Oncimmune Holdings PLC (AIM:ONC) said it expects to have cash of around £6.7mln following the sale of its lung blood test business, money that will be used to regroup around its ImmunoINSIGHTS platform.
ImmunoINSIGHTS had contracted orders of around €3.5mln at the end of March, it added, while around £1.2mln of overheads and R&D costs will also be discontinued on disposal.
Adam Hill, chief executive, said: "The sale of Oncimmune Limited to Freenome not only allows for a singular focus on building value in our ImmunoINSIGHTS platform but also is a lead indicator of renewed confidence in the UK life science sector after a period of significant under-investment.
“Whilst the pharma services market has softened during the last 12-15 months, there is now an unprecedented wall of therapeutic assets queued to enter clinical trials, which bodes well for ImmunoINSIGHTS into 2024 and beyond.”
Oncimmune posted revenues of £1.12mln in the six months to end February 2023, though said that delays in samples for major contracts had meant some revenue was being pushed into the second half. Losses for the period were £4mln.
Following the completion of the £13mln sale to Freenome, Oncimune will make a debt repayment of €7.2mln to lender IPF.