10 February 2017
Interim Results for the half year ended 30 November 2016
Nottingham, UK – 10 February 2017: Oncimmune Holdings plc (AIM: ONC.L), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology, announces its interim results for the half year ended 30 November 2016.
- Established a distributor base of 14 in the US for our EarlyCDT®-Lung test, all of which are now fully operational.
- Completed development, and now in final validation, of the CE marked and ISO certified kit version of our EarlyCDT tests enabling the Company to expand its distributor discussions into new geographical territories.
- Signed research agreements with Egybiotech, a private research company with a broad research portfolio in areas of cancer research and Aarhus University Hospital, Denmark. These agreements are a further step in the final clinical validation of EarlyCDT®-Liver and EarlyCDT®-Ovarian.
- Journal of Thoracic Oncology published new data on the effectiveness of Oncimmune’sEarlyCDT platform, demonstrating the effectiveness of using EarlyCDT-Lung tests to distinguish between malignant and benign lung nodules.
- In final validation of the addition of material new markers to EarlyCDT-Lung test to further enhance test performance. Significant progress on our second-generation fingerprint test and companion diagnostics.
- Board and senior appointments - appointment of Andrew Millet as CFO, Carsten Schroeder and Julian Hirst as Non-Executive Directors, Maarten Brusse as Chief Commercial Officer, Asia Pacific and DeeDee Rivas as VP, Americas Sales.
- Revenues of £0.1m (FH1 2016: £0.27m) generated from sales of the EarlyCDT-Lung test.
- Cash balance at the period end was better than expected at £7.6m (FH1 2016: £1.1m).
- Loss for the period was £2.3m (FH1 2016: £0.8m) reflecting recruitment of staff, product development and commercialisation activities.
- Foreign exchange gain of £0.15m (FH1 2016: £0m) as a result of the strengthening of the US dollar against the pound during the period.
Post period end
- EarlyCDT-Lung, the early detection of lung cancer test, is being used in the world’s largest randomised trial for the early detection of lung cancer using biomarkers ever conducted with the National Health Service (NHS) in Scotland. The ECLS study is now fully recruited with over 12,000 high-risk smokers. Positive interim data from the NHS screening trial was presented in December 2016 at the 17th World Conference on Lung Cancer in Vienna.
“Oncimmune has continued to make significant progress across all areas of the business. We have established a stronger distributor network and a new sales process in the US, we have made improvements to our existing EarlyCDT-Lung test and we are encouraged with the positive start we have made since launching the EarlyCDT-Lung test with our new distributors. “We have also made good progress with our wider product development projects, in particular the development of the kit version, which will open significant new markets in Asia and elsewhere, is progressing to plan. We are also advancing in new diseases and with second generation tests which have the potential to drive growth. “We believe we have laid the foundations on which to build a successful business and I would like to thank our whole team for their commendable efforts to date.”
Geoffrey Hamilton-FairleyCEO, of Oncimmune
For more information, please contact:
Oncimmune Holdings PLC
Geoffrey Hamilton-Fairley, Chief Executive Officer
Tel: +44 (0) 161 667 1053
Zeus Capital Limited (Nominated Adviser and Broker)
Phil Walker, Giles Balleny, Dominic Wilson
Tel: +44 (0) 20 3829 5000
Consilium Strategic Communications
Chris Gardner, Matthew Neal, Lindsey Neville
Tel: +44 (0) 20 3709 5708
Notes to Editors
About Oncimmune Holdings Plc
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 12,000 high-risk smokers. 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
*** For full results statement please see attached pdf ***