Oxford BioDynamics PLC has raised £9.9 million in a new share placing.

The MedTech company, behind precision medicine tests for cancer, saw its share price drop from around 11 pence to 9p in the 24 hours after reporting the placing to the London Stock Exchange. It had hovered around 30p in the final months of 2023.

The company’s market cap is now below £19m.

The placing is a combination of direct subscriptions and retail offer via the PrimaryBid platform and represents approximately 35.1% of the company’s enlarged ordinary share capital. In total, around 89.2m shares have been issued at 9p per share.

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Listed since 2016, Oxford BioDynamics reported an increase in operating loss earlier this year from £8.6m to  £10.2m. It raised £15.4m before costs in the year ended 30th September 2023 via two equity fundraisings.

Its product EpiSwitch CiRT is a predictive test of a patient’s likely response to immune checkpoint inhibitors that work to stimulate the immune system to find and fight cancer; and EpiSwitch PSE, which aims to accurately detect prostate cancer risk.

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