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Oxford Biodynamics Posts Flat Revenues for FY 2018

NEW YORK (GenomeWeb) — Oxford Biodynamics reported on Tuesday £1.2 million ($1.5 million) in revenues for fiscal year 2018, essentially unchanged from fiscal 2017 as higher US revenues were offset by lower revenues generated in the rest of the world.

For the 12-month period ended Sept. 30, Oxford BioDynamics' US revenues climbed to £405,000 from £310,000 the year before, while revenues from other markets dropped to £781,000 from £873,000. The UK-based company generates all its revenues from its epigenetic biomarker research and development partnerships.

Since Oxford Biodynamics' 2017 initial public offering, "investment in our commercial infrastructure has allowed us to further our customer and geographical reach, with our EpiSwitch technology increasingly becoming the leading industry standard for identifying epigenetic biomarkers," CEO Christian Hoyer Millar said in a statement.  

"We have signed multiple commercial development partnerships in Europe, the US, and China in new and challenging clinical indications," he added, citing the company's recent strategic partnership with Shanghai-based private equity firm GL Capital that included a $12.6 million equity investment. In early 2018, Oxford Biodynamics also partnered with Holos Life Sciences to develop biomarkers of sports-related concussions. 

Oxford Biodynamics' FY 2018 net loss fell to £2 million, or 2.2 pence per share, from £3.8 million, or 4.5 pence per share, the year before. The firm's 2017 loss includes the impact of approximately £1.5 million in one-time IPO-related costs.

Its R&D spending in the quarter rose 70 percent to £693,000 from £407,000, while general and administrative expenses dropped 21 percent to roughly £1.1 million from £1.4 million.

At the end of the fiscal year, Oxford Biodynamics had £18.3 million in cash and cash equivalents.