Oxford
BioDynamics
("OBD" or the
"Company" and, together
with its subsidiaries, the "Group")
Shareholder Loan and Related
Party Transaction
Oxford, UK - 19 December 2024 -
Oxford BioDynamics, Plc (AIM: OBD, the Company), a precision
clinical diagnostics company bringing specific and sensitive tests
to the practice of medicine based on its EpiSwitch® 3D genomics
platform announces that it has entered a loan agreement with Vulpes
Testudo Fund (the "Loan"). The Loan will provide up to £1 million
in working capital, to enable the Company to continue to pursue
funding options.
The Loan is interest free and may be
drawn down as required by the Company. The amount owed to Vulpes
under the Loan agreement will be subordinate to amounts owed to
other creditors. The Loan is unsecured and is due to be repaid
within 90 days.
Together with the Vulpes Life
Sciences Fund, Vulpes Testudo Fund is interested in a total of
29,653,978 ordinary shares, representing 9.4% of the current issued
share capital. Each of the funds is part of Vulpes Investment
Management, which is controlled by Non-Executive Director Stephen
Diggle. As a result, the Loan is considered a related party
transaction under AIM Rule 13.
Having consulted with the Company's
Nominated Adviser, Shore Capital, the Board (except for Stephen
Diggle), considers that the terms of the Loan as set out above are
fair and reasonable as far as the Company's shareholders are
concerned.
The Loan provides the Company with
additional working capital and cash runway, but the Company will
still need to source additional funding in early Q1 2025. A further
update will be provided as appropriate.
Matthew Wakefield, Non-Executive
Chairman, commented: "We are
grateful to Vulpes for supporting the Company in this way. The loan
facility provides the Company and its incoming Executive Chairman
Iain Ross with additional time to secure further equity
funding."
-Ends-
For
more information:
|
Oxford BioDynamics
Plc
Matthew
Wakefield, Chairman
Paul
Stockdale, CFO
|
+44
(0)1865 518910
|
|
Shore Capital
(Nominated Adviser and Broker to OBD)
Stephane
Auton
Lucy
Bowden
|
+44 (0)20
7408 4090
|
|
WG Partners
(Joint Broker to
OBD)
David
Wilson / Claes Spång /
Satheesh Nadarajah / Erland Sternby
|
+44
(0)20 3705 9330
|
|
Oak
Securities
(Joint Broker to
OBD)
Jerry Keen / Henry
Clarke
|
+44 (0)20
3973 3678
|
|
Vigo
Consulting
(Media / Analyst enquiries
for OBD)
Rozi Morris
|
+44 (0)20
7390 0230
obd@vigoconsulting.com
|
Notes for Editors
About Oxford BioDynamics Plc
Oxford BioDynamics Plc (AIM: OBD) is
an international biotechnology company, advancing personalized
healthcare by developing and commercializing precision clinical
diagnostic tests for life-changing diseases.
Currently OBD has two commercially available products:
the
EpiSwitch® PSE (EpiSwitch
Prostate Screening test) and
EpiSwitch® CiRT (Checkpoint
Inhibitor Response Test) blood tests. PSE boosts the predictive
accuracy of a PSA test from 55% to 94% when testing the presence or
absence of prostate cancer. CiRT is a
highly accurate (85%) predictive response test to immuno-oncology
checkpoint inhibitor treatments.
The tests are based on OBD's
proprietary 3D genomic biomarker platform, EpiSwitch® which enables screening, evaluation, validation and monitoring
of biomarkers to diagnose patients or determine how individuals
might respond to a disease or treatment.
OBD's clinical smart tests have the
potential to be used across a broader range of indications, and new
tests are being developed in the areas of oncology, neurology,
inflammation, hepatology and animal health.
The Group's headquarters and UK
laboratories are in Oxford, UK. Its US operations and clinical
laboratory are in Maryland, USA, along with a reference laboratory
in Penang, Malaysia.
OBD is listed on the London Stock
Exchange's AIM (LSE: OBD). For more information, please visit the
Company's website,
www.oxfordbiodynamics.com, X
(@OxBioDynamics) or
LinkedIn.