Shares in Oxford BioDynamics PLC (AIM:OBD) rose 6% to 15.6p after it said it was accelerating the development and launch of its prostate screening EpiSwitch (PSE) clinical test in the UK and the US, targeting availability in the fourth quarter of this year.
The company's flagship EpiSwitch CiRT test is gaining traction in the US, with record orders in recent months, according to an update from the company.
To support the PSE test launch, Oxford BioDynamics has leased lab space in Maryland, USA, and is building a dedicated clinical testing lab in Oxford.
“While revenues have been modest to date, these are still early days with leading indicators (and the availability of a unique reimbursement code), suggesting a promising future,” corporate broker Shore Capital.
“Ultimately, we believe that commercial success with CiRT should deliver a positive endorsement both with respect to the underlying technology as well as the (relatively) new commercial model.
“Recent progress has been encouraging with record orders in the US in March 2023 building on from similar achievements in recent months (November, December and January).”