Oncimmune Holdings plc (LON: ONC), the leading global immunodiagnostics group, today announced its preliminary unaudited full year results for the year ended 31 May 2019. The audited full year results are expected to be available shortly.
Corporate & Operational Highlights (including post-period end)
- Publication of positive top line results of the Early detection of Cancer of the Lung Scotland (“ECLS”) trial with 12,209 patients, believed to be the largest randomised controlled study using blood biomarkers for the detection of lung cancer
- Initiation of multi-centre trial of EarlyCDT Lung with Genostics Company Limited in China which will study approximately 1,000 early lung cancers at five leading academic health centres
- Gene Group puts in place plan to provide EarlyCDT Lung tests for screening and nodules from Hainan, China ahead of local regulatory approval
- Minimum sales commitments valued at £42m1 over a period of five years with 19 separate distributors across the world (2018: £29m)
- Acquisition of Protagen Diagnostics AG provides additional revenue source through service partnerships with pharmaceutical companies
- Agreements signed by Vithas Group and Quirónsalud Group, two of Spain’s largest private hospital groups to distribute EarlyCDT Lung as nodule and screening test
- Strategic commercial agreements signed in July 2019 with Biodesix Inc. in the US valued at up to $28m2 over the next five years, and continued partnership beyond this date.
- Commercial partnership agreement signed with R-Pharm in July 2019 valued at £5m; R-Pharm to invest up to £3.5m in screening infrastructure in Russia
- Appointment of key new Senior Leadership Team members including Matthew Hall, Andrew Stewart, Tariq Sethi and Matt Luttrell to add further capabilities to management
Unaudited Financial Highlights (including post-period end)
- Revenue for the year £171k (2018: £240k)
- R&D costs for the year were £1.5m (2018: £800k)
- Net loss for the year was £8.0m (2018: £6.3m)
- Cash balance at the period end of £5.4m (2018: £12.95m)
- Post-period end, the Company secured a €8.5m debt facility in September 2019
Dr Adam Hill, CEO of Oncimmune Holdings commented:
“We are delighted with the strong progress made in rolling out our three year forward strategy over the last 12 months. We have made important advancements in the commercial and clinical development of the Company, including the acquisition of Protagen, strategic partnership with Biodesix, and the presentation of positive data from the ECLS study. The potential for the forthcoming commercial Cancer Control Evaluation in the UK, along with the forward-looking product sales commitments of £42m and a strengthening pipeline of service revenue, gives us confidence in our platform and the potential to generate material revenues in 2020 and beyond.”
