Oxford Biodynamics CEO resigns as it seeks short-term funding

(Sharecast News) - Clinical diagnostics specialist Oxford BioDynamics announced on Monday that Dr Jon Burrows had resigned from his positions as chief executive officer and board member, with immediate effect. The AIM-traded firm said Iain Ross had been appointed to join the company immediately, and would assume the role of executive chairman in January, pending the completion of an equity fundraise and regulatory due diligence.

Ross, a seasoned executive with over 40 years of experience in the life sciences and technology sectors, would bring extensive expertise in financing, turnarounds, and mergers and acquisitions, the board explained.

He had held senior roles at companies including Sandoz, Hoffman La Roche and Celltech Group, and had led several biotech restructurings, including Ark Therapeutics, Redx Pharma, and ReNeuron.

Matthew Wakefield, currently chairman, would transition to the role of deputy chairman and take on some executive responsibilities immediately to ensure a smooth leadership transition.

The company said it was also pursuing funding initiatives to secure its near-term financial stability.

Oxford BioDynamics said it was exploring a potential £4m equity raise, for which Oak Securities, trading as Merlin Partners, had been appointed joint broker.

Oak Securities had committed a cornerstone investment of £0.4m, contingent on the successful completion of the equity raise.

However, the company noted there was no guarantee of success, and reiterated the urgent need for additional cash resources by early in the first quarter of 2025.

"On behalf of the board, I would like to thank Jon for his contribution to the Company over the last four years," said chairman Matthew Wakefield.

"In that time, Jon has led the company from being predominantly research and development focused to a position where we now have two tests on the market.

"We thank him for his hard work and his assistance with the current transition and wish him well for the future."

At 1129 GMT, shears in Oxford Biodynamics were down 20.32% at 0.96p.

Reporting by Josh White for Sharecast.com.