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Oxford BioDynamics to Raise £12.0M in Stock Placement, Offering

NEW YORK — Oxford BioDynamics said on Friday that it has conditionally secured £9.1 million ($10.1 million) through the private placement of roughly 45.1 million newly issued shares of common stock at 20 pence apiece to institutional and other investors.

The Oxford, UK-based diagnostics firm also said that it is planning to offer shareholders up to about 14.7 million additional newly issued ordinary shares at 20 pence each, which would raise approximately £2.9 million.

Both the placement and the offering are subject to shareholder approval.

During afternoon trading on the London Stock Exchange's AIM, shares of Oxford BioDynamics were up nearly 23 percent at 18.39 pence per share.

Oxford BioDynamics intends to use the funds to accelerate commercialization of its EpiSwitch technology for the detection of chromosome conformation signature biomarkers, including the newly launched EpiSwitch CiRT blood test for predicting patient response to immune checkpoint inhibitors.

The company said it will also use the money to continue developing its pipeline of molecular diagnostic tests in the US and other markets, conduct proprietary research, and maintain and develop its broad intellectual property portfolio.