Oxford Immunotec value drops after public offering
UK-headquartered immunodiagnostics specialist Oxford Immunotec Global plc's share value slipped by $1.31 to $16.02 after the company raised US-$40.125m on Monday in an public offering of 2.5 million ordinary shares at Nasdaq underwritten by BTIG LLC.
Oxford Immunotec said it will use the proceeds from the offering for working capital and general corporate purposes. The company’s immunodiagnostic T-SPOT platform is measures immune cell responses at a single cell level and thus detects immune responses of T cells and cells of the innate immune system more sensitive than ELISA assays. According to the British company, its assays can detect an individual reacting cell in a population of 250,000 white blood cells.
Oxford Immunotec’s first product, the T-SPOT®.TB test, has been approved for sale in over 50 countries, including the US, the EU, Japan and China. The company’s second product line is a range of assays for tick-borne diseases, such as Lyme disease, obtained through the acquisitions of Imugen and Immunetics. The company currently is seeking FDA approval for its third product line, a screening test for Babesia in donated blood. Additionally Oxford Immunotec has several assays, such T-SPOT.CMV test and the T-SPOT.PRT under development.
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