Trinity Delta £9m raise gives management time to enact strategy

£9m raise gives management time to enact strategy

Lighthouse | 27 August 2026

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Oxford BioDynamics (OBD) has raised £9.15m gross (£8.4m net) through a placing of c 9,150m new ordinary shares at £0.001 per share to new and existing institutional investors. The new shares were placed at a 9.1% discount to the mid-market closing price on August 7, and admitted to trading on August 27, increasing OBD’s issued share capital to 13,441m.
OBD directors/managers have subscribed for 455m shares, with major investor Vulpes subscribing for 500m. Additionally, partially in lieu of fees, warrants were issued to joint brokers, OAK Securities and Singer Capital Markets, for subscription to an aggregate of up to 260.85m new ordinary shares at a £0.002 per warrant, with a two-year exercise period.
Use of proceeds will be directed to supporting OBD’s commercial priorities including: (a) platform partnerships, commercial launch of the EpiSwitch Orion platform, with multiple pilot projects and one or more validation and customisation project(s); (b) growth of EpiSwitch PSE revenues, including securing a US partnership, and initiating an NHS pilot study; (c) establishing a partner-funded evidence programme to support clinical adoption, reimbursement and licensing of EpiSwitch CiRT, and initiating an NHS pilot study on its use in monitoring treatment response; (d) advancing pipeline assets, including completing the blinded colorectal cancer study with a global healthcare partner, and determining the optimal licensing/development path for EpiSwitch NST.
The raise was necessary for OBD to continue operations beyond September 2026 as despite steady progress across the business, including increased revenue from EpiSwitch PSE and the first commercial use agreement for EpiSwitch Orion, no non-dilutive transaction has yet been secured. Last reported cash was £1.38m at end-May 2026. Net proceeds coupled with expected income generation over the coming period should provide at least twelve months of working capital.

Trinity Delta view: Oxford BioDynamic’s £9m raise alleviates the overhang caused by the known funding constraints and provides breathing space to allow management to pursue key strategic goals. The priorities are: commercial execution, converting the strong science into revenue-generating operations; disciplined resource allocation, capital is directed to programmes with the highest near-term value; greater customer adoption, as real-world utility demonstrates worth; and strategic partnerships, as deals are the only way to achieve a global reach. The EpiSwitch Orion cloud-based 3D genomics platform remains a primary focus and, together with growing EpiSwitch test volumes, should create shareholder value. Longer-term, in our view, sustainable volume growth will require substantial ongoing commercial investment. Hence, the importance of striking attractive deals with third-party partners should not be underestimated.

Lighthouse

27 August 2026


Price	0.12p
Market Cap	£5.15m
Primary exchange	AIM
Sector	Healthcare
Company Code	OBD

Corporate client	Yes

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

Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043

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