Oncimmune Holdings PLC (LON:ONC) shares jumped higher on Wednesday as the firm's chief executive Adam Hill heaped praise on the company’s American partner following the launch of its lung diagnostic into the world’s largest healthcare market.
Biodesix Inc “exceeded our expectations”, Hill said. Oncimmune’s EarlyCDT Lung test will be sold in the US as Notify Lung for use by doctors in identifying nodules at high risk of lung cancer.
It will be offered alongside Biodesix’s Notify XL2 product via a national sales force plugged directly into pulmonologists and, corporately, into national hospital systems.
"Biodesix is a leader in lung cancer diagnostics and therefore is an excellent partner to unlock the potential of Early CDT Lung in the US, one of the largest addressable markets in the world,” said CEO Hill.
“Since completing the strategic commercialisation agreement with Biodesix….they have exceeded our expectations and are fully motivated to deliver the full commercial potential of the product.”
In a note to clients, analysts at finnCap commented: "The US is one (of) the largest addressable markets in the world, and Biodesix has a direct US national sales force who sell direct into pulmonologists and corporately into national hospital systems. Oncimmune is progressing with active discussions with NHS England partners.
"Together with the expected publication of supportive health economic data, regulatory clearance in Russia and filing in China by its partners in H1 CY 2020, this should build momentum in what is clearly an unmet market need."
finnCap reiterated a target price of 150p on Oncimmune, shares in which were 8% higher at 88p in morning trade on Wednesday.
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