Oncimmune Holdings PLC (AIM:ONC) said commercial activity continued to be buoyant going into the second half as it maintained its revenue guidance of £3 million for the year.
Commercially, it signed contracts for seven new projects, all expected to be completed by the end of the financial year. This is in addition to ongoing contracts, including a master services agreement with Freenome.
Looking ahead, the company's rebuilt commercial team, with US and European members, has generated 15 new opportunities at the proposal stage with a total weighted pipeline value exceeding £2.5 million, investors were told.
While some of the revenue from these opportunities is expected in the current financial period, the majority are anticipated to fall into the following year.
Oncimmune said it continues to win and expand projects through major contract research organisations and is in discussions with others for six potential collaborations.
"The momentum is continuing to build as our relatively new commercial team has now found its stride and I expect H2 FY2024 to deliver further growth as we continue to execute on our refocused strategy," said CEO Martin Gouldstone.
"Whilst we are seeing continuing headwinds in the industry as a whole, with some of the large international pharma companies still undertaking restructurings and reassessing R&D programmes, I am confident that our differentiated service offering, which we continue to develop and expand, will become an important tool for our current and future customers."
For the six months ending February 29, the autoantibody profiling specialist reported a revenue increase to £1.19 million, compared to £1.12 million in H1 FY2023. The gross profit slightly decreased to £460,000 from £480,000 in the same period last year.
However, the operating loss significantly reduced to £760,000 from £3.53 million in the same period last year, reflecting higher sales and reduced costs at the group level. It exited the period with £910,000 of cash.