists to learn more. The company has been encouraged by the early interest shown and are acutely aware of the need to convert this interest into sales. Use from early adopters is part of the process of spreading the word and they will form part of the sale process that converts more physicians to use CiRT.
Although only 42 tests have been sold since the product was launched at the end of February and while this figure may seem low, management are not disappointed by this number. In fact, this sales figure surpasses the early sales of other successful diagnostic product launches they have been involved in. Jon commented that is not uncommon to register no sales in the first 90 days.
There are 6000 oncology groups in the US and OBD is initially targeting 50 of them and the 250 doctors that work out of these groups. Orders have been received from 7 doctors from 6 different groups. The plan is to increase penetration within these 50 groups and within each group get a number of doctors making purchases. Jon illustrated just the tip of the potential revenues with some numbers. If…
