Antibody profiling specialist Oncimmune Holdings PLC (AIM:ONC) said it is gaining "encouraging" commercial traction after successfully landing four new projects and initiating discussions with 14 contract research groups.
Its latest round of agreements has seen it tie up with three major pharmaceutical companies, all existing clients. Two of these businesses have entered into long-term master services agreements, with the third expressing interest in a similar arrangement.
Additionally, Oncimmune has expanded its reach by securing a contract with a new client focused on high-throughput drug discovery. This move aligns with the company's strategy to broaden the scientific application of its technology platform.
In line with its strategic objectives, some of the new contracts encompass projects in adverse event prognostics and the expansion of the ImmunoINSIGHTS platform.
In the update, Oncimmune also said it had initiated discussions with 14 contract research organisations (CROs), covering areas in translational medicine and clinical studies.
This approach aims to accelerate new commercial contracts and extend its reach beyond its direct commercial infrastructure, it added.
The company's commercial team is also expanding, with three experienced professionals in the US and a new senior director set to lead efforts in Europe from December.
Further expansion in Europe is anticipated in the second and third quarters of the financial year, adhering to the planned budget.
Chief executive Martin Gouldstone said: "I am encouraged to see the commercial traction already being made on delivering our strategy, including our ability to expand the application of our ImmunoINSIGHTS platform into drug discovery as well as clinical trials.
"I have recently spent time discussing our strategy with some of our key stakeholders and have been pleased to see how well it has been received, also allowing us to recruit top talent to further accelerate our ability to deliver on it."