Oncimmune Holdings PLC (LON:ONC) said it has a “growing pipeline” of opportunities as it completed the first year of its three-year plan to commercialise ts EarlyCDT lung screening technology and its ImmunoINSIGHTS service.
In its full-year results statement, investors were told the company was in “active late-stage discussions with a number of national health systems and pharmaceutical partners, globally”.
It said further opportunities for ImmunoINSIGHTS have been created as a result of the group's close involvement with the government's coronavirus (COVID-19) programme, and specifically, the development of an infectious disease NavigAID panel.
In the update, Oncimmune said it expected to agree a contract to sell its flagship EarlyCDT Lung to the NHS with discussion “approaching a conclusion”.
It added that it was looking at methods to accelerate the group’s growth potential, both organically and by acquisition. As such, it said it is also assessing the “optimal capital base from which to deliver these opportunities”.
The year to the end of May, meanwhile, has been an extremely busy one for Oncimmune.
Key among the landmarks during that time was an agreement with a firm called Biodesix, which has now hit the ground running in its bid to commercialise the potential of EarlyCDT Lung in screening lung nodules.
The ImmunoINSIGHTS service, meanwhile, has benefited from the acquisition of Protagen Diagnostics, the company said. It is building strong relationships with large pharma and biotech players, including Roche and Genentech.
Financially, Oncimmune posted an £8.5mln loss. More importantly, it exited the year with £4.2mln on the balance sheet.
Chief executive Adam Hill said the med-tech group had made “strong progress” in its first full year of trading since the launch of its three-year strategy in September 2018.
"Following the successful turnaround, Oncimmune now has a solid platform business underpinned by its core technology and expertise, that is validated by an expanding stable of commercial contracts and a full pipeline of pharma service opportunities,” he added in the results statement.
“This underpins our expectation of delivering substantial further growth in the re-focused business throughout the financial year 2021 and beyond, about which the company looks forward to providing further progress updates."