Oxford BioDynamics

£7m fundraise secures near-term future

Lighthouse | 22 October 2025

Share this note

  • Oxford BioDynamics (OBD) has conditionally raised c £7m gross through a placing (which is not being underwritten) and subscription of c 2.3bn new shares; if issued, together these will represent approximately 54.4% of the enlarged share capital. The issue price for the fundraise is 0.3p, a 40% discount to the closing mid-market price on 21 October. The fundraise is contingent on shareholder approval at a meeting on 7 November to approve issuance of the new shares on a non-pre-emptive basis in order to allow certain existing and new institutional investors the opportunity to participate. VCT/EIS shares are expected to be admitted to trading on 10 November, and other new ordinary shares on 11 November.
  • Proceeds will be used as working capital to support ongoing operations, including increasing test sales revenues and a continued focus on business development and non-dilutive funding options via out-licensing and/or distribution agreements. Funds are expected to be sufficient for the next 12 months. Specific goals include: (1) growing EpiSwitch PSE volumes to 500 tests/month within 12 months; (2) out-license or partner a test (most likely CiRT, NST or CFS); (3) execute a distribution deal or partnership for the PSE test; (4) inclusion of EpiSwitch CiRT in NCCN guidelines; (5) monetise the EpiSwitch 3D genomics platform and knowledge by building on the Google Cloud partnership; (6) deliver projects for pharma/other customers.
  • In terms of the current commercial tests, there were 215 EpiSwitch PSE tests in September 2025, more than doubling from <100 in September 2024. Record sales have been achieved every month since June 2025. For EpiSwitch CiRT the focus is on inclusion in NCCN guidelines, with an application targeted in early 2026; interim data from the PROWES study recently highlighted CiRT’s clinical utility in guiding immunotherapy treatment decisions (September 2025 Lighthouse).
  • There are a number of business development and commercial opportunities across the pipeline. These include EpiSwitch NST for colorectal bowel cancers, EpiSwitch SCB for canine cancer, and more recently, a new EpiSwitch test for chronic fatigue syndrome (October 2025 Lighthouse), all of which could be partnered/licensed. In addition, discussions are ongoing with multiple diagnostic/pharmaceutical/biotech companies, and the recent Google Cloud collaboration should make the EpiSwitch platform more accessible and allow users to analyse data on a subscription/licensing basis.

Trinity Delta view: OBD is at the forefront of exploiting 3D genomics to develop clinically relevant diagnostics that address clear needs. The £7m fundraise, which includes participation from new investors, will allow OBD to remain focused on delivering on the potential of the EpiSwitch platform, which will be achieved by growing existing test volumes, and through securing partnerships, collaborations and/or licensing deals to maximise the revenue potential of its growing portfolio, whilst remaining focused on costs. Longer-term sustainable test volume growth will likely require substantial ongoing commercial investment, in our view. As is usual in such situations, we suspend our valuation and forecasts.

Lighthouse

22 October 2025

Price0.50p
Market Cap£9.8m
Primary exchangeAIM
SectorHealthcare
Company CodeOBD
Corporate clientYes

Company description

Oxford BioDynamics (OBD) develops 3D genomic diagnostics using its proprietary EpiSwitch technology platform. Aiming to improve precision and clinical utility, the target applications are in oncology, autoimmune diseases, and neuro-degenerative disorders. Two tests, EpiSwitch CiRT (immuno-oncology response) and EpiSwitch PSE (prostate cancer) are being rolled out commercially.

Analysts

Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041

Philippa Gardner
pgardner@trinitydelta.org
+44 (0) 20 3637 5042

Disclaimer

Trinity Delta Research Limited (“TDRL”; firm reference number: 725161), which trades as Trinity Delta, is an appointed representative of Equity Development Limited (“ED”). The contents of this report, which has been prepared by and is the sole responsibility of TDRL, have been reviewed, but not independently verified, by ED which is authorised and regulated by the FCA, and whose reference number is 185325.

ED is acting for TDRL and not for any other person and will not be responsible for providing the protections provided to clients of TDRL nor for advising any other person in connection with the contents of this report and, except to the extent required by applicable law, including the rules of the FCA, owes no duty of care to any other such person. No reliance may be placed on ED for advice or recommendations with respect to the contents of this report and, to the extent it may do so under applicable law, ED makes no representation or warranty to the persons reading this report with regards to the information contained in it.

In the preparation of this report TDRL has used publicly available sources and taken reasonable efforts to ensure that the facts stated herein are clear, fair and not misleading, but make no guarantee or warranty as to the accuracy or completeness of the information or opinions contained herein, nor to provide updates should fresh information become available or opinions change.

Any person who is not a relevant person under section of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom should not act or rely on this document or any of its contents. Research on its client companies produced by TDRL is normally commissioned and paid for by those companies themselves (‘issuer financed research’) and as such is not deemed to be independent, as defined by the FCA, but is ‘objective’ in that the authors are stating their own opinions. The report should be considered a marketing communication for purposes of the FCA rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. TDRL does not hold any positions in any of the companies mentioned in the report, although directors, employees or consultants of TDRL may hold positions in the companies mentioned. TDRL does impose restrictions on personal dealings. TDRL might also provide services to companies mentioned or solicit business from them.

This report is being provided to relevant persons to provide background information about the subject matter of the note. This document does not constitute, nor form part of, and should not be construed as, any offer for sale or purchase of (or solicitation of, or invitation to make any offer to buy or sell) any Securities (which may rise and fall in value). Nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The information that we provide is not intended to be, and should not in any manner whatsoever be, construed as personalised advice. Self-certification by investors can be completed free of charge at www.fisma.org. TDRL, its affiliates, officers, directors and employees, and ED will not be liable for any loss or damage arising from any use of this document, to the maximum extent that the law permits.

Copyright 2025 Trinity Delta Research Limited. All rights reserved.