Oxford BioDynamics on Tuesday said it has resolved an outstanding £250,000 shortfall from its August placing, confirming it will now receive the full £9.15m in gross proceeds.
The AIM-listed precision diagnostics and 3D genomics company placed the 250m shares in question at £0.001 each with three existing shareholders, with the consent of Vulpes Investment Management, the original subscriber that had yet to settle its allocation.
Oxford BioDynamics had raised the £9.15m through a placing of 9.15bn new shares at £0.001 per share, approved by shareholders on 26 August and admitted to trading on AIM the following day.
The company said on 1 October that all proceeds had been received at admission except for the £250,000 tied to Vulpes' allocation, and that it had agreed with Singer Capital Markets and Merlin Partners, both parties to the placing agreement, to extend the payment deadline to 30 October.
With the shares now reallocated, the placing agreement has completed in full.
The resolution clears the final piece of a fundraise that has underpinned the company's recent commercial push, which has included a US sales partnership with MK Commercial Group for its EpiSwitch PSE prostate cancer test, a first paid commercial agreement for its EpiSwitch Orion genomics platform under the UK-funded OPTIMISE programme, and a distribution partnership with The Dubai London Clinics & Hospitals Group to bring EpiSwitch PSE to the UAE.
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