NEW YORK — Oxford BioDynamics reported on Wednesday a 24 percent drop in revenues for its fiscal year 2019 amid a decline in revenues generated in the US.
For the 12-month period ended Sept. 30, the UK-based company's revenues — which were generated entirely from epigenetic biomarker research and development alliances with commercial and academic partners — fell to £907,000 ($1.2 million) from £1.2 million in the same period last year. US revenues were down 69 percent to £126,000 from £405,000, while revenues generated in the rest of the world were flat at £781,000.
"Not only have we signed additional collaboration agreements [in 2019], but we have also seen EpiSwitch [biomarker technology] being used in high profile UK and US clinical trials," Oxford BioDynamics CEO Christian Hoyer Millar said in a statement. "We believe there is significant potential for EpiSwitch biomarkers to benefit a range of diseases, but we have been particularly pleased with the progress we have announced in [immuno-oncology.]"
Earlier this year, Oxford BioDynamics announced that its EpiSwitch test for prostate cancer will be evaluated in a nearly 300-patient study in the UK.
Oxford BioDynamics' fiscal 2019 net loss grew to £2.8 million, or £.03 per share, from £2.0 million, or £.02 per share, the year before.
R&D spending declined 32 percent to £468,000 from £693,000, while general and administrative costs grew 27 percent to £1.4 million from £1.1 million.
At the end of September, Oxford BioDynamics had cash and cash equivalents totaling £5.2 million.