Oncimmune clinches commercialisation deal with Biodesix for EarlyCDT test

The biotechnology group said the deal, originally announced in June, will be worth up to US$28mln over the next five years

Oncimmune - Oncimmune clinches commercialisation deal with Biodesix
EarlyCDT tests for signs of lung cancer

Oncimmune Holdings PLC (LON:ONC) has clinched a commercialisation deal with US diagnostics firm Biodesix for its EarlyCDT Lung cancer test.

The biotechnology group said the deal, originally announced in June, will be worth up to US$28mln over the next five years, with the agreement open for renewal for another five year period up to 2029 and thereafter.

READ: Oncimmune agrees US$28mln partnership with US firm Biodesix for lung cancer test

Biodesix has also acquired Oncimmune’s laboratory facilities in Kansas and will pay the firm US$1mln in quarterly instalments, with the first due within 30 days.

Oncimmune said the sale will “materially improve” its cash position by reducing its US operating costs.

The company will also provide Biodesix with diagnostic plates and associated reagents under a supply agreement, with the US firm’s sales force expected to grow to 8 from 30 over the next two years, enabling greater reach across the US market.

Adam M Hill, Oncimmune’s chief executive, said the deal will “accelerate market access” for the company’s EarlyCDT test and demonstrated its ability to “drive organic growth through commercial collaborations”.

“In addition, we have secured further funding through a credit facility arrangement, which puts us in a strengthened cash position to deliver on our three-year forward strategy", Hill said.

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Price: 149.5 GBX

Market: AIM
Market Cap: £94.99 m

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