Oxford Biodynamics PLC (LON:OBD) reported narrower annual losses due to the absence of initial public offering (IPO) related costs which impacted earnings last year.
The biotechnology group on Tuesday posted a loss of £2.4mln in the year to the end of September – down from £4.0mln loss it reported last year following its IPO. The company said its revenue was largely flat at £1.2mln, while spending on staff and research and development rose.
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The company said it now has six revenue-generating research and development projects for commercial customers underway in diverse fields including immuno-oncology, fibrosis and thyroid cancer.
“In 2018 we have continued to build on the strong foundations established in 2017 following our successful IPO,' CEO Christian Hoyer Millar said in a statement.
“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. Our EpiSwitch platform is fast becoming internationally recognised as an effective and novel platform to improve therapeutic options,” he added.
Shares in the company were 1.45% higher at 205.94p in early afternoon trade.