Oxford BioDynamics Aims to Raise £6 Million for Growth
Oxford BioDynamics Initiates Fundraising Efforts
Oxford BioDynamics PLC (AIM: LON: OBD), recognized for its advancements in precision clinical diagnostics, is embarking on a significant fundraising journey to raise at least £6 million. This initiative comprises a combination of a Placing, Subscriptions, and a WRAP Offer facilitated through the Winterflood Retail Access Platform.
Details of the Fundraising Initiative
The company is offering new ordinary shares at a minimum price of 0.5 pence each. This Issue Price reflects a substantial 44% discount compared to the closing mid-market price of 0.9 pence per Ordinary Share recorded recently.
Use of Proceeds from the Fundraising
Oxford BioDynamics intends to allocate the net funds raised primarily as working capital to enhance the commercial development of its innovative EpiSwitch® product line. This will involve fostering partnerships and collaborations with diagnostic and pharmaceutical enterprises, in addition to initiating direct sales strategies.
Shareholder Approval and Key Investments
The fundraising effort is subject to shareholder approval at an upcoming General Meeting. Notably, a cornerstone investment of £500,000 from OAK Securities is included in the Placing, and further updates regarding the WRAP Offer are anticipated shortly.
Current Diagnostic Products in the Market
Oxford BioDynamics has successfully launched two clinical diagnostic products: the EpiSwitch® Prostate Screening Test and the EpiSwitch® CiRT for cancer detection. Both of these tests have demonstrated exceptional accuracy and specificity within their respective medical fields.
Commitment to Growth and Strategic Initiatives
Matthew Wakefield, the Non-Executive Chairman, has publicly thanked investors for their ongoing support. He reiterated the company's commitment to enhancing revenue through strategic realignment and innovation in their product offerings.
Concluding Remarks on the Fundraising Announcement
This announcement serves to inform stakeholders about Oxford BioDynamics' current fundraising initiatives and the intended use of these funds to advance their operations. The statement is not intended as a promotion of the company or its future outlook.
Frequently Asked Questions
What is the primary goal of Oxford BioDynamics' fundraising?
The main goal is to secure £6 million to enhance the commercial development of the EpiSwitch® product line.
What are the key products offered by Oxford BioDynamics?
The company offers the EpiSwitch® Prostate Screening Test and the EpiSwitch® CiRT for cancer.
How much discount is offered on the new shares?
The new ordinary shares are being offered at a 44% discount to the recent market price.
Who is a cornerstone investor in the fundraising initiative?
OAK Securities has made a cornerstone investment of £500,000 in the Placing.
What is the status of the fundraising effort?
The fundraising is subject to shareholder approval at an upcoming General Meeting.
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