REG - Oxford BioDynamics - Directorate Change, Funding Update & Joint Broker

Oxford BiodynamicsAnnouncement

16/12/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241216:nRSP1943Qa&default-theme=true

RNS Number : 1943Q  Oxford BioDynamics PLC  16 December 2024

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                  +44 (0)1865 518910

 Matthew Wakefield, Chairman

Paul Stockdale, CFO
 Shore Capital                           +44 (0)20 7408 4090

(Nominated Adviser and Broker to OBD)

Stephane Auton

Lucy Bowden
 WG Partners                             +44 (0)20 3705 9330

(Joint Broker to OBD)

David Wilson / Claes Spång /

Satheesh Nadarajah / Erland Sternby
 Oak Securities                          +44 (0)20 3973 3678

(Joint Broker to OBD)

Jerry Keen / Henry Clarke
 Vigo Consulting                         +44 (0)20 7390 0230
 (Media / Analyst enquiries for OBD)
obd@vigoconsulting.com

Rozi Morris

 

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
(https://url.avanan.click/v2/___http:/www.94percent.com/___.YXAxZTpzaG9yZWNhcDphOm86ZGFiYjhlY2EwMWM5YWYzYjdhZjZhZmExZGM4OTMyMDg6NjphZTRmOjE1ZmE3ZTA1NmFmMzlmYjIzZmFhOGU1NTc5MWI0OTdiODZmMjVmOTFlOWQ2YjBiZTM3YmNmMTMxMGYxOTcxMjI6cDpU)
(EpiSwitch Prostate Screening test) and EpiSwitch® CiRT
(https://url.avanan.click/v2/___https:/www.mycirt.com/___.YXAxZTpzaG9yZWNhcDphOm86ZGFiYjhlY2EwMWM5YWYzYjdhZjZhZmExZGM4OTMyMDg6NjpjZGI4OjQ3ZWJmMjU3YzNhNjYzYzNiYWVjZGNlMTJjZDM5ZGZkYzBlNmQyNTc0OTdlZWU4ZGI4ODFlYzU1OWZmN2JmMWE6cDpU)
(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
(https://url.avanan.click/v2/___http:/www.oxfordbiodynamics.com___.YXAxZTpzaG9yZWNhcDphOm86ZGFiYjhlY2EwMWM5YWYzYjdhZjZhZmExZGM4OTMyMDg6Njo3YmRiOmUxODM2ZWZhYmIxNjdhMjFiNTMxOThjNjE0YzMwYzg5YzA1MjI2MmYxMGY0ZTU1MzdjYzdlYzg1NDA5ZTcyOWU6cDpU)
, X (@OxBioDynamics) or LinkedIn
(https://url.avanan.click/v2/___https:/www.linkedin.com/company/oxford-biodynamics___.YXAxZTpzaG9yZWNhcDphOm86ZGFiYjhlY2EwMWM5YWYzYjdhZjZhZmExZGM4OTMyMDg6NjozM2I4OmVmNzdkN2M0NmYxZDg3ODc0MWQ1NDEyMGQ4MjAxOWVmMTg4ZTMzNWY4MTA5NGE3NTE5ZDdlNWIwNjI5MTRhMTM6cDpU)
.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCMZMMZMKKGDZZ