Trinity Delta view: Oxford BioDynamics’ focus is maintaining the building sales momentum, growing PSE test volumes to 500 per month within 12 months. Stated objectives within this timeframe include: (1) signing a partnership or distribution deal for PSE (with an upfront fee, milestones, and royalties); (2) out-licensing or partnering a test (most likely CiRT, NST, or ME/CFS); (3) establishing CiRT in the NCCN guidelines; (4) initiating the monetisation of the 3D genomics platform (EpiSwitch Orion); and (5) sourcing and delivering projects for a variety of industry customers. Successful delivery on these objectives, coupled with continued cost control, should help secure funding for the near- and medium-term. Longer-term, in our view, sustainable test volume growth will require substantial ongoing commercial investment, and thus third-party partners are likely needed to deliver on this potential.
