Oxford Biodynamics CEO resigns amid funding pursuit
Deal News | Dec 16, 2024 | EIN
Oxford BioDynamics, an AIM-listed firm, announced the resignation of its CEO as the company seeks short-term funding to secure its financial stability. Iain Ross, a veteran in the life sciences and technology sectors, has been appointed executive chairman pending regulatory approvals and completion of an equity fundraise. The company aims to raise £4m, with Oak Securities trading as Merlin Partners appointed as joint broker and offering a cornerstone investment of £0.4m. Despite these efforts, the firm acknowledges no guaranteed success and stresses its immediate need for additional cash by early 2025. The transition sees current chairman Matthew Wakefield becoming deputy chairman, while stock prices have dropped over 20%. Oxford BioDynamics thanks the outgoing CEO for advancing the company from an R&D focus to market presence with two tests.
Sectors
- Life Sciences
- Financial Services
Geography
- United Kingdom – Oxford BioDynamics is an AIM-listed firm based in the UK, and the financial transactions are taking place within this geographical context.
Industry
- Life Sciences – The article involves Oxford BioDynamics, a company within the life sciences sector, focusing on innovative technology and biotechnology applications.
- Financial Services – The participation of Oak Securities in the equity fundraising effort indicates the involvement of financial advisory and brokerage services.
Financials
- £4m – Targeted amount for equity fundraising by Oxford BioDynamics.
- £0.4m – Cornerstone investment made by Oak Securities contingent on successful equity raise.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Oxford BioDynamics | Target Company | Company | Oxford BioDynamics is a life sciences company seeking to enhance its financial stability through an equity raise. |
| Iain Ross | New Executive Chairman | Person | A seasoned executive appointed to lead Oxford BioDynamics through its funding and growth initiatives. |
| Matthew Wakefield | Current Chairman | Person | Current chairman transitioning to deputy chairman amid leadership changes. |
| Oak Securities (Merlin Partners) | Joint Broker | Company | Acting as joint broker and cornerstone investor for Oxford BioDynamics' equity fundraise. |
| Jon | Outgoing CEO | Person | Former CEO of Oxford BioDynamics, acknowledged for his contributions during his tenure. |