13th February 2018

Interim Results for the half year ended 30 November 2017


Nottingham, UK – 13 February 2018: Oncimmune Holdings plc (AIM: ONC.L), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® liquid biopsy platform technology, today announces its interim results for the half year ended 30 November 2017.

Corporate & Operational highlights (including post-period end)

EarlyCDT®-Lung Commercial Progress

  • Framework agreement with Genostics Company Limited ("Genostics") for China signed
    • Exclusive licence for the distribution, manufacturing and future development of all products related to the EarlyCDT® platform
    • Royalty payments of 8% to 12.5% with minimum royalties over the first six years post market entry of £15.7 million, and £5 million (index linked) per year thereafter
    • £10m equity investment in Oncimmune with first investment tranche of £7m completed on 29 January 2018
  • New agreements signed in multiple territories
    • EarlyCDT®-Lung kit has minimum payment guarantees of £7.9m over the next five years in Asia Pacific (not including China).
    • EarlyCDT®-Lung kit has minimum sales commitment of approximately £2.0m over the next five years in Europe
  • First commercial batches of the EarlyCDT®-Lung kit shipped to distributors for introductory testing prior to full market release
  • Distributor base in the US being trained for the sale of our EarlyCDT®-Lung test
  • Preliminary distribution partnership progressing well with a major US pulmonary sales force for the use of EarlyCDT®-Lung in assessing indeterminate lung nodules: 
    • Initial phase is expected to complete by the end of the month
    • Following completion, the parties will assess the results and, if successful, it is expected that this should lead to a distribution agreement for the U.S. pulmonologists
  • “Finger stick” test launched, increasing speed and simplicity of EarlyCDT®-Lung test


R&D and Trials

  • Development of the kit version of our EarlyCDT® tests is helping expand our geographical reach and we expect to make significant progress on this going forward
  • Validated EarlyCDT®-Liver test and on track to begin commercial sales in H1 2018
  • NHS lung cancer screening trial is fully recruited: 12,210 patients with final study results in 2019

Personalised Medicine & Companion Diagnostics

  • Presented data on the use of Oncimmune's technology to predict disease recurrence in patients undergoing immunotherapy for malignant melanoma in collaboration with Scancell Holding plc
  • Autoantibody "fingerprint" technology development progressing well; first publications presented at the IASLC in November 2017
    • Reaffirmed the early detection capabilities of the EarlyCDT® platform with patients on average showing an early detection lead-time of four years

Board Changes


  • Appointment of Dr. Annalisa Jenkins to the Company's Board as an Independent Non-Executive Director


Financial Highlights

  • Revenues of £0.1m (2016: £0.1m) generated from early sales of the EarlyCDT®-Lung test
  • Loss before one-off and non-cash items of £3.04m (2016: £2.3m) reflecting recruitment of staff, product development and commercialisation activities
  • £5.0m raised from new and existing investors 
  • Cash balance at the period end was £6.3m (H1 2016: £7.6m)

Post period end receipt of first tranche equity subscription of £7.0m from Genostics making the cash balance £11.8m at the time of these results

"Oncimmune continues to make excellent progress in delivering on the potential of our platform to detect up to four years earlier than other methods based on a simple, robust, blood test – a liquid biopsy. We have recently entered an exclusive distribution and product development agreement in China which includes a £10m equity investment and £15.7m in minimum royalties. We have now secured agreements for 12 countries with minimum sales commitments of £25.6m. We have also entered a preliminary distribution partnership with a major US pulmonology salesforce which is progressing well and, if successful, should lead to a significant distribution agreement focused on the risk detection of indeterminate pulmonary nodules – a large and growing market. With our R&D programme delivering new tests and commercial opportunities in personalised medicine and companion diagnostics, we are excellently placed to deliver value in the medium and long term.”

Geoffrey Hamilton-Fairley

CEO of Oncimmune

For further information:


Oncimmune Holdings plc

Geoffrey Hamilton-Fairley, Chief Executive Officer



Zeus Capital Limited (Nominated Adviser and Joint Broker)

Giles Balleny, Hugh Kingsmill Moore

+44 (0)20 3829 5000


Bryan, Garnier & Co Limited (Joint Broker)

Phil Walker, Dominic Wilson

+44 (0)20 7332 2500


Berenberg (Joint Broker)

Toby Flaux, Charlotte Sutcliffe

+44 (0)20 3207 7800


Media enquiries:

Consilium Strategic Communications

Chris Gardner, Matthew Neal, Lindsey Neville


+44 (0)20 3709 5708


About Oncimmune

Oncimmune is a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology. Oncimmune has pioneered the development of autoantibody tests that can detect cancer up to four years earlier than other methods and can be applied to a very wide range of solid tumour types. The Company's first product, EarlyCDT®-Lung, was launched in 2012, as a CLIA test in the USA and since then over 150,000 commercial tests have been sold. EarlyCDT®-Lung is available through physicians in the US and also privately in the UK and other regions. EarlyCDT®-Lung is being used in the largest ever randomised trial for the early detection of lung cancer using biomarkers, the National Health Service (NHS) Scotland ECLS study of 12,210 high-risk smokers. The Company now has a “kit” version of EarlyCDT®-Lung currently being commercialised and there several distribution agreements in place for Europe and the Asia Pacific region including in China. EarlyCDT® tests for liver and ovarian cancer are in development.

Oncimmune, headquartered in Nottingham, United Kingdom with testing facilities in the US, joined AIM in May 2016 under the ticker ONC.L. For more information, visit www.oncimmune.com


***Please read the full release here***

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