Oncimmune Holdings PLC (AIM:ONC) has won a $1.5 million contract with a top 10 global pharmaceutical company - supporting its bid to be profitable next year.
This follows a successful pilot project where the autoantibody company demonstrated its ability to profile Immunoglobulin E autoantibodies using its advanced technology.
Investors were told the new project will be delivered over the next six months, with most revenue expected in the 2025 financial year, contributing to Oncimmune's projected revenues for that year.
In the update, the company said it is confident in meeting its current year revenue target of approximately £3 million, up from £1.15 million in 2023. Oncimmune expects to achieve profitability by next year as top-line growth continues.
Additionally, Oncimmune revealed it is in discussions with IPF Management to amend its existing credit facility, potentially deferring capital repayments to support further investment. The company will provide updates on these discussions once they are finalised.
"Not only did this enable us to win a major new contract with an existing long-term Top 10 Pharma customer, it also opens a new technological offering, in line with our strategic goals," said CEO Martin Gouldstone.