In a trading update covering the 12 months to the end of May 2020, the immunodiagnostics specialist noted that its revenue was in line with market expectations.
Meanwhile, it said, the next 18 months are expected to create substantial revenues within the EarlyCDT lung cancer test business. while the pipeline of contracts within the ImmunoINSIGHTS services business is building.
“We can look with confidence into FY [fiscal] 2021 and beyond,” the group added in the statement.
Cash at the end of the fiscal year was around £4.2mln and net debt stood at roughly £3.1mln.
Oncimmune also noted that its board has been streamlined, as a result of which Geoffrey Hamilton-Fairley, the non-executive vice-chairman and co-founder of the company, plus two other non-executive directors - Julian Hirst and Carsten Schroeder - have stepped down from the board with immediate effect.
"Following the launch of our three-year forward strategy, announced in late 2018, we have undertaken a ground-up assessment, identifying and capitalising upon the wide range of opportunities presented by Oncimmune's proprietary autoantibody-based platform built up over the past fifteen years; exploiting both its depth through novel indications, and its breadth across the entire patient care pathway,” Adam Hill, the chief executive officer of Oncimmune said in the update
"We firmly believe that the momentum we are now building from the foundations laid over the last 12 months validates our strategy and underpins the future commercial potential of our business,” he added.
Shares in Oncimmune were up 3.1% at 116p in early deals.