20 October 2017
Results for the year ended 31 May 2017
Oncimmune Holdings plc (AIM: ONC.L), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology, today announces its full year results for the year ended 31 May 2017.
- Revenues for the year were £0.22m (2016: £0.43m).
- Operating costs before share based charges and exceptional items were £4.88 million (2016: £3.8m).
- Net loss for the year was £5.0m (2016: £4.6m) before any exceptional items.
- Cash balance at the year-end was £5.08m (2016: £10.2m). At the end of September, the cash balance was £6.5m reflecting monies raised in September 2017.
- £5.0m raised by means of a conditional placing with new and existing investors. Of this, £1.0m remains outstanding and conditional on receipt from HM Revenues & Customs of confirmation that this investment will be a qualifying holding for the purposes of Part 6 of the Income Tax Act 2007.
Corporate & operational highlights (including post-period end)
- EarlyCDT®-Lung commercial progress
- CE Mark for the EarlyCDT®-Lung kit received in May 2017, with first commercial batches expected to be shipped by no later than the end of October 2017.
- First distribution agreements signed by Oncimmune’s Asian (including Israel) business which provide minimum payment guarantees of over £6.1m over the next five years.
- First distribution agreements for the EarlyCDT®-Lung kit in Europe for Denmark, Norway, Sweden and Poland with an aggregate minimum sales commitment of approximately £1.4m over the next four years.
- In September 2017, the Company entered into a four-month preliminary distribution partnership with a major US pulmonary sales force for the use of EarlyCDT®-Lung in assessing indeterminate lung nodules which, if successful, should lead to a distribution agreement for U.S. pulmonologists.
- R&D and Trials
- Foundations for the commercial panel for the EarlyCDT®-Liver test have been laid with validation due for completion by the end of 2017 and commercial sales on track to begin in H1 2018. EarlyCDT®-Ovarian is expected thereafter.
- NHS Lung Cancer Screening Trial is fully recruited: 12,210 patients with final study results in 2019; latest interim data presented at the European 27th International Congress of the European Respiratory Society (ERS) in Milan in September 2017.
- Personalised Medicine & Companion Diagnostics
- Presentation of data on the use of Oncimmune’s autoantibody technology to successfully predict disease recurrence in subjects undergoing immunotherapy with Scancell Holding plc’s SCIB1 immunotherapy for malignant melanoma.
- Autoantibody “fingerprint” technology development progressing well with data expected to be presented in Q4 2017.
“We continue to make excellent progress towards our goal of building a pioneering early cancer detection platform which can generate revenues across multiple products, regions and with different partners. Gaining CE mark for the EarlyCDT®-Lung kit was a key milestone and we have already seen its impact with partnerships in Asia and Europe. With a strong team in place, a fundraising completed and our R&D progressing well the board is increasingly confident that the Company is well placed to execute that plan and deliver value in the medium and long term.”
Geoffrey Hamilton-FairleyCEO, of Oncimmune
For further information:
Oncimmune Holdings plc
Geoffrey Hamilton-Fairley, Chief Executive Officer
Zeus Capital Limited (Nominated Adviser and Broker)
Giles Balleny, Hugh Kingsmill Moore
+44 (0) 203 829 5000
Consilium Strategic Communications
Chris Gardner, Matthew Neal, Lindsey Neville
+44 (0) 20 3709 5708
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. EarlyCDT® tests for liver and ovarian cancer are in development.
Oncimmune is headquartered in Nottingham, United Kingdom with testing facilities in the US and joined AIM in May 2016 under the ticker ONC.L. For more information, visit www.oncimmune.com