Oxford BioDynamics, a leading biotechnology company based in the UK, has announced its plans to raise a minimum of £5 million ($6.4 million) to support the commercial development of its groundbreaking cancer test. The company aims to place at least 43 million shares and offer up to 2.5 million shares for direct subscription, with each share priced at 11 pence. This represents a premium of 2.3% from the previous closing price of 10.75 pence.
In addition to the share issuance, Oxford BioDynamics will also launch a retail offer to raise up to £2 million at the same issue price. The funds obtained from this capital raise will be utilized to further support the commercial development of their cancer test EpiSwitch. This includes continued investment in sales and marketing activities. Furthermore, the proceeds will also contribute to the completion of the validation, launch, and initial sales and marketing support of their prostate-screening blood test, which is expected to be launched in the fourth quarter.
As Oxford BioDynamics continues to make significant strides in the field of cancer diagnostics, this funding round will enable them to solidify their position as a leading player in driving innovative solutions for early cancer detection and treatment.