(Alliance News) - Oxford Biodynamics PLC shares tumbled 10% on Friday, after the firm reported its loss widened in 2024 despite a rise in revenue.
The Oxford, England-based biotechnology company has two blood testing products on the market, the PSE prostate cancer screening test and the CiRT checkpoint inhibitor response test.
Shares in Oxford Biodynamics were down 10% at 0.52 pence in London on Friday afternoon, giving it a market capitalisation of 1.6 million. The stock has fallen 96% over the last twelve months.
The firm's pretax loss widened to GBP12.0 million during 2024, from GBP11.4 million the year before.
This was despite revenue growing 25% to GBP636,000 from GBP510,000, as total administrative expenses increased 21% to GBP13.7 million from GBP11.3 million.
The rise in expenses reflected additional marketing spend for its PSE screening test and increased headcount, typically in higher cost US-based roles, Oxford Biodynamics noted.
The firm also added that "revenue from tests reimbursed by US insurers has effectively been recognised only on final receipt, which delays revenue recognition relative to test performance and cost of sales".
"Notwithstanding the developments and challenges this business has faced over the past year, I believe our world-class clinical tests and pipeline assets remain potentially very valuable," said Executive Chair Iain Ross.
"With the support of shareholders our immediate focus is on seeking further meaningful partnerships and collaborations with diagnostic and pharmaceutical companies and increasing direct sales as a route to achieving sustainable commercial success. We are well aware we need to demonstrate clear and rapid progress in order to deliver a substantial increase in shareholder value."
By Emily Parsons, Alliance News reporter
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