Oncimmune Holdings PLC (LON:ONC) said it had the potential to generate “material revenues in 2020 and beyond" after what’s been a pivotal year for the diagnostics specialist.
In its annual results statement the developer of the EarlyCDT product used to detect cancer said it had “minimum sales commitments” of £42mln.
The acquisition of Protagen Diagnostics will add further revenues, while a deal with Biodesix of the US is worth £22mln (US$28mln) over five years.
It has also signed commercial agreements with companies in the Spain, Russia and China.
However the highlight will undoubtedly have been the read-out from the National Health Service's Early Cancer Detection Test-Lung Cancer Scotland (ECLS) study of 12,210 high-risk smokers in Scotland.
This was the largest-ever trial for the early detection of lung cancer using biomarkers, which successfully deployed Oncimmune’s EarlyCDT-Lung immunodiagnostic in the field.
The potential and capabilities of its technology will be further burnished with the upcoming UK Cancer Control evaluation.
“We are delighted with the strong progress made in rolling out our three year forward strategy over the last 12 months,” said chief executive, Dr Adam Hill.
“We have made important advancements in the commercial and clinical development of the company, including the acquisition of Protagen, a strategic partnership with Biodesix and the presentation of positive data from the ECLS study.”
In common with most companies in formative stages of commercialisation, Oncimmune was loss-making. The loss for the 12 months ended May 31 was £8mln.
At the year-end the firm had £5.4mln in the bank and has since drawn down a £7.3mln credit facility. It described its cash position as “solid”.