TIDMOBD
RNS Number : 5456N
Oxford BioDynamics PLC
21 May 2020
21 May 2020
Oxford BioDynamics Plc
( "OBD" or the "Company" and, together with its subsidiaries,
the "Group")
Business update and notice of interim results
Oxford BioDynamics Plc (AIM: OBD), a biotechnology company
focused on the discovery and development of epigenetic biomarkers,
based on regulatory 3D genome architecture, using its liquid biopsy
platform EpiSwitch(TM), expects to announce its interim results for
the half-year ended 31 March 2020 on 16 June 2020.
The Group also provides an update on the actions it is taking in
response to the COVID-19 pandemic. The Group remains in a strong
position and is pleased to be playing a role in the fight against
the coronavirus.
Trading update and response to COVID-19
OBD was pleased to announce on 30 April its involvement in the
Chief Scientist Office of Scotland-funded GETAFIX clinical study
alongside Institute of Infection, Immunity and Inflammation,
University of Glasgow, and NHS Scotland. The Group's Episwitch(TM)
technology was chosen as the biomarker platform for prognostic and
predictive profiling of COVID-19 patients in the study. Our
contribution to this important study will be a priority, along with
ongoing work on existing projects, over the coming few months.
The Group's newly-appointed Chief Executive Officer, Dr Jon
Burrows, joined the Company in late March. Jon has been working
closely with OBD's senior executives to position the Group to be
ready to benefit from the adoption of its unique and valuable
technology platform, EpiSwitch(TM), by a growing customer base.
The COVID-19 pandemic has already had an impact, which is
expected to continue, on the timing of certain existing projects,
directly as a result of delays in receipt of blood samples,
especially from cohorts of patients who are considered particularly
vulnerable to serious illness from a COVID-19 infection. In
addition, travel restrictions worldwide have impacted business
development activity. The likely severity and duration of the
pandemic and its impact on OBD's customers' activities remains
uncertain. In light of the open-ended nature of the crisis and
associated impact on the Company's operations, the Board is unable
to provide guidance for the current fiscal year. The Company will
provide further updates to the market as and when there is greater
clarity on the impact of COVID-19 on its operations and business
development activities.
Notwithstanding these issues, the Group is in a strong position
to navigate the current crisis. Cash and fixed term deposits at 30
September 2019 were GBP15.5m, sufficient to fund planned activity
for several years. To date, none of the Company's UK employees has
been put on furlough. The Group does not expect to need to apply
for support under the Coronavirus Business Interruption Loan
Scheme. Activity continues on several projects including the
receipt, in April 2020, of the first patient samples to be analysed
under the master services agreement announced on 20 December 2019,
which granted a major US pharmaceutical company access to OBD's
unique EpiSwitch(TM) technology for use in the development of
predictive biomarkers.
The Company is doing everything possible to keep its employees
safe. To this end, since the announcement of 'lockdown' guidance
and a movement control order by the UK and Malaysian governments
respectively, most OBD staff have been working remotely from home.
Small teams of essential laboratory personnel have continued to
work at our facilities, following strict social distancing
rules.
Jon Burrows, CEO, comments "It is without doubt both an
exceptional and exciting time to have joined OBD as its CEO. Whilst
this is of course a difficult time for many throughout the world,
it is inspiring to be leading OBD as we play our part in the global
research-driven fight against coronavirus. Additionally, I am
pleased that we have been able to continue to support our customers
and staff during these uncertain times. After several weeks in my
post now, I am extremely positive about the position of the Company
and I look forward to providing a more detailed update in
June."
For further details please contact:
Oxford BioDynamics Plc
Jon Burrows, CEO
Paul Stockdale, CFO +44 (0)1865 518910
Shore Capital
Nominated Adviser and Broker
Stephane Auton
Edward Mansfield
John More +44 (0)20 7408 4090
FTI Consulting
Financial Public Relations Adviser
Natalie Garland-Collins +44 (0)20 3727 1000
Notes for Editors
About Oxford BioDynamics Plc
Oxford BioDynamics Plc (AIM: OBD) ("Oxford BioDynamics") is a
biotechnology company focused on the discovery and development of
epigenetic biomarkers, based on regulatory 3D genome architecture,
for use within the pharmaceutical and biotechnology industry.
The Company's award-winning, proprietary technology platform,
EpiSwitch(TM), offers non-invasive liquid biopsy readouts to the
standards of validated predictive, prognostic and diagnostic
patient stratifications, and aims to accelerate the drug discovery
and development process, improve the success rate of therapeutic
product development and take advantage of the increasing importance
of personalised medicine.
In particular, EpiSwitch(TM) offers non-invasive molecular
read-outs with strong links to clinical outcomes, and helps reduce
time to market, failure rates and the costs at every stage of drug
discovery. Additionally, the technology provides significant
insights into disease mechanisms for drug discovery and product
re--positioning programmes, and enables the personalisation of
therapeutics for patients in the context of challenging pricing
environments where improved clinical outcomes are critical.
In April 2019, Oxford BioDynamics received the Queen's Award for
Enterprise: Innovation. The Queen's Awards for Enterprise are the
most prestigious awards for UK businesses.
The Company is headquartered in the UK and listed on the London
Stock Exchange's AIM under the ticker "OBD". For more information
please visit www.oxfordbiodynamics.com .
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END
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